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 organize training programs, 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 the Trans – Pacific Partnership (CPTPP).
He said AMMI believes that the industry has the potential to scale even further and capitalize 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.
- The Edge Markets