Biotech unicorn 10x Genomics, based in the U.S., is striving to tap into overseas markets with the opening of its new headquarters and manufacturing facility in Singapore. With this move, the company hopes to significantly expand its presence in the Asia-Pacific region.
10x Genomics is known for designing and producing gene sequencing technology for scientific research, and some of its offerings have been vital to COVID-19 treatment processes. The company also markets the machines and software necessary for biological system analysis.
Singapore, for its part, has long been engaged in a campaign to attract life sciences organizations to the country—an effort that even predates COVID-19. The city-state introduced the Tech@SG program in 2019 as a means of guaranteeing secure space for tech companies in search of a location actively fostering growth. Tech@SG also helps these companies bypass Singapore's rigorous immigration standards by loosening work visa requirements for overseas applicants. By 2030, Singapore intends for its manufacturing industry to grow by 50%; tech additions such as 10x are crucial to meeting this goal.
COVID-vaccine manufacturer BioNTech is also setting up shop in the region, planning to open a vaccine facility in Singapore as soon as 2023 to address heightened demand in Southeast Asia. For its new facility, which will generate a bevvy of mRNA vaccines and therapeutics for infectious diseases, BioNTech has apparently set aside "hundreds of million of U.S. dollars."