Boston, MA -- (SBWIRE) -- 04/04/2014 -- Singapore announced the implementation of its first set of medical device regulations in November 2007, and starting August 2010, all medical devices need to be registered and all dealers (including importers and manufacturers) need to be licensed.
The standard of living in Singapore is comparable to many developed Western nations and, with the exception of Japan, GDP per capita is the highest of all the Asian countries.
A universal and affordable healthcare system is evident in Singapore. Both rates for doctors and hospital beds per thousand population are above global averages.
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The Singapore government provides considerable financial backing to the healthcare industry. Known for a strong and focused industrial policy, the government continues to channel funds into medical and pharmaceutical research, and has vowed to continue investing in this sector despite a slowdown in the economy.
Singapore's biomedical manufacturing sector recorded a 19.5% rise in output in 2012, outperforming overall industrial production, which actually fell by 0.6% during the year. If biomedical manufacturing is excluded from the overall total, then Singapore's manufacturing sector output would have fallen by 5.2% for the year, the Economic Development Board (EDB) announced in January 2013. Within the biomedical cluster, medical technology rose by 11.8% during the year.
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