S'pore to up biomedical output

S'pore to up biomedical output

SINGAPORE: Singapore's biomedical sciences industry is poised to increase its share of total manufacturing output after posting an annual 48 percent rise in 2002 production, the government said Thursday.

Biomedical sciences output increased by 48 percent to S$9.7 billion (US$5.61 billion) in 2002 while the value-added component grew 76 percent to S$6.5 billion, the Economic Development Board (EDB) said

"Singapore's BMS (biomedical sciences) industry is on track for long term growth, and is set to achieve its target manufacturing output of S$12 billion by 2005," the EDB said.

Biomedical sciences now accounts for seven percent of the island's overall factory output.

Pharmaceuticals output was the biggest contributor to biomedical sciences output, increasing 58 percent to eight billion dollars to claim a 82 percent share of production from the industry.

Medical technology, the other segment that make up biomedical sciences, saw output rose 14 percent to S$1.77 billion, the EDB said. -- AFP