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SINGAPORE: The first government-backed consortium has been formed to tap the contact lens and biomedical industry overseas.
The group comprises four local companies in the precision engineering sector, PLC industries, Hisaka (Singapore), Sanwa Plastic Industry and Delta Optic.
They have come together under a scheme by International Enterprise Singapore, which aims to encourage companies to band together to venture overseas.
They are aiming to provide turnkey solutions for the global contact lens industry by leveraging on each other's expertise in plastics, metals, electronics components and automation.
This is expected to help them achieve economies of scale and capture bigger projects overseas.
Already, the consortium has attracted interest from potential customers in the US, such as CIBA Vision.
The partners signed a memorandum of understanding to form the alliance at the Medtech Manufacturing Conference in Singapore on Thursday.
Jackie Cheng, CEO, Hisaka (Singapore), Part of S'pore Opthalmic & Biomed Consortium, said: "When you approach an MNC as an individual, your contract may only be S$3 million to S$4 million, but when every all of us come together it can become a S$8 million to S$10 million contract to individual. To the MNC it is also convenient because that also cuts down a lot of logistics and qualifying companies."
The medtech sector in Singapore was worth about S$3 billion last year and is seen to be a growth segment for the economy. - CNA/vm
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