

Wara Samar
26th September 2024
MedTech World’s Inaugural Asia Roadshow: Key Insights on Global Expansion from the Singapore Panel
The MedTech landscape in Singapore, a key regional hub for medical technology innovation, was the subject of an insightful panel discussion at the Singapore Roadshow 2024. Titled “Global MedTech Perspectives: Singapore and the International Benchmarks,” the discussion explored the strengths and challenges that Singapore’s MedTech ecosystem faces on the global stage.
Moderated by Guillaume Villard, Founder & CEO of Amplifiz Pte. Ltd., the panel included Fredrik Nyberg, Managing Director of Asia Pacific at MedTech Innovator; Joseph Mocanu, Managing Partner at Healthtech Verge Fund; Anastasia Miros, Director, Healthcare and Life Sciences, Asia Pacific at KPMG; Eric Loh, CEO of Trendlines Medical Singapore Pte. Ltd.; and Dr. Lowell Leow, Consultant at the National University Heart Centre Singapore.
The discussion emphasized Singapore’s unique position as a MedTech hub, offering an excellent balance of engineering expertise, strong healthcare infrastructure, and close collaboration with physicians. However, the panelists agreed that while the ecosystem offers great promise, several hurdles remain, particularly in commercialization and scaling beyond the country’s small domestic market.
Bridging the Commercialization Gap

Dr. Lowell Leow pointed out one of the key challenges facing Singapore’s MedTech sector—the gap in commercialization. While Singapore is home to world-class talent across the biotechnology and clinical sectors, there is a tendency for innovators to focus on the local market. Given Singapore’s limited market size, this local focus poses a significant barrier to long-term success. “Many companies that develop niche products for Singapore may later struggle to adapt them for international markets,” warned Dr. Leow. He stressed the importance of early-stage startups designing their products with global scalability in mind from the outset.

Fredrik Nyberg echoed this sentiment, noting that MedTech companies in Singapore must aim for global expansion sooner rather than later. This is especially true for companies eyeing the U.S. market, which, while lucrative, is also highly competitive. Nyberg emphasized that companies need to conduct rigorous competitive analysis to avoid pouring resources into products that fail to stand out in the U.S. market. He also stressed that navigating the complex regulatory environment and understanding hospital procurement processes, including group purchasing organizations (GPOs), is essential for startups seeking entry into the U.S. market.
A “Lumpy” Ecosystem: Inconsistent Talent and Resources

Joseph Mocanu raised concerns about the inconsistency within Singapore’s MedTech ecosystem. Describing the ecosystem as “lumpy,” Mocanu highlighted that while some companies boast strong leadership and intellectual property (IP), others struggle to secure the talent and resources needed for success. This unevenness is evident across different stages of product development, creating challenges for startups trying to commercialize their innovations. However, Mocanu remained optimistic, noting that self-awareness within the ecosystem is growing, particularly regarding gaps in reimbursement models and distribution channels in foreign markets.
U.S. Market Access Program and Support for Startups
Despite the commercialization hurdles, Singapore is making strides in helping local MedTech startups scale globally. One such initiative is the U.S. market access program launched by Enterprise Singapore. The program aims to guide local companies through the complexities of the U.S. regulatory landscape, offering support in key areas like FDA approval processes (510K) and reimbursement strategies. Eric Loh highlighted this program as a significant step toward bridging the commercialization gap and helping companies navigate the world’s largest MedTech market.

However, the panelists were unanimous in their advice to entrepreneurs: don’t rely solely on the U.S. market. While the U.S. remains a key destination, other emerging markets in Asia, such as Indonesia and China, also offer significant growth opportunities. Singapore’s geographical proximity to these large markets gives it a strategic advantage, but companies must adapt their products to meet the specific needs of each market.
Operationalization Challenges and the Importance of Clinician Feedback
Anastasia Miros of KPMG shifted the conversation toward operationalization, emphasizing that while Singapore’s MedTech sector is strong in product innovation, integrating these technologies into healthcare systems remains a challenge. “If a device creates additional complexity for healthcare workers, it may be rejected regardless of its technical merit,” said Miros. Ensuring that innovations address real-world clinical needs without disrupting existing standards of care is critical for successful commercialization.

The panel also discussed the importance of clinician involvement throughout the product development process. Building partnerships with clinicians and other stakeholders early on not only ensures that products are aligned with clinical needs but also increases the likelihood of adoption. According to Fredrik Nyberg, companies that actively involve stakeholders, such as key opinion leaders (KOLs) and hospital systems, are more likely to succeed in commercializing their products.
Regional Validation and the Role of Partnerships
A significant point raised by the panelists was the importance of seeking validation beyond Singapore. While many companies collaborate with local KOLs at leading institutions like KKH or Tan Tock Seng Hospital, this alone is not sufficient for scaling internationally. “Without understanding patient flows, regulatory environments, and healthcare practices in other parts of Asia, it will be difficult to achieve widespread adoption,” said Dr. Leow. Startups need to broaden their validation process to include input from clinicians in markets like China, India, and Indonesia, where healthcare systems and patient needs differ significantly from Singapore.
Fredrik Nyberg added that partnerships with clinicians are becoming increasingly important in the MedTech ecosystem. Historically, startups have partnered with large MedTech companies to scale, but today, collaboration with clinicians offers a more direct route to product adoption. These partnerships ensure that clinicians have a vested interest in the product’s success, making them more likely to champion the product and facilitate its integration into the healthcare system.
A Call for Southeast Asian-Focused Innovation
While much of the conversation focused on scaling to the U.S. market, the panelists also urged Singapore’s MedTech companies to focus on solving healthcare challenges within the Southeast Asian region. Although the unit economics in Southeast Asia may not be as favorable as those in the U.S., addressing unmet healthcare needs in this region presents a lower competitive barrier to entry. Eric Loh emphasized that Singapore’s MedTech sector has the potential to lead in tackling regional healthcare gaps but will require a strategic focus on building products that cater to both local and international markets.
Takeaway
The panel discussion at the Singapore Roadshow provided valuable insights into the strengths and challenges of Singapore’s MedTech ecosystem. While the country is well-positioned as a regional hub for MedTech innovation, success on the global stage will require a broader strategic approach. Key takeaways from the discussion include the importance of early commercialization planning, regional clinical validation, and building strong partnerships with clinicians and stakeholders. Addressing these gaps will enable Singaporean MedTech companies to compete effectively in international markets and cement their position as leaders in the global MedTech industry.
Building on this momentum, MedTech World plans to return to Asia for future engagements.
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