For technology veteran Song Tang Yih, one of his biggest career aspirations has been to grow into a “Level 5” executive, a concept coined by renowned management guru Jim Collins in his bestseller, Good to Great.
“Jim Collins defines a Level 5 leader as one who ‘builds enduring greatness through a paradoxical blend of personal humility and professional will’ — that really resonates with me,” says the CEO of Singapore Exchange (SGX)-listed medtech company Biolidics.
According to Collins, Level 5 leadership is not just about humility or modesty — it is also about possessing “a ferocious resolve” and “an almost stoic determination” to do whatever is required to make the organisation great.
“As I strive towards this leadership goal, Biolidics will develop the culture of building trust and open communication,” Song says.
“In such an environment, criticism and failure will be acknowledged objectively, due diligence will be conducted professionally, and subsequent actions can then be carried out with determination,” he adds.
A Bachelor of Science graduate from the National University of Singapore, Song has spent almost two decades of his career in the information technology sector.
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He has held senior management roles in various tech companies, including vice president, Asia Pacific, of Nasdaq-listed Palo Alto Networks, as well as executive chairman of SGX-listed Metech International, before his current appointment as CEO of Biolidics in September 2021.
“Biolidics is a tech-driven company that offers promising technology for oncology precision medicine. Its ClearCell® FX1 System intrigues me, and I want to contribute towards the development of less invasive treatments and care for cancer patients,” Song notes.
ClearCell® FX1 is a fully automated device for cell retrieval that uses a novel, patented technology to separate and enrich wholly intact and viable circulating tumour cells, or CTCs, from small amounts of blood. It is driven by the group’s CTChip®FR1 biochip, which is a single-use microfluidic biochip.
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Liquid biopsies — or the analysis of CTCs in blood samples — have many applications through the various stages of a patient’s cancer journey, ranging from cancer screening and staging, to personalised treatment and post-cancer monitoring.
“Biolidics possesses strong fundamentals in product innovation and development — innovative technologies and a rich talent repository are the two critical success factors to growing a company,” he says.
“On my part, I bring to Biolidics the experience of turning ideas into commercial execution, as well as implementing customer-focused strategies. Such a combination augurs well for our future,” he adds.
Boosting revenue streams
Incorporated in 2009 and listed on SGX Catalist in 2018, Biolidics is a precision medicine medical technology company developing a portfolio of innovative diagnostic solutions to reduce healthcare costs and improve clinical outcomes.
The group also operates a clinical laboratory in Singapore accredited by the College of American Pathologists that offers a wide range of tests. In addition, it has formed an infectious diseases division to develop diagnostic test kits with technology partners and in-vitro diagnostics (IVD) manufacturers. Its quality assurance capabilities have been recognised through its ISO 13485 certification, CE-IVD, US FDA Class I registration and NMPA Class I registration.
Looking ahead, Biolidics will focus on growing revenue streams from its three business divisions — cancer diagnostics, infectious diseases diagnostics and laboratory diagnostics services, Song notes.
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For cancer diagnostics, the group aims to develop complete liquid biopsy solutions, to enable extracting information from cancer patient’s blood specimens at both the cellular and molecular levels, to provide timely insights to manage cancer care via laboratory-developed tests (LDTs), also known as laboratory assays.
“Such LDTs are a cheaper, safer and simpler alternative to traditional methods, which involve tissue biopsies — surgical processes that are not only invasive to the patient, they are also expensive and difficult to repeat,” Song notes.
“And once clinically approved, the LDTs can potentially boost the sales potential of our products, because each LDT will require the use of one CTChip® FR1 biochip as well as other consumables,” he says.
According to data from Statista, cancer accounted for nearly 10 million, or nearly one in six, deaths globally in 2020. This figure is expected to rise to 16 million by 2040. Incidence rates for the disease are expected to increase from just under 20 million new cases per year in 2020 to over 30 million new cases per year by 2040.
