Business

Innovation key to help companies expand: Koh Poh Koon

Innovation is important to help companies here expand, said Senior Minister of State for Trade and Industry Koh Poh Koon yesterday.

Speaking at the official opening ceremony of Hyphens Pharma International's new facility, Dr Koh said: "(The firm's) dedication to innovation has helped them build a range of proprietary products and brands that are distributed locally as well as regionally.

"With an established presence in Asean countries, Hyphens Pharma is well-positioned to serve these fast-growing markets and the rising demand for quality healthcare products.

"Hyphens Pharma's commitment to innovation and moving up the value chain serves as an excellent example for other local companies."

The pharmaceutical group has a direct presence in Singapore, Indonesia, Malaysia, the Philippines and Vietnam and a marketing and distribution network covering Bangladesh, Brunei, Cambodia, Hong Kong, Myanmar and Oman.

The new facility, which replaces a smaller one in Joo Seng Road, cost about $3 million to develop.

The company has a staff of around 150 people in Singapore and 450 personnel across the group.

Dr Koh noted that Singapore's biomedical manufacturing sector contributed around 3.3 per cent of the gross domestic product in 2017. Globally the healthcare industry is projected to expand at a compound annual growth rate of 5.6 per cent between 2016 and 2025.

Revenue at Hyphens Pharma crossed the $100 million mark in 2016 and hit $121 million last year.

Dr Koh lauded the company's partnership with public agencies like the Agency for Science, Technology and Research (A*Star) since 2014: "Through its strong partnerships with public-sector agencies, Hyphens has been able to develop new products that not only enabled it to sustain its growth and move into new markets, but also help improve the health and lives of people." - THE STRAITS TIMES

BUSINESS & FINANCE