KUALA LUMPUR (Nov 14): Malaysia has established itself as one of the world's top offshore manufacturing hubs for medical devices, with close to 300 medical device manufacturing companies undertaking a variety of activities ranging from regional headquarters and manufacturing to research and development (R&D).
In a statement on Monday (Nov 14) in conjunction with the Association of Malaysian Medical Industries (AMMI) Medical Device Industry Status and Outlook 2021/2022 Report, the Malaysian Investment Development Authority (MIDA) and AMMI said 10 out of the top 30 global medical technology have set up manufacturing in Malaysia, and thus puts the country in the company of Puerto Rico, Ireland and Costa Rica offshore manufacturing hubs.
MIDA chief executive officer Datuk Wira Arham Abdul Rahman said that since 2015, AMMI has collaborated closely with MIDA to foster the development of the country's medical device industry.
“AMMI has helped the industry's major companies organise training programmes, which have benefited 2,647 Malaysians and increased their chances of securing better jobs.
“AMMI has helped promote Malaysia as a prospective investment destination in this region and Asia, attracting the attention of major international firms in the medical device industry.
“MIDA also plays the role of mediator between the companies and local regulators, ensuring the quality standards and requirements match the global demand," he said.
Meanwhile, AMMI chairman Andy Lee said Malaysia will continue to attract more foreign direct investment in medical device manufacturing with the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
He said AMMI believes that the industry has the potential to scale even further and capitalise on the global medical device market, which is expected to reach US$745 billion (RM3.4 trillion) by 2030.
He said that in the pandemic era, AMMI members' investment levels in Malaysia continued to grow, adding that 63% of its members indicate future development plans, and that this trend is expected to continue in the coming years.
Source: The Edge
In accordance with Medical Device Authority (MDA Malaysia Ministry of Health, Malaysia), MyMedicNews serves as the leading online media in the medical device industry for Malaysia and the ASEAN region. We provide a creative one-stop web portal to deliver the latest news and product development in the medical device industry. Through our portal, key industry players can deliver business information, product, and services effectively to relevant target audience.
Disclaimer: All content is for informational or educational purposes only, and does not substitute professional medical advice or consultations with healthcare professionals. Medical device advertisements and their content are intended for Healthcare Professionals only. More information related to Malaysia medical device news, products, registration, and regulations is available on Medical Device Authority