He encouraged companies to invest in the manufacture of medical equipment, cardiovascular devices, orthopaedic devices, in-vitro diagnostic products, wound care products and renal products among others which are being promoted. Contract manufacturing for research and development and medical devices and equipment also offers much potential for growth.
To-date, Malaysia has secured some RM23.6 billion in investments and the country produces a broad range of products including implantable devices such as electromechanical devices, orthopaedic implants, dialysers, diagnostic kits, ophthalmic lenses, besides catheters and medical gloves. Malaysia also makes hospital “support” products, such as medical gas, anaesthesia sets, operation theatre tables and examination tables and surgical gowns, drapes and masks.
The country is the leading exporter of catheters and medical gloves, accounting for 80% and 60% of the global market for the products respectively.
Today, Malaysia has over 190 medical devices and exports more than RM10 billion of the products a year mainly to the United States, Europe and Japan.
The availability of supporting industries such as sterilisation services, sterile medical packaging, precision engineering and tool and die making, contract moulding and assembly and machinery fabrication, as well as electronics manufacturing services, has further enhanced the country’s position as an outsourcing destination and global supplier, Azman added.
Source: MIDA and NST Business Times 25 Aug 2014