Real Life Sciences Singapore is partnering with Drug Information Association (DIA) 2019, an event which showcases innovation and advances that occur in the medical industry both here in Singapore and internationally.
The theme for this year is ‘Advancing Health in Asia through Innovation.’
As a regional hub for pharmaceutical sciences in Asia, Singapore is renowned for its innovation and limitless opportunities. Due to our economic and demographic advantage, it is likely this economy will continue to flourish in the region.
This 2019, DIA will give attendees a chance to learn more about how Singapore is going to meet this growing demand along with advancements in the industry, even more so within regulatory affairs.
How is tech innovation impacting sectors such as the Regulatory Affairs?
In an age of digital disruption and rapid technological advances, there is a greater focus on sectors like regulatory affairs to ensure sufficient safety and compliance.
The USA for instance, is taking the lead on this with the priority of their Food and Drug Administration (FDA) to be adept and agile with new technologies. Gene therapy and printed organs are areas that are leading the clinical revolution currently happening in the USA. The FDA is also keen to harness the potential of these technologies, from using the information from wearables in drug trials to enabling faster approvals for new digital therapeutics.
Another focus area includes the approval of drugs at a faster rate. FDA has approved a record number of generic drugs in the past year and this is with the help of efficient processing of approvals by regulatory technologies (regtech). By increasing the competitiveness of patented and approved drugs, this would in time eliminate the high risk of counterfeit drugs in the market.
How is Asia responding to this trend?
Trailing closely behind the US is China, which is also the second largest pharmaceutical market in the world. The China market is projected to see an annual growth of more than nine percent but have yet to achieve that to date. This is due to the extremely regulated environment in China, leaving it with little or no opportunities for cross-border collaboration, especially with Western countries.
However, the regulatory environment in Asia is now undergoing major changes with the recent introduction of various reforms instituted by the China Drug Administration (CDA).
In this highly regulated environment, regulatory affairs plays a critical role not only as the interface with health agencies and a link between different departments, but it also acts as the leading department to provide strategic advice on extremely difficult decisions through the life of a drug.
Regulatory professionals in Asia have to work alongside authorities and different departments within the company in order to meet regulatory commitments with the health authorities. Another area of caution is the maintenance of marketing licences and the lifecycle extension of drugs. This is all through thorough research and development (R&D) and innovation with the use of technologies to assist pharmaceuticals in materialising its technological creations.
How is Singapore advancing health through innovation?
Ultimately, new technologies are only going to continue emerging and evolving, disrupting traditional business models which can pose fundamental challenges for regulatory bodies.
As such, there is a need to innovate in order to remain competitive in the market yet simultaneously re-examining to ensure regulatory standards are not compromised. This is especially so for Singapore which is known to be Asia’s top country for innovation and various technological advancements. But how will Singapore maximise this competitive advantage to keep up with China and the US?
Resonating with DIA’s theme this year, this event is likely to attract some of the most prevalent names in the industry to discuss the advancements we can make through innovation both in Asia as well as Singapore.
Details of the event
Venue: Grand Copthorne Waterfront Hotel, Singapore
Date: Mar 05 - Mar 06, 2019
Time: 8am – 5pm
As the scene for healthcare product development becomes increasingly global, there is also no better time to deepen the discussion on how we can leverage on the individual strengths of each country. We look forward to the various sessions that will be conducted at DIA to cover the topics we’ve mentioned above. We are also excited to meet our clients and other industry partners at DIA to engage in discussions about the industry and an opportunity for us to share our knowledge in recruitment and the outlook of talent within the industry.
Real Life Sciences Singapore will be having a booth at this much anticipated event so don’t forget to drop by. If you’d like to find out more, get connected with us at email@example.com or visit our website at www.realstaffing.com for more industry related insights. For more information about the event, do also visit DIA’s website.
We hope to see you there!