Singapore biotech startups chase the American dream

Benjamin Cher

Published Thu, Apr 13, 2023 · 04:32 PM

SINGAPORE biotech startups are looking to the US as their next market for expansion, tapping the large population size and market opportunities to match.

Home-grown company Lucence, for one, recently secured Medicare reimbursement approval. The biotech startup’s blood test to detect lung cancer was approved by one of the world’s largest health insurance providers, opening the door for other insurance providers to follow suit.

“What we are looking at here in terms of blood tests… is already a US$10 billion market here in the US,” said Tan Min-Han, founder and chief executive officer of Lucence.

Being in the United States enables Singapore’s biotech startups to tap the country’s sizeable pharmaceutical market, where drug spending is expected to hit more than US$600 billion in 2023. This makes the US the big…