SINGAPORE – Healthcare startups here are getting some heavyweight support to survive the long journey towards commercialisation.
Healthcare venture-building platform Sante Accel Singapore, which will support the creation and growth of such startups, was launched during the Singapore Medical Device Venture Showcase healthcare innovation event.
The initiative is a partnership between US-based healthcare and life sciences investment giant Sante Ventures and SG Growth Capital, the investment arm of the Economic Development Board and Enterprise Singapore.
“We are strengthening access to capital and venture-building talent as innovation requires these to sustain the long journey of clinical trials and regulatory approvals to reach market, said Minister-in-charge of Energy and Science & Technology Tan See Leng, who announced the tie-up.
“Founders also need experienced mentors and global networks to help them scale.”
Santé Ventures managing director Dennis McWilliams said the investment firm – which closed a US$330 million (S$429 million) fifth round of funding in February – currently manages US$1.1 billion across five funds, and has created and invested in more than 70 life sciences companies over the past 20 years.
Speaking at the event, held on June 29 at the St Regis Singapore, Tan noted that there is a growing demand for innovative medical technologies, as technological advances expand possibilities for earlier diagnosis and personalised treatments, and ageing populations place growing pressures on healthcare systems.
Singapore was a proven global hub for biomedical innovation, he said, noting the country had more than 400 international and local medtech companies, employing over 17,000 people.
In addition, the country’s medtech manufacturing output has ballooned since 2013, hitting $20.3 billion in 2024, up from from $5.5 billion.
Sante Accel Singapore would help strengthen access to capital and venture-building talent, he said.
“This new platform will incubate and invest in Singapore-based companies across our medtech, biotech and healthtech sectors, while developing local venture-building talent,” added Tan, who is also Minister for Manpower.
“By bringing together Sante’s expertise, seed funding and global networks with Singapore’s innovation strengths, this partnership will help strengthen our healthcare innovation ecosystem and further support the development of globally-competitive companies from Singapore.”
SG Growth Capital chief executive officer Choo Heng Tong, who described Sante’s presence in the Republic as a long-term one said: “This partnership reflects strong confidence in the quality of innovation emerging from Singapore, and in the long-term opportunities within our medtech sector.”
Ashley Seehusen, the chief executive officer of Santé Accel – the incubation arm of Sante Ventures – said that while no investments had yet been made, during previous visits to Singapore the firm had identified “interesting technologies” that could be developed further.
Without giving specifics, she said Sante aimed to invest “several million dollars” in the Republic, with the goal of helping to set up at least four startups over the next three years here.
Platforms such as Sante’s can help medtech firms in areas such as fundraising, talent acqusition as well as scaling up internationally, said Gurpreet Singh, the CEO of medtech firm Respiree.
Respiree, an A*STAR spinoff, has developed an AI-driven wearable for cardio-respiratory monitoring that has secured two US Food and Drug Administration clearances for clinical and home use.
Singapore hopes to create more success stories in the medtech field, by accelerating the translation of research into clinically relevant products, said Tan.
Dr Gurpreet Singh, founder & CEO, Respiree showing where the Respiree device is worn during the Singapore Medical Device Showcase on June 29.
ST PHOTO: CHONG JUN LIANG
He noted that A*STAR’s MedTech Catapult – which helps firms bridge the gap between research and commercialisation – had built a network of over 40 local suppliers and contract manufacturers and supported nine companies in developing products.
“Moving forward, MedTech Catapult will expand its efforts in providing clinical and regulatory support, as well as venture acceleration,” he said.
Tan also announced that the Health Sciences Authority (HSA) would partner non-profit medtech incubator Fogarty Innovation to strengthen its regulatory capabilities and provide a more supportive environment for new medtech ventures.
The two will partner on the development of an immersion programme for HSA’s regulatory staff, said the authority’s chief executive officer Raymond Chua.
“This would give regulators first-hand exposure to the startup experience and the realities of early-stage medical device development,” he said.
Chua noted the partnership is modelled on Fogarty’s existing longstanding collaboration with the US Food and Drug Administration, where immersion visits and regular industry webinars have “meaningfully strengthened how regulators and the medtech community work together”.
