Read the Conversation
EF: What is the mission of Buzud Singapore and how do you navigate the Medtech industry?
FF: Starting a business in the medical industry requires three important aspects. Primarily, having a solid foundation in finance and enough money is crucial. Secondly, professionalism is essential in this complex field that requires specialized knowledge. Lastly, building a professional team takes time but is equally important. Our company, as a medical device provider, manufacturer, and producer, is involved in the entire process from research and development to sales and after-sales, including B2B and B2C. We have a factory and can-do OEM and develop innovative products. When creating a medical device, it is important to learn about illness or health problems, such as ventilators that have different types depending on the patient's needs. Communicating with professionals and patients is essential to create accurate and suitable medical devices.
Our goal is to enable people to manage their health independently. Therefore, we have developed many health monitoring devices and tests that people can do at home. This applies not only to Singapore but also to many other countries where people may have difficulties getting faster tests or checking their own bodies. Our vision is to give people the power to manage their health better. We support the Healthcare SG program and want to relieve the pressure of packed testing centers for older people over 65, who are provided with a free body check by the government. Additionally, we want to help people with diabetes and gout by providing devices that monitor their blood sugar and acid levels, giving them the ability to prevent attacks by controlling their diet and lifestyle.
EF: What is the strategic importance of Singapore to Buzud’s operations?
FF: The strategic importance of Singapore and the Southeast Asia (SEA) region to Buzud cannot be overstated. Singapore, being the central hub of Southeast Asia, holds a pivotal position. Since 2020, Singapore's HSA (Health Sciences Authority) has gained global recognition as the most esteemed medical authority. The Singapore government's unwavering commitment to the health and well-being of its people further enhances its reputation and credibility. In fact, Singapore itself is a renowned brand associated with unparalleled reliability and credibility. The Singapore government prioritizes the well-being of its people and actively promotes health initiatives, creating a positive image for the country. Buzud is fully aligned with and supports Singapore's policies and programs, such as the Healthier SG program. Our commitment includes the development of additional devices to enhance health monitoring and partnering with community centers to offer accessible health checks to individuals.
However, Singapore is also faced with the challenge of an aging population, which requires focused attention. The demands and pressures of life and work in Singapore are notably high, necessitating innovative solutions for better elderly care.
There is also the challenge of fertility issues and for this, Buzud has designed a range of specialized products, including male sperm, LH (Ovulation), HCG (pregnancy), and FSH (menopause) test kits. Additionally, we have developed female health products such as vaginal pH and vaginal secretion test kits, as well as a drug test strip to safeguard women from substance abuse.
Moreover, our latest advancements include at-home pre-test kits for various diseases like Fecal occult blood, H. Pylori antigen, HPV, HIV, and hepatitis. These convenient and affordable test kits allow individuals to take proactive measures before potential health problems escalate.
Understanding the challenges posed by heavy reliance on imports for health checks and healthcare, Buzud has chosen to establish its presence in Singapore, ensuring a secure and reliable supply of medical devices while delivering efficient services locally. By putting down roots in Singapore, we aim to enhance convenience and accessibility for the community's healthcare needs.
EF: From a healthcare perspective, what are your views on 2022 and what do you think 2023 will be the year of?
FF: 2022 is the year that is thought to be closer to the end of the covid pandemic. People know more about the environment and healthcare. More and more people pay more attention to their health. I believe that after the Covid pandemic, not only people’s attitudes to health have changed, but there will also be many social structure changes. Some companies may face a crisis, while some companies have found new directions and starting points. 2022 is a year of crisis and opportunities.
I believe that 2023 will be a special and important year. Many emerging industries will be spawned, and many opportunities will be given to new or old industries. Whether it is a new or old enterprise, we should seize the opportunities given by the changing times to achieve our goals. I believe that people's concept of time and lifestyle will undergo great changes and improvements this year. This will be key to creating opportunities for our enterprises.
EF: How do you determine the portfolio of products and the specific therapeutic areas of focus for your manufacturing process?
FF: Our product portfolio focuses on home-based devices that allow people to manage their health and monitor their important health indicators independently. We prioritize products that cover all basic body checks.
This is a high-risk industry, which is why both money and expertise are critical. Developing a medical product typically takes three to five years, and then we must invest a significant amount of money and time in clinical trials to secure regulatory approval. However, as the largest medical device provider in Singapore, we have a competitive edge. We are also developing a cloud system that will allow us to collect data, conduct research and development, create our products, and manage the entire process.
EF: How does Buzud R & D contribute to the local innovation footprint in Singapore and why is innovation considered important?
FF: Having a strong healthcare and medical industry R&D is crucial for any country, particularly a developed nation like Singapore, to reduce dependence on imports and foster self-sufficiency.
It is essential for companies and factories to introduce products to the market that are globally cutting-edge and provide enhanced assistance to individuals through technological advancements.
At Buzud, we actively contribute to the local innovation landscape by introducing state-of-the-art medical device technologies and patented products to Singapore. We have established a leading R&D center to ensure we deliver the best services to our residents. Unlike imported brands that lack factories or service centers in Singapore, we can provide prompt and efficient services for our products, addressing any issues immediately.
EF: What are the priorities following the significant investment milestone dedicated to Singapore and what are the plans for the evolution of Buzud in the next five years?
FF: Our primary focus is on selling medical devices that offer a quick and simple way to test various health problems. In our store, we provide demonstrations of these devices to interested customers. While the testing service mentioned is a side offering primarily for mobile clinics, hospitals, and healthcare providers, we will conduct some testing in our store to showcase how our products work. It is important to note that this service will be offered free of charge. Our products have obtained licensing from the HSA, indicating their suitability for professional settings like clinics and hospitals. We will also supply our devices to these facilities, enabling them to offer professional testing services using our products.
Additionally, we are developing a cloud system to comprehensively address personal healthcare needs. This system can track multiple health data using our medical devices or other lifestyle health products like smartwatches and AI weighing machines. It incorporates AI diagnostic functions to alleviate the workload of doctors and allows authorized individuals such as doctors or family members to monitor someone's health data in real-time.
To enhance our services, we plan to open 20 outlets throughout Singapore. Given the country's heavy reliance on imports, we aim to provide fast, efficient, and convenient high-quality services. After evaluating the market, we believe that 20 showrooms will effectively serve the population. We have already established a successful showroom at Raffles Hospital and are actively exploring additional locations. Our goal is to offer browsing, trial opportunities, and purchase options for our products, along with repair, exchange, and consultation services. Recognizing the importance of catering to seniors who may be less familiar with technology and digitalization, we prioritize face-to-face interactions and interfaces.
Furthermore, we intend to establish a comprehensive testing center to address conflicts that can arise between clinics and hospitals. Often, clinics prefer not to refer patients to hospitals, leading to situations where they lack the necessary equipment for certain tests or screenings, prompting them to send samples to external labs. Our testing center will encompass a wide range of body screenings and blood tests, aligning with the Singapore government's Healthier SG plan to expand health monitoring services for the public.
In line with our future plans, we will also establish a factory in Singapore to manufacture our products locally, ensuring greater control over the production process. Additionally, an R&D center will be established to continually update our technologies and meet evolving healthcare needs.
In the next five years, we believe that with our expertise in both software and hardware, we will become a dominant player in the medical industry and strengthen our position in our field of work.
EF: Is there a plan to expand the business beyond Singapore or is the focus solely on operating within Singapore?
FF: Expanding the business beyond Singapore is something we have considered, and we have already taken steps towards that direction. Currently, we have coverage in Indonesia, Malaysia, India, Vietnam, Thailand, Myanmar, Australia, Canada, and even some other countries in America and Europe. While Singapore remains a key market for us, we recognize the potential in other regions and are actively exploring opportunities to expand our business further. Our goal is to bring our services to more customers worldwide and establish ourselves as a global brand.
