SINGAPORE — Nov. 21, 2000 — Singapore’s growing life sciences industry is about to receive a multi-million dollar boost from the Economic Development Board.

The government agency plans to invest $25 million ($14 million US) in a ‘Life Sciences Start Up Competition’ aimed at encouraging the commercialization of Singapore-based services and products, according to EDB Chairman Philip Yeo.

“Through a business plan competition, we aim to generate new ideas and business proposals in the four areas of the life sciences, namely: pharmaceuticals; biotechnology; medical devices; and, healthcare services,” Yeo said during his keynote speech at the 2nd Annual Life Sciences Investment Seminar on Tuesday.

The investment will come from the already-established $1 billion Life Sciences Investment Fund, which allows the agency to make co-investments in companies and joint ventures and strengthen Singapore’s industrial capabilities. An additional $1 billion has been used to create a research and development fund, aimed at attracting R&D centers to the city-state.

“Commercializing indigenous research to encourage local start-ups is key to developing a robust Singapore economy,” Yeo said.

–Jeff VanPelt