Halal pharmaceuticals market set to grow to US$105 bln by 2024 - Azmin - MIDA | Malaysian Investment Development Authority
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Halal pharmaceuticals market set to grow to US$105 bln by 2024 – Azmin

Halal pharmaceuticals market set to grow to US$105 bln by 2024 – Azmin

09 Sep 2021

The global Halal pharmaceuticals market is set to grow to US$105 billion (US$1=RM4.15) by 2024 from US$94 billion in 2019, especially in the preventive care segment.

International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said with the COVID-19 pandemic sharpening the focus on improving health and immunity, Malaysia could expect a further surge in the sector’s growth through public-private collaborations in launching new Halal-certified drugs and medical devices.

“There is an Islamic tradition which encourages the search for knowledge through great efforts in research and development in Halal medicine and pharmaceuticals, particularly in the field of vaccines.

“As such, we should see an exponential growth in this sector, not only in the Muslim countries but also the rest of the world,” he said.

Mohamed Azmin said this in his opening remarks during the virtually-held launch of the 17th Malaysia International Halal Showcase (MIHAS 2021) today.

On Halal certification, he said there is an urgent need for the standardisation of the certification requirements if Malaysia is to attain homogenous global market access.

He pointed out that many micro, small and medium enterprises (MSMEs) have not been fully integrated into the global Halal supply chain as many do not have Halal certification due to their inadequate capacity to obtain certification, expertise, network and funding.

“These issues need to be addressed holistically so that legitimate businesses can gain a cost-effective pathway to the global Halal market,” he said.

To-date, over 8,000 companies in Malaysia are Halal-certified, 20 per cent of which are exporters, contributing a total of US$10.4 billion worth of exports in 2020.

Mohamed Azmin said in dealing with the aforementioned standardisation issues, the Department of Islamic Development Malaysia (JAKIM) is collaborating with 84 Halal certification bodies from 46 countries for uniformity of standards, to ensure compliance with Shariah laws.

Meanwhile, he noted that the Malaysia External Trade Development Corporation’s (MATRADE) first-ever virtual International Sourcing Programme (INSP) was successfully conducted from April 1 to Sept 1, 2021.

This shows that despite lockdowns and restricted movements, there are ample opportunities for Halal industry players from all over the world to connect, he said, noting that preliminary transactions have yielded a total sales of US$116.4 million.

He emphasised that Malaysia is committed to advancing the Halal industry’s strong and comprehensive ecosystem, which enables Halal brands to flourish both regionally and globally.

“To this end, MITI has spearheaded the Halal Industry Masterplan 2030 to catalyse the country’s Halal industry in a holistic manner, by strengthening and globalising its Halal ecosystem,” he added.

Source: Bernama