The medical devices industry is beginning to recognize the advantages of artificial intelligence (AI). The industry’s digital transformation has been accelerated by the COVID-19 pandemic. Against this backdrop, the latest memorandum of understanding (MoU) signed between Singapore’s Smart Nation and Digital Government Group (SNDGG) and Google Cloud is expected to transform the country’s healthtech industry, says GlobalData, a leading data, and analytics company.
As part of the MoU, Google Cloud and Alphabet’s subsidiaries will work closely with SNDGG’s National Office to develop and deploy innovative AI solutions. This is one of the many examples of how public and the private sectors can work together for the common good.
Pratibha Thamamnabhatla, Medical Devices Analyst at GlobalData, comments: “Singapore will benefit from Google’s technical expertise while Google Cloud will benefit from Singapore’s drive to innovate in the pharma and medical devices sectors. With such collaborations, Singapore continues to emerge as a hub for AI innovations.”
GlobalData’s report, ‘Singapore Healthcare (Pharma and Medical Devices) Market Analysis, Regulatory, Reimbursement and Competitive Landscape’, reveals that Singapore presents great opportunities for the adoption of technology in healthcare and is open to partnerships in both public and private sectors.
GlobalData estimates the total value of healthtech deals in Singapore between 2020 and 2022 to over $400 million, with venture capital and M&A accounting for over 75% of the deal value.
Thamamnabhatla concludes: “Rapid increase in government investment in the medical technology sector, rising demand for innovative medical technology and the availability of excellent R&D facilities offer a favorable environment for foreign organizations wishing to expand existing partnerships or initiate new collaborations within Singapore.”
