[SINGAPORE] Golden Equator, a group of companies spanning investment, consulting and the SPECTRUM technology and innovation business club has, jointly with Korean regulatory and clinical research provider C&R Healthcare Global (C&R), launched on September 12. The Korea-Singapore Healthcare Incubator will help 10-15 Korean companies expand into Singapore and Southeast Asia over the next few months. It will be based at SPECTRUM’s business club in DUO Tower near Singapore’s central business district.
C&R will identify and financially support Korean companies operating in medical devices, medical technology, cosmetics and cosmeceuticals. Golden Equator will provide the companies a suite of services - access to investors and business partners, advisory and commercialisation insights, and regional expansion and market entry strategies. The Memorandum of Understanding was signed today.
Shirley Crystal Chua, founder and CEO of Golden Equator, said: “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. Supporting Korean firms to locate in and understand the market opportunities here in Singapore and across Southeast Asia demonstrates our capabilities in working with high potential founders, firms and innovations around funding and commercialisation.”
C&R is appointed by the City of Seoul BioHub and Korean Health Industry Development Institution (KHIDI), a government agency, as an incubator. This is KHIDI’s first incubator in partnership with the overseas private sector.
Mr. Moon Tae Yoon, Chairman of C&R, said: “The MOU will allow both companies to mutually share their expertise. Via this opportunity, C&R can build an ecosystem which allows companies in the Korean bio-healthcare industry to expand globally.”
In his congratulatory remarks at the MOU signing ceremony, Mr. Lee Sangdeok, Ambassador of the Republic of Korea to Singapore 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 our cooperation."
This initiative between Golden Equator and C&R developed through SPECTRUM. As a business club spanning multiple sectorsincluding 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. Available resources include deal flow and investment opportunities, and strategic services such as business and digital consulting.
Referring to the Korea-Singapore Healthcare Incubator, Cheryl Lee, CEO and co-founder of SPECTRUM, said: “As the first of many such initiatives, SPECTRUM will be working hard to expand our partnerships with governments, investors and the private sector to enable firms from a wide variety of sectors to internationalise out of and into Southeast Asia. Singapore’s first multi-vertical technology and innovation business club SPECTRUM provides companies with a new way of matching ideas and strategies with funding and market access.”
Cheryl added: “By directly connecting and supporting public and private sector players with the best infrastructure to research, innovate, and commercialise technology effectively, one of SPECTRUM’s main goals is to help Singapore drive innovation at the national level, and harness the potential of the smart economy.”
As the world’s 4th best healthcare infrastructure, Singapore is recognised as a strong testbed for developing innovative healthcare services and products, and serves as a gateway to Southeast Asia. According to The Economist, over the next 5 years healthcare markets in Southeast Asia like Indonesia and Philippines will exceed growth in BRIC healthcare markets.