A Chinese biopharmaceutical company named WuXi Biologics has announced plans to invest S$2 billion (US $1.4 billion) over the next 10 years in Singapore to increase its R&D and production capacities.
A large-scale medication production facility and a centre for research and development will be established in the city-state. By 2026, the new facilities will be fully operational, creating 1,500 new jobs and increasing WuXi’s worldwide network’s capacity for biomanufacturing by around 120,000 litres.
According to the business, this strategy has the endorsement of the Singapore Economic Development Board (EDB).
The investment, according to EDB chairman Beh Swan Gin, “is a tribute to Singapore’s status as a worldwide biopharmaceutical centre.” Additionally, it will increase the city-appeal states to biotech firms throughout the world, he said.
WuXi Biologics, founded in 2010, offers complete solutions that help customers find, create, and produce biological medicinal goods. The business, which has more than 10,000 employees and is publicly traded on the Hong Kong Stock Exchange, has operations in Singapore, the US, China, Ireland, Germany, and China.
At S$19.6 billion (US $14 billion) as of 2019, the biomedical manufacturing industry made up 20% of all manufacturing value added in Singapore. With a compound annual growth rate of 9% from 2000 to 2019, it was also the nation’s fastest-growing industry.