Seminar on Intensifying Malaysian Capabilities for the Medical Devices Sector
MIDA, in collaboration with the Association of Malaysian Medical Industry (AMMI) and the Malaysian Medical Device Manufacturers Association (PERANTIM) has successfully organised a seminar on ‘Intensifying Malaysian Capabilities for the Medical Devices Sector’, at MIDA Headquarters, Kuala Lumpur on 30th November 2023.
Welcomed by Mr. Sivasuriyamoorthy Sundara Raja, MIDA Deputy Chief Executive Officer (Investment Promotion and Facilitation), the seminar provided a platform for industry stakeholders. Distinguished presenters from leading companies such as Smith&Nephew, Masimo Medical, JLL Malaysia, as well as financial institutions CIMB and MIDF, engaged with over 110 diverse participants.
This seminar aimed to highlight potential business opportunities, disseminate the latest industry insights, and foster collaboration within the medical devices sector. It specifically addressed the aspirations of Malaysian companies to integrate into the global value chain, stay abreast of government policies, and explore alternative financial platforms. Additionally, the event sought to strengthen strategic collaboration between MIDA, domestic companies, MNCs, and financial institutions.
Evolution of Malaysia’s Medical Devices Sector
Malaysia’s medical devices sector has undergone a transformative journey, evolving from a glove production industry in the 1980s to a hub for diverse medical consumables and high-value products. With 200 manufacturers, including industry giants like Smith&Nephew, Dexcom, and Insulet, the sector has attracted RM24.5 billion in approved investments from 2018-2022, generating over 40,000 jobs.
The medical devices sector is strongly supported by precision engineering, machinery and equipment, engineering supporting services (ESS), electronic manufacturing services (EMS), plastic components, packaging and sterilisation services. Key players in this ecosystem include Plexus, Jabil, Tip Corporation, Pentamaster, Greatech, Steris and Steripack. An impressive 99% of the nation’s medical equipment output is destined for international markets, with the majority being in the form of rubber and consumable products.
Therefore, there is a timely call for Malaysia to intensify innovation activities in this sector, diversifying export components by focusing on complex products such as surgical instruments, implant and clinical devices, health equipment, point of care, non- and minimal invasive products and medical devices from the convergence of technologies, aligning with the country’s blueprint for sustaining industry growth.
As Malaysia aspires to be a regional hub for medical devices manufacturing, the Government has identified the sector’s high growth potential under the Twelfth Malaysian Plan (12MP). Reinforced under Mission 1 of NIMP 2030 to transform Malaysia into an innovation-driven manufacturing hub, the government is announcing new funds totalling RM235 million. These funds are specifically designed to propel automation, digitalisation, and sustainable practices under the Environmental, Social, and Governance (ESG) Framework.
As the country’s principal investment promotion and development agency, MIDA remains as the industry’s key contact point, providing crucial information about valuable government facilities and incentives. This empowerment equips businesses to make informed decisions and seize opportunities that align seamlessly with their growth and strategic objectives.
Beyond being an informative event, the seminar acted as a catalyst for collaboration, innovation, and sustained excellence in Malaysia’s dynamic medical devices sector.
All Day (Thursday)(GMT-11:00)