For its infectious diseases diagnostics segment, Biolidics is developing diagnostic test kits through partnerships with technology partners and IVD manufacturers. Since the start of the Covid-19 pandemic, the group has introduced various types of rapid test kits for the detection of SARS-CoV-2.
In particular, it is starting commercial production for its ClearEpi NAB Test that is developed with technology licensed from the commercialisation arm of Singapore’s Agency for Science, Technology and Research. This test detects human IgG neutralising antibodies, which indicate an individual’s protective immunity against Covid-19.
“Even with encouraging news on global vaccine roll-out programmes, the importance of reliable, accessible testing continues to be essential to public health policy responses towards Covid-19,” Song points out.
“And as the global economy reopens with the resumption of economic and community activities on a wider scale, we expect testing applications for Covid-19 to continue to play a vital role in the ‘new normal’, for screening purposes, as well as other forms of routine, asymptomatic and travel-related testing.”
Meeting stringent regulations
In terms of laboratory diagnostics services, Biolidics’ Singapore-based lab provides a comprehensive suite of clinical diagnostic tests, including genetic tests and other cancer-related diagnostic tests. These tests are conducted in-house as well as in partnership with global partners and institutions, Song says.
In December 2021, its lab was granted approval by Singapore’s Ministry of Health to provide medical microbiology services, including SARS-CoV-2 polymerase chain reaction testing for Covid-19.
“To create new revenue streams for our lab diagnostics services, we’re also developing a strong pipeline of proprietary biomarker tests for cancer immunotherapy treatment, recurrence monitoring and cancer screening,” he adds.
Apart from laying the foundation for the group’s future growth, Song is also focused on its environmental, social and governance targets. “Biolidics’ products and business activities are regulated by various laws governing medical devices in the countries that it sells its products in,” he notes.
“We are subject to extensive supervision by governments and other agencies in various aspects of our operations, including licensing and certification requirements, product registration requirements, quality and safety standards, as well as periodic renewal and reassessment procedures,” he adds.
While there is much to keep Song up till the wee hours, he enjoys the challenges that running the organisation offers.
“I’m constantly planning two to three steps ahead, in the areas of shareholder interests, commercial issues, as well as working with staff to resolve issues in innovation and business execution,” he says.
“These are broad areas that give me ‘butterflies in my stomach’. Such sensations are good as they indicate that I’m not being complacent, but getting ready to manage uncertainties,” he adds.
When the 58-year-old is not at work, he is focused on living a simple life. “I like simplicity — whether it’s eating meals with my family, cuddling up to my golden retriever, or an evening stroll around the neighbourhood,” he says. “I always remind myself to live in the present and enjoy these moments.”
As for advice to his staff and children, Song encourages them to develop an athlete’s mindset.
“An athlete is disciplined, trains hard and performs his best in a team. He also strives to improve his results with every race. Whether he wins or loses, an athlete manages his emotions, understands his strengths and weaknesses, and is committed to the pursuit of excellence,” he says. “These are all qualities that are important in developing your character and tackling the challenges in life,” he adds.
Biolidics
Incorporated in 2009, Biolidics is a precision medicine medical technology company with a focus on developing a portfolio of innovative diagnostic solutions to lower healthcare costs and improve clinical outcomes.
Biolidics has developed and commercialised the ClearCell® FX1 System, a fully automated CEIVD medical device which relies on a novel, patented technology to separate and enrich cancer cells from blood, allowing users of the system to perform liquid biopsies to test for the presence of cancer cells (specifically circulating tumour cells, or CTCs) in blood.
Biolidics also has an accredited clinical laboratory in Singapore that offers a wide range of tests, which could potentially accelerate its revenue growth and execution strategy in cancer diagnostics. In addition, Biolidics has formed an infectious diseases division to develop test kits with various diagnostic partners.
Biolidics’ quality assurance capabilities have been recognised through its ISO 13485 certification, CE-IVD, US FDA Class I registration and NMPA Class I registration. The company website is: www. biolidics.com
About kopi-C: The Company Brew
kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations
