Sustaining MedTech Revolution through Innovation and a Strong Local Supply Chain
In conjunction with the Malaysia Medical Device Expo 2019 (MyMEDEX 2019) the Malaysian Investment Development Authority (MIDA) organised a panel session titled ‘Revolutionising Medical Technology’ at the Malaysian International Trade and Exhibition Centre (MITEC), Kuala Lumpur today
KUALA LUMPUR, 16 October 2019 — In conjunction with the Malaysia Medical Device Expo 2019 (MyMEDEX 2019) the Malaysian Investment Development Authority (MIDA) organised a panel session titled ‘Revolutionising Medical Technology’ at the Malaysian International Trade and Exhibition Centre (MITEC), Kuala Lumpur today.
Mr. Zabidi Mahbar, Deputy Chief Executive Officer of MIDA, who moderated the panel, kicked off the conversation by stressing the importance of MedTech to the Malaysian economy and the need for the industry to capitalise innovation and forge a robust local supply chain to remain a leading player within the sector.
“The Malaysian total healthcare expenditure is estimated to exceed USD20 billion by 2025 with a projected compound annual growth rate of 11% from 2015 to 2020, thus making the medical devices industry as one of the most vital and dynamic sectors in Malaysia. With the ever-increasing technological advancements in the field, manufacturers, especially the local ones, are encouraged to explore emerging and innovative segments to remain competitive and relevant in the future,” said Mr Zabidi.
Joining the conversation were panellists from SWCorp Sdn. Bhd., UWC Holdings,Medical Device Authority (MDA) and Ministry of Health (MOH).
In the first half of 2019, MIDA approved 10 projects in the medical devices industry worth RM501.2 million, 20.4% higher compared with RM416.3 million approved in the same period last year. Of this, RM260.8 million were from foreign investments, representing 52% of the industry’s total approved investments for the period of January to June 2019.
MYMEDEX 2019 is an initiative by MDA supported by MIDA for the second year in a row. It is held to highlight the latest innovative technologies and advances of global medical devices. The event offers a unique opportunity for all stakeholders to immerse in an insightful one-stop centre for medical devices solutions.
MIDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become a strong and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook, @OfficialMIDA.
For more information, please contact:
Puan Balkish Mohd Yasin
Director, Life Sciences & Medical Technology Division, MIDA