Golden Equator, a business group consisting of investment, consulting and technology companies, signed a memorandum of understanding (MOU) on September 12 with a Korean contract research organization (CRO) C&R Healthcare Global (C&R) to launch the Korea-Singapore Healthcare Incubator. The Incubator will help 10-15 Korean companies expand into Singapore and Southeast Asia. It will be based at SPECTRUM’s business club in DUO Tower near Singapore’s central business district.
The Korea-based C&R, which was appointed as a CRO by the City of Seoul BioHub and a government agency Korean Health Industry Development Institution (KHIDI), will identify and financially support the Korean companies operating in the sectors of medical devices, medical technology, cosmetics and cosmeceuticals, while Golden Equator will provide the companies a suite of services including accesses to investors and business partners, advisory and commercialization insights, and regional expansion and market entry strategies.
“The healthcare industry in the Asia- Pacific region is a 500 billion-dollar market, one of the world’s fastest growing regions. Innovations in this area, notably new technologies such as artificial intelligence and data analytics, present unique investment opportunities. Our supporting Korean firms to locate and understand the market opportunities here in Singapore and across Southeast Asia demonstrates our capabilities in working with high potential partners for innovation, funding and commercialization,” Shirley Crystal Chua, founder and CEO of Golden Equator said.
“The MOU will allow both companies to mutually share their expertise. With this opportunity, C&R can build an ecosystem which allows companies in the Korean bio-healthcare industry to expand globally, C&R chairman Moon Tae-yoon said.
"Singapore, as a gateway to the region, has the optimal conditions for Korean companies to bring their launch pads and further expand their business to the global market. As the bio-healthcare field can contribute to creating a new growth engine for both countries, taking this opportunity, I hope Korea and Singapore can strengthen the cooperation,” Lee Sang-deok, Ambassador of the Republic of Korea to Singapore said in his congratulatory remarks at the MOU signing ceremony.
This initiative between Golden Equator and C&R was made through SPECTRUM. As a business club spanning multiple sectors, including finance, lifestyle, education, healthcare, infrastructure and energy, SPECTRUM connects investors, corporations, institutions and startups to a wide network of members and partners both locally and globally.
In the meantime, Singapore with the world’s 4th best healthcare infrastructure is recognized as a strong test bed for developing innovative healthcare services and products, and serves as a gateway to Southeast Asia. According to The Economist, healthcare markets in Southeast Asia including Indonesia and Philippines will exceed growth in BRIC healthcare markets over the next 5 years.