Pharmaceutical industry records RM397.7 mil approved investments for Jan-Sept 2021
04 Feb 2022
Malaysia’s pharmaceutical industry recorded approved investments of RM397.67 million in the first nine months of 2021, exceeding the highest full-year figure approved in 2017.
In a statement on Friday (Feb 4), the Malaysian Investment Development Authority (MIDA) said the sector also achieved astounding export figure of RM2.42 billion for 2021, a 24% increase from 2020.
The International Trade and Industry Ministry (MITI) has always attached great importance to the development of the pharmaceutical industry, particularly as the nation progresses into the new norm with Covid-19, said MITI Deputy Minister Datuk Lim Ban Hong during a visit to Biocon Sdn Bhd in Johor on Jan 26, 2022.
“The increasing demand for medical and healthcare services has further driven the rapid development of the pharmaceutical industry,” he was quoted as saying in the statement.
Lim said that MIDA has also been continuously attracting and targetting high-quality tech investments in the pharmaceutical industry in order to strengthen Malaysia’s position in the global value chain.
“Biocon’s establishment and growing footprint is a testament to our nation’s competitive advantages. (It also represents) a commitment to deliver value to our investors in line with our National Investment Aspirations framework and the 12th Malaysia Plan,” he added.
Biocon, one of Asia’s biopharmaceutical companies, selected Malaysia to set up Asia’s largest integrated insulin manufacturing facility in 2010 at Johor’s Southern Industrial Logistics Clusters.
The project, valued at over US$350 million (US$1=RM4.18), is among Malaysia’s highest foreign pharmaceutical investments, as well as the first and only insulin manufacturing facility in the country.
It is also the company’s first overseas manufacturing and research facility and has about 800 employees. Moreover, it is Malaysia’s first sterile biologics facility certified by the US Food and Drug Administration.
Biocon has been supplying insulin products to Malaysia from this facility over the last five years.
Lim said the Biocon-Malaysia partnership would bring about spin-offs in research and development activities to spur growth in product innovation and new career options.
Biocon, during the deputy minister’s visit, also indicated its expansion plans to turn its facilities into an insulin-manufacturing hub catering to global demand.