SPRING Singapore's Medtech Capability Development Programme, launched earlier this year, is helping local precision engineering firms tap into medical technology to diversify and move up the value chain.

The biomedical sector is a niche market with a gross margin of 35%, the highest compared to other industries.

The Singapore Economic Development Board (EDB), SPRING Singapore and Singapore Workforce Development Agency (WDA) are pumping in S$76 million in a collaborative effort to increase manpower in this growing industry.

Some 2,000 people will be trained for the industry over the next five years under the manpower initiative.

Source: "Growth in precision engineering sector as companies diversify", Channel NewsAsia, 4 December 2007