Driving business growth through partnerships and open innovation

Enterprises get ready to tap on the latest technologies from around the globe at TechInnovation 2017

19 September 2017 – The sixth edition of TechInnovation opened at Marina Bay Sands Expo and Convention Centre today. The two-day technology-industry brokerage event organised by IPI Singapore, convenes technology providers and seekers from all over the world to explore technology collaboration opportunities through open innovation. Guest-of-Honour Mr S. Iswaran, Minister for Trade and Industry (Industry) delivered the opening address.

This year, 60 thought leaders, industry experts and leading researchers will share insights on emerging trends, present technology opportunities available for commercialisation and invite the innovation community to co-create solutions to address their innovation challenges. Over 160 exhibitors from 30 countries will showcase more than 400 licensable technologies in four key technology themes – Services and Digital Economy, Advanced Manufacturing & Engineering, Health & Personal Care and Urban Solutions & Sustainability. More than 3,000 delegates from over 40 countries are expected to attend the annual event.

The Innovation Journey – Celebrating New Beginnings and Commercialisation Success

TechInnovation is focused on driving partnerships to seed licensing opportunities, foster open innovation collaborations and accelerate development and time to market.

This year sees multiple collaborations, including the formation of the Singapore Medtech Consortium (SMC), led by precision engineering small and medium-sized enterprise (SME) Racer Technology and supported by SPRING Singapore, International Enterprise (IE) Singapore and Singapore Precision Engineering and Technology Association (SPETA). This consortium is the first-of-its-kind industry-led group of five complementary manufacturing SMEs, formed to provide end-to-end manufacturing solutions in the areas of in-vitro diagnostics, active and non-active medical devices, wearables and life science tool consumables. The companies will hunt for overseas business deals from MNCs as a group to move up the manufacturing value chain to become core suppliers to medtech MNCs. The capabilities gained in the process may also provide opportunities for these SMEs to become original design manufacturers.

“Collaboration is key for businesses to stay competitive. Through partnerships and joint development projects via Partnerships for Capability Transformation (PACT), SMEs and startups can co-innovate and accelerate their growth. I am heartened to see the industry taking the lead to form the Singapore Medtech Consortium, by bringing complementary parties in the value chain together to create greater value for its customers. We look forward to see more of such business partnership models,” said Mr Ted Tan, Deputy Chief Executive of SPRING Singapore, and Chairman of IPI.

A technology collaboration that stemmed from TechInnovation four years ago has come to fruition. Institute of Technical Education (ITE), National University Hospital (NUH) and National University of Singapore (NUS) co-developed a cost-effective positioning and stabilising solution for Percutaneous Nephrolithotomy (PCNL) surgeons, named Percutaneous Access to Kidney Assist Device (PAKAD). The prototype was exhibited at TechInnovation 2013 and attracted HCMT Holdings Pte Ltd (HCMT) to pursue a joint collaboration in the final development work and commercialisation. Through Invivo Medical Pte Ltd (Invivo Medical), a start-up funded by HCMT, the medical device will be commercialised and a licensing agreement was signed between Invivo Medical, ITE, NUH and NUS on 29 August 2017. Sales of the device are expected to reach S$25 million over the next five years.

“This is an excellent example of industry-institution partnership to develop innovative and integrated solutions to improve productivity and processes. We are grateful to NUH, NUS and Invivo Medical, to enable ITE to create and patent the Percutaneous Access to Kidney Assist Device (PAKAD) for safe kidney surgery,” said Ms Low Khah Gek, CEO, ITE.

“The success of TechInnovation is underpinned by the spirit of collaboration. IPI is encouraged that enterprises are recognising the benefits of looking beyond their organisational boundaries, and working with external partners with complementary technological capabilities to open new opportunities. With the support of our local innovation and enterprise community and international network of technology partners we look forward to catalysing and enabling enterprises to grow their businesses through technology adoption,” said Professor Lam Khin Yong, Executive Director of IPI.


About TechInnovation
TechInnovation is a premier industry-technology matching event that is organised by IPI Singapore. TechInnovation brings together international technology providers and enterprises to explore technology commercialisation and initiate business collaboration through open innovation. It is a leading conference and exhibition in Singapore that focuses on the matching of industry’s needs to enabling technologies in info-communications & electronics, manufacturing, materials & chemicals, health & personal care, medtech, energy and environment from global sources. More information on TechInnovation can be found www.techinnovation.com.sg.

About IPI
IPI was established by the Singapore Ministry of Trade & Industry in April 2011, to catalyse and enable enterprises to grow their businesses through the use of technology and innovation. IPI promotes open innovation, and works with enterprises to source for technologies available both locally and from abroad. In addition, it facilitates partnerships to bring new and innovative products and services to the market. Connected to a global network of technology partners including the Enterprise Europe Network (EEN), IPI is well-positioned to assist Singapore enterprises to discover new business and innovation opportunities and expand their reach through its innovation partners. For more information, visit www.ipi-singapore.org.

Media Contacts

Selena Sheikh
Director, PINPOINT Public Relations
Mobile: +65 9746 8519
[email protected]

Charlene Boh
Senior Manager, Marketing & Communications
DID: +65 6653 4913, Mobile: +65 9767 7792
[email protected]


Annex A


Section A: About Singapore Medtech Consortium
Section B: Core Members of the Singapore Medtech Consortium

Section A: About Singapore Medtech Consortium

1. The Singapore Medtech Consortium (SMC) is an industry-led medtech manufacturing consortium, formed between five local SMEs in the Precision Engineering industry with complementary manufacturing capabilities. SMC is made up of the anchor company, Racer Technology, together with Cragar Industries, Cutter Technologies, Grantech and Haxalyst. The consortium will provide end-to-end manufacturing solutions in various medtech areas, namely wearables, active and non-active medical devices, in-vitro diagnostics and life science tool consumables. Operating as a consortium, the companies will seek overseas projects with MNCs together with the aim to move up the manufacturing value chain and become core suppliers to medtech MNCs. The capabilities and experiences gained in the process may also provide opportunities for these SMEs to become original design manufacturers.

2. SMC’s unique value proposition is the ability to offer high mix, low volume manufacturing at competitive prices due to its lower overheads. The consortium model can help simplify these companies’ supply chain sourcing process by offering a complete suite of solutions such as prototyping, product design and development, machining and full-turnkey assembly.

3. In addition, SMC is able to assist in early-stage product development and provide marketing and distribution channels for the finished product through its associates. There are three main groups of associates, namely consultancy (Cambridge Consultants), IoT solutions provider (Ascent Solutions) and distributors (Healwave, Research Instruments, Scanmed, Transmedic and United BMEC). Cambridge Consultants specialises in the design and development of medtech products, providing support to companies from product ideation to clinical trials to the start of prototyping. Ascent Solutions is able to provide IoT solutions for the wearable electronics market. The involvement of the five medtech distributors in SMC ensures that there are readily available marketing and distribution channels into the ASEAN market for their customers after mass production.

4. The five core members in SMC signed a memorandum of understanding (MoU) on 19 September 2017 at the TechInnovation 2017 to commence their two-year collaboration. The inclusion of the associates will enable a complete suite of services to its customers, through providing pre- and post-manufacturing services to the consortium.

5. SPRING Singapore, IE Singapore and Singapore Precision Engineering and Technology Association will be supporting the consortium by facilitating its business development efforts with both local and overseas medtech players, by channelling business deals to the consortium.

For any media enquiries, please contact:

Kenny Lee (Mr)
Business Development Director
Racer Technology
Mobile: 9743 2962
E-mail: [email protected]

Kathryn Zhang (Ms)
Senior Manager, Corporate Communications
SPRING Singapore
DID: 6279 3177
Mobile: 9762 4802
E-mail: [email protected]

Section B: Core Members of the Singapore Medtech Consortium

Racer Technology Pte Ltd
Established in 1988, Racer Technology is one of the leading Medical Contract Manufacturer with its head office in Singapore, powered by existing low cost offshore facilities in Senai & Batam. Racer is able to carry a product through from ideation to mass production by offering capabilities in R&D (Industrial, Mechanical & Software) design, manufacturing, plastic injection moulding and final assembly. Racer’s manufacturing expertise ensures that the product development phase is more predictable in terms of scope, time and cost. Additionally, Racer supports its manufacturing capabilities with proper ground research, providing its customers with deep knowledge of market trends and assisting them in attaining complete product certification for FCC, HSA and CE.

Racer has vast experience on medical devices from Point of Care diagnostics, microfluidic, Lab on Chip (reagent & biosensors), drug delivery and laboratory equipment in the medical industry.

Cragar Industries Pte Ltd
Established in 1990, Cragar Industries specialises in the fabrication of precision mechanical components and sub-assembly of optical and medical instruments for renowned product manufacturers. Examples of products include parts for Mass Spectrometry systems, Stereomicroscopes and Surgical Microscopes.

Cutter Technologies Pte Ltd
Established in 2002, Cutter Technologies is a prototyping house which supports companies in their R&D activities and small volume production. A functional prototype will allow engineers to physically evaluate their design to identify and resolve design flaws before transferring the design for tool-making. It would also facilitate communication of product concept to the management team and potential customers.

Grantech Pte Ltd
Established in 2009, Grantech’s core businesses are in providing turnkey PCB assembly and box-build manufacturing for medical, biometrics, consumer and industrial products. Grantech is also able to value add by helping its customers source for alternative parts to reduce lead-time to shorten the product’s time to market.

Haxalyst Pte Ltd
Established in 2015, Haxalyst consists of a team of professional engineers and developers involved in creating commercially viable products for the global electronics market. It specialises in circuit design, schematic generation, complex PCB layout design, firmware/software development and mobile applications development for various markets such as medical devices, healthcare devices, wearable electronics and automation.

Published: 19 Sep 2017


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