Singapore To Set Up Pharma/Biotech Zone

Singapore is to set up a 100-acre pharmaceutical and biotechnology zonein Tuas, aimed at attracting S$1 billion ($710.1 million) in investment over the next three to five years. Economic Development Board director Tan Suan Swee said talks are underway with several multinational companies, and the zone can accommodate five-10 plants.

He expects the drug, biotechnology and health care industry cluster to grow about 10% a year, medium-term. Output for the three sectors, which the EDB grouped together for the first time last year, rose 10% in 1996 to $2.2 billion, with drugs representing about two-thirds. Health care contributed a third, but biotechnology made only marginal contributions.

The gross value added by the group rose 12% to $1.7 billion, and it invested $290 million in fixed assets. Drugs was the strongest area of activity, expanding 11%, and the EDB will continue to promote bulk drug, contract and high value-added secondary manufacturing in this industry.