Malaysia eyes to become global medtech hub

Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, including the New Industrial Master Plan 2030 (NIMP 2030), said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Speaking at the International Medical Device Exhibition and Conference, the minister said that the Malaysian Government will continue with the industrial reforms to ensure the resilience and sustainability of the country's medtech growth.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz. (Photo: thestar.com.my)
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
(Photo: thestar.com.my)

According to NIMP 2030, Malaysia targets to strengthening its position as a medtech hub with the aims of safeguarding lives, contributing to ASEAN’s growth, as well as supporting the global health and wellness sector.

Minister Abdul Aziz emphasised that medtech plays an important role in enhancing healthcare delivery, improving patient outcomes, and driving economic development, and therefore, medtech is clearly an industry that transcends borders in addressing global health challenges.

The global medical devices market size was valued at more than 518 billion USD in 2023, and it is projected to grow from 542 billion USD in 2024 to almost 887 billion USD by 2032.

The official also pointed out that Malaysia’s medtech industry is well-supported by the right policies to grow sustainably through NIMP 2030.

In the coming time, Malaysia will study and develop policies to encourage industries to embrace Industry 4.0 technologies such as artificial intelligence, the Internet of Things, and robotics to drive economic complexity, efficiency and value-added growth.

Industries also need to foster more strategic partnerships, in which global medtech companies collaborate with domestic industry leaders to strengthen the local ecosystem and help Malaysian companies access global supply chains, he noted.

He added that Malaysia now has over 200 medical manufacturers, who collectively generated 6.37 billion USD in exports of medical devices in 2023. Thirty of those companies are multinational companies that have made Malaysia their manufacturing base, including renowned brands such as Abbott and B-Braun.

From January to September this year, Malaysia’s export of medical devices was valued at 6.15 billion USD, up 30% year-on-year./.

World

Indonesia, India ink numerous cooperation agreements
World

Indonesia, India ink numerous cooperation agreements

Indonesian President Prabowo Subianto and Indian Prime Minister Narendra Modi emphasised their shared commitment to peace, security, and prosperity in the Indo-Pacific region, along with their determination to deepen the long-term strategic partnership between the countries.

Thai cabinet approves carbon tax to curb emissions
World

Thai cabinet approves carbon tax to curb emissions

The Thai cabinet approved a carbon tax of 200 THB (5.9 USD) per tonne of carbon emissions on January 21, as part of the country’s strategy to reduce greenhouse gas emissions, according to Deputy Finance Minister Paopoom Rojanasakul.

Japan strengthens commitment to Southeast Asia
World

Japan strengthens commitment to Southeast Asia

Japanese Prime Minister Shigeru Ishiba on January 10 met with his Malaysian counterpart Anwar Ibrahim during his visit to the Southeast Asian country, pledging to enhance cooperation in addressing urgent regional and international challenges, including tensions in the East Sea, the Middle East, and the ongoing crisis in Myanmar.