- POSTED: 27 Sep 2013 11:28
This graph is an experimental feature that tracks number of views over time.
A S$10 million initiative has been launched to attract and retain local talents in the Medical Technology (MedTech) industry.
SINGAPORE: A S$10 million initiative has been launched to attract and retain local talents in the Medical Technology (MedTech) industry.
Minister in the Prime Minister's Office and Second Minister for Trade and Industry, S Iswaran on Friday launched the MedTech Industry Transformation Initiative (MITI).
Mr Iswaran said that over the last 10 years, Singapore's Medical technology industry has more than doubled its manufacturing output to S$4.3 billion in 2012.
The Medical Technology industry in Singapore currently employs nearly 10,000 workers, but the demand for these workers is expected to rise -- that is because of an ageing population, growing middle class and expectations of better quality medical care.
There are also other challenges facing the sector.
Mr Iswaran said: "While the industry outlook remains positive, Singapore faces increasing competition as countries with lower cost structures build up their MedTech industries.
"For the Singapore MedTech industry to remain globally competitive, we need to differentiate ourselves in terms of innovation, quality and value."
MITI aims to help companies transform processes and increase the value of the jobs.
It will also help improve productivity and grow a pool of skilled workforce to serve the current and future needs of the industry.
The move is a tripartite partnership involving the Workforce Development Agency, e2i (Employment and Employability Institute) and the Economic and Development Board (EDB).
The money will support MedTech companies enhance their operations over two years.
This will be done through productivity-related consultancy and implementing productivity projects.
The agencies will also attract, up-skill and train the local workforce.
1,500 workers are expected to benefit from the initiative.
James Hui, the plant manager of BD Medical, said: "We hope to partner with e2i to look at projects to increase our productivity, and this will need some investment. It will help us to make the jobs more productive for our workers."
WDA and e2i said the MedTech manufacturing industry has grown significantly and its outlook remains positive.
And to ensure competitiveness amidst the changing environment, it is important for the government, industry and employees to work together towards sustainable and inclusive growth.