SEOUL -- Macrogen, a biotech company headquartered in Seoul, has established a local subsidiary in Singapore to focus on the rapidly growing Southeast Asian market.
Macrogen said in a statement on Tuesday that the company established "Macrogen Asia Pacific" in Singapore's biomedical complex that would become a base to expand its business in Southeast Asia's genome sequencing and analysis market.
"Macrogen will operate the Singapore genome center as a strategic position for expanding into Southeast Asia's genome sequencing and analysis market in earnest," President Moon Ji-young said in the statement. Macrogen's R&D center will participate in projects with national research institutes and hospitals.
The market for genome sequencing and analysis in Southeast Asia is growing rapidly, led by Singapore, which has unveiled the Research, Innovation and Enterprise 2020 Plan (RIE 2020). One-third of its $20 billion investment will be spent on developing biotechnology and healthcare.
Macrogen founded in 1997 provides research services to other firms. It has subsidiaries in other countries such as the United States, Japan, the Netherlands and Singapore. The global genome sequencing market stood at $5,156 million in 2016 and is expected to reach $18,284 million in 2023..
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