Life sciences and the Singapore economy.

Abstract

Singapore aims to move away from its labour-intensive and export-dependent economy to pursue knowledge-based ventures. Using gathered data and statistics from 1987, and economic forecasts until 2013, the project determined if Singapore managed to make life sciences a pillar of its economy, despite various disadvantages set against the country. A survey was administered to 350 respondents, to determine the opinions and gauge the awareness of the general population regarding the life science revolution. Since 76.29% of the sample was either studying or working in the life sciences, the respondents are biased towards being more aware (79.14%) and confident (69.43%) of the government’s plan. Currently, life science is an essential component of the Singapore economy, though the industry can still improve and expand by focusing on its strong points, like pharmaceuticals, healthcare and traditional medicine. Aside from enriching its strengths, Singapore must overcome difficulties regarding the lack of locals with expertise in the field, the lack of entrepreneurial spirit, and the lack of venture capitalists to invest on new firms. Once Singapore establishes its niche markets and train enough local researchers, the country will reach its goal of being the major life science hub in Asia.