A Biotech Hub

Singapore has a reputation for results. So some have wondered over the years why the government was lavishing millions of dollars on the Institute of Molecular & Cell Biology--a basic research organization that never seemed to generate a product. Over its 14 years of existence, however, the Institute has attracted some internationally renowned researchers. And in October, their work paid off. The Institute won a vote of confidence when it was invited to join a consortium with several prominent U.S. and British genetics labs to complete sequencing of the puffer fish genome--a project that may greatly advance human genome research. "People, money, and technology are finally coming together to make Singapore a key player in the genomics era," says IMCB Director Chris Tan. "The opportunities for the takeoff are immense."

Such successes are critical if Singapore is to achieve its aim of becoming a new global hub for biotechnology. Already it is a manufacturing base for global drug companies. Now, the government plans to spend $4 billion over the next five years to develop a full-fledged biotech industry. The funds will be used to sharply boost the budget for basic research, seed new medical startups, and lure the world's biggest multinationals to make Singapore their regional base for bringing new drugs to market. "What we're lacking is drug discovery and development," says Economic Development Board Chairman Philip Yeo. "To be effective, we need the whole value chain."