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SINGAPORE : Singapore biomed testing firms will soon get faster access to the world's major markets like the US and Europe.
That is because Singapore has been accepted into the Organisation for Economic Co-operation and Development (OECD) Mutual Acceptance of Data framework.
This means that data from local biotech firms will more readily accepted by OECD members, speeding up the testing process for drugs.
Singapore is the first non-member economy in Asia to be accepted into the OECD Mutual Acceptance of Data framework.
While it took three years to achieve, it now means that testing data from local firms will be more readily accepted in major overseas markets.
Leigh Berryman, chief executive officer, Maccine, said: "Those clients that may have been hesitant about using our data because we were not OECD-MAD accredited, it becomes easier for them to do that, and it does broaden our markets, and it gives us increased penetration for those clients that may have been hesitant."
The approval also means access to wider markets, opening up more opportunities for Good Laboratory Practice (GLP)-certified labs in Singapore which adhere to certain quality standards in testing.
The approval applies only to GLP-certified labs in Singapore.
Philip Yeo, Chairman, SPRING Singapore, said: "Our acceptance into the OECD-MAD framework will help to expedite the approval of new chemicals and drugs for sale in overseas markets. Companies can now fully leverage on Singapore's GLP-compliant testing facilities to accelerate their drug discovery and development activities, thus enjoying shorter time-to-market for new products."
Currently, there are three firms in Singapore that qualify for OECD-MAD access, which opens up 30 markets.- CNA/ms
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