Medical devices industry nets approved investments of RM807.6 mln in 2023 - MIDA | Malaysian Investment Development Authority
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Medical devices industry nets approved investments of RM807.6 mln in 2023

Medical devices industry nets approved investments of RM807.6 mln in 2023

28 Feb 2024

Malaysia’s medical devices industry registered approved investments totalling RM807.6 million for the first nine months of 2023 (9M 2023), said the Malaysian Investment Development Authority.

Chief executive officer Datuk Arham Abdul Rahman said domestic investments contributed over two-thirds at 73.7 per cent of the sum, while the remaining 26.3 per cent originated from foreign sources.

“This considerable investment not only accelerated the industry’s growth expansion but also laid the groundwork for the generation of 1,363 new employment opportunities for Malaysians,” he said in his speech at the exclusive distributorship agreement signing ceremony between Duopharma Biotech Bhd and Owen Mumford Sdn Bhd.

He said the alliance between Duopharma Biotech and Owen Mumford integrates two pivotal sectors of healthcare, namely pharmaceuticals and medical devices.

Meanwhile, Duopharma Biotech group managing director and executive director Leonard Ariff Abdul Shatar said Duopharma Biotech, via its subsidiary Duopharma Marketing Sdn Bhd, has signed an exclusive distributorship agreement with Owen Mumford Sdn Bhd, a subsidiary of UK-based medical device company, for the distribution of medical devices in Malaysia, Singapore, and Brunei.

“The total market for needles itself is between RM20 million and RM25 million.

“We hope to ramp up as fast as possible as we have the largest number of medical detailers in the country, and our penetration rate at pharmacies and hospitals is the highest in the industry,” he said at the press conference.

Duopharma Biotech expects to generate a 25 per cent increase in its earnings from the current total market value for needles.

In addition, he said the collaboration is also in line with the group’s environment, social, and governance focus on improving access to healthcare in terms of affordability.

On the impact of fluctuation in the exchange rate, Leonard Ariff said the depreciation of the ringgit would have an impact on Duopharma Biotech as 70 per cent to 75 per cent of its raw material is imported.

Source: Bernama