Malaysia should seize opportunity in global medical devices market – Chang
15 Oct 2024
Malaysian innovators and manufacturers should seize the opportunity to tap into the immense potential of the global medical devices industry, which is projected to reach nearly US$800 billion by 2030, says Science, Technology and Innovation (MOSTI) Minister Chang Lih Kang.
Chang noted that Malaysia had many high-quality products and innovators in the medical devices sector, with the government continuously encouraging and supporting industry players in research and development (R&D) and commercialisation efforts.
“The market is vast, and we have plenty of room for success. To support R&D, of course, not limited to the medical devices industry, MOSTI offers various funding facilities, grants, matching grants, and equity where we invest in relevant startups,” he said.
Chang said this to reporters after officiating the soft launch of INNOMed: Innovation Pitching Powered by PERANTIM, a key event in the International Medical Device Exhibition & Conference (IMDEC) 2024.
Also present were Medical Device Authority (MDA) chief executive officer Dr P. Muralitharan, Malaysia Medical Devices Manufacturers Association (PERANTIM) president Johari Abu Kasim, and organising chairman of INNOMed, Dr Hyzan Mohd Yusof.
Earlier in his speech, Chang said that under Malaysia’s New Industrial Master Plan (NIMP) 2030, the government aimed to foster synergies between the manufacturing and engineering sectors and the medical devices sector. This includes creating advanced inspection tools, solutions for imaging and endoscopy, implantable devices, and minimally invasive surgical tools.
Meanwhile, Muralitharan told Bernama that, according to figures from the Department of Statistics Malaysia (DOSM), Malaysia’s total trade in medical devices, valued at RM25.61 billion from January to July this year, increased by 23.5 per cent compared to the same period in 2023 (RM20.74 billion).
He added that the export of medical devices was valued at RM20.15 billion, an increase