Singapore

Although Singapore is notoriously conservative socially, even to the point of banning chewing gum, it has moved quickly, aggressively, and liberally to the forefront of a leading-edge biotech field—stem cell research. At the turn of the millennium, Singapore was looking for an alternative to its declining electronics industry, and it began its push into biotechnology in 2000 as a means of diversification and development of a research intensive sector. Banking and casino resorts were other legs of the diversification effort, as was big pharmaceutical companies, such as Merck, Pfizer, and Schering-Plough, which now contribute $11.4 billion American dollars annually to Singapore’s economy. Singapore offered these industries various incentives, including tax holidays and other inducements, including the offer to subsidize the cost of buildings up to ...