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SINGAPORE: Biopharmaceutical professionals believe Singapore provides the best job opportunities in the Asian region, according to a survey done by RSA Singapore, a global life sciences executive recruitment agency.
Singapore topped the regional survey largely due to its strong biomedical sciences industry. Good standards of living, high security and a favourable tax regime also enabled Singapore to emerge ahead of other countries.
Coming in second in the survey was China, with many biomedical sciences executives indicating an interest in pursuing a career there. The third top destination was Australia.
Nick Stephens, RSA Group's CEO, said: "Part of it is to do with restructuring Europe and in the US. The former big markets are declining in their ability to produce profit. So the industry is looking elsewhere, first for new products and second for new markets and Asia provides those."
Increasingly, countries like India and China - with large, affluent markets - are attracting more biomedical players. But experts said that one major issue they must address is to offer better intellectual property protection, among others.
Allen Schouten, managing director of PM Group Asia, said: "The whole issue of quality is a major issue. Again, certain countries like Singapore have systems and processes and bodies in place that ensure quality products go out the door. Perhaps, other countries in Asia will face bigger challenges.
"Countries like Singapore will face more competition for life sciences investment from not only multi-nationals from Japan, Europe, the US, but the growing indigenous firms in India and China which perhaps will be the major players in 10 or 15 years' time."
Another finding from the survey was that respondents were positive about the outlook for the biomedical sciences industry for 2010, with all expecting salary increments.
In another international survey by RSA Singapore, it found that the biomedical sciences industry sees talent management as a top priority for the coming year.
Experts said the biopharmaceutical sector is only set to grow in the future. In order for Asia to continue to ride on this positive momentum in this industry, observers said, it has to continue to attract top scientists, invest more in research and development and collaborate with western companies to develop new drugs.
Experts added that it is critical that the workforce remains well-trained to meet growing demands in the life sciences sector.
Over 420 professionals within the biomedical sciences industry responded to the two RSA Singapore surveys.
- CNA/sc/ir
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