Singapore’s Economic Development Strategy and the Biomedical Sciences Cluster

Published 16 Dec 2011
Reference 5838
Industry Biotechnology
Region Asia
Summary

Singapore's economic success has come from continually upgrading its business environment. To sustain this, the government is now nurturing knowledge-intensive clusters like biomedical sciences. However, Singapore remains over-dependent on foreign multinationals and talent, and efforts to boost local innovation and entrepreneurship have had mixed success. What should Singapore do next?

Teaching objectives

This case is intended for discussing cluster development and economic growth, and the role governments can or should play in shaping national competitiveness as well as in influencing the industrial trajectory a country's economy takes. This case helps generate an animated discussion on Michael Porter's "Competitive Advantage of Nations".

Keywords
  • Economic Development
  • Clusters
  • International Business
  • Competitiveness
  • Strategy
  • Technological Innovation
  • Industrial Policy
  • Emerging Markets
  • RD1211
  • AR2011
  • AR1112
  • Q21112