July 18, 2023 – InvestPenang organised an exhibit and dialogue session for the local medical devices manufacturers with Ministry of Health (MOH), Medical Device Authorities (MDA) and Ministry of International Trade and Industry (MITI), as part of the State’s efforts to promote locally manufactured medical devices. The session gathered 13 local key manufacturers in the medical device industry with the aim to enable local manufacturers to showcase their product offerings to the ministries’ representatives.
Yang Berhormat Dr. Zaliha Binti Mustafa, Minister of Health, Yang Berhormat Tuan Liew Chin Tong, Deputy Minister of MITI, Yang Berhormat Tuan Sim Tze Tzin, MP of Bayan Baru, Yang Berbahagia Datuk Dr. Muhammad Radzi bin Abu Hassan, Director General of Health, Dr. Muralitharan Paramasua, Chief Executive of MDA, and Dr. Fazilah Shaik Allaudin, Penang State Health Director attended the event, which was hosted by Dato’ Loo Lee Lian, CEO of InvestPenang.
Penang proudly hosts six of the global top 30 medical device companies (by sales), namely Abbott, Boston Scientific, B Braun, Smith+Nephew, Canon Medical Systems and Pentax Medical. Notably, Penang’s manufacturing capabilities focus on high-value medical devices, including cardiovascular products, orthopaedic implants and precision tools.
In tandem with the global expansion, Penang’s exports in professional, scientific and controlling instruments and apparatus (including medical devices) are on an upward trend, contributing about 67% on average of Malaysia’s total in the mentioned industry in 2018-2022. Penang has garnered RM6 billion in approved manufacturing investments in Scientific & Measuring Equipment (including medical devices) in 2018-2022, representing 46% of the country’s said total and is on the right trajectory of becoming the MedTech hub for Asia, equivalent to the world’s top offshore MedTech hubs like Puerto Rico, Ireland and Costa Rica.
The Asian region has emerged as the fastest-growing market for the MedTech industry, with a projected 5-year compound annual growth rate (CAGR) of 6.8%. The Asian market is estimated to reach a value of US$147 billion by 2027.
Over the years, Penang has successfully cultivated a matured medical device ecosystem, with the growing number of emerging local MedTech players. The medical device industry expansion in Penang is largely a spin off and attributed to the matured electrical and electronics (E&E) supply chain, which seamlessly integrates into the production of medical devices.
The session today showcased the local manufacturers capabilities, potential market opportunities, as well as ecosystem for technology transfer, commercialisation and marketing of local R&D products. The 13 exhibiting local companies presented their products, innovative ideas and solutions in the MedTech space. The exhibited products included orthopaedic implants, medical disposable products, test kits, single-use devices, inhaler, among others.
During the closed dialogue session moderated by Dato’ Loo Lee Lian, CEO of InvestPenang, local medical devices manufacturers took the opportunity to post questions to Yang Berhormat Tuan Liew Chin Tong, Deputy Minister of MITI, Yang Berbahagia Datuk Dr. Muhammad Radzi bin Abu Hassan, Director General of Health, and Dr. Muralitharan Paramasua, Chief Executive of MDA. The discussion was mainly surrounding the current challenges that the local medical devices manufacturers are facing, highlighting the possible resolution on the matter raised and potential local procurement.
Notably, today’s event displayed Penang’s capabilities to the ministries and opened up opportunities for the local MedTech players to contribute to Malaysia’s healthcare system.
InvestPenang is the Penang State Government’s principal agency for promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centres. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs) and Penang CAT Center (for talent attraction and retention). For more information, please visit https://investpenang.gov.my/ and follow InvestPenang’s social media channels: Facebook; LinkedIn.