New biopharma injections in Singapore to generate up to 500 jobs: Chan Chun Sing

INVESTMENTS in the biomedical manufacturing sector remains "healthy", said Minister for Trade and Industry Chan Chun Sing at the inaugural Biopharma Industry Day on Friday.

Citing the example of Sanofi and Thermo Fisher, which recently announced new injections of S$630 million and S$170 million respectively in infrastructural assets, Mr Chan said the investments are expected to generate up to 500 jobs in the sector.

To better attract talents to join the industry, JTC also announced plans to rejuvenate industrial estates. The estate enhancements in the Tuas Biomedical Park, which are expected to be completed by this year, aim to create a "more conducive environment for talent and companies".

Speaking at the event, Mr Chan highlighted the importance of the biomedical industry in helping Singapore achieve Manufacturing 2030 - with plans to become a global business, innovation and talent hub for advanced manufacturing.

"The goal is to move into higher value manufacturing where competition is not based on cost, but based on know-how and skills, so that we are not easily displaced from global value chains," said Mr Chan.