PwC calls for public-private partnership for Singapore healthtech startups

Startups must be given access to clinical trials and early clinical input, it said.

Professional services firm PwC has rolled out its recommendations for Singapore’s Budget 2020 where it put light on the country’s Healthtech start-ups.
PwC raises that the Singaporean government should set up a collaborative and integrated Public-private partnership (PPP) to provide support for local Healthtech start-ups.

The rationale of the proposal is to assist Healthtech start-ups, including Biotech and Medtech start-ups to speed up efforts in validating the identified gaps in the healthcare industry.

Singapore’s statutory board, Infocommunications Media Development Authority (IMDA) is presently running an Open innovation platform (OIP) which connects individuals or groups with novel business solutions to available enablers across different business sectors.

PwC encourages that more robust and structured programmes be put up to help increase startups’ chances of successfully commercialising their Research and development (R&D) and Intellectual Property (IP). Startups must be given access to clinical trials and early clinical input, noted the firm.

The Singapore Budget is prepared each financial year, beginning in April of every calendar year to March of the next calendar year.

Last year’s budget focused on increasing the country’s Goods and Services Tax (GST), granting a bicentennial bonus, and extending community health assistance subsidies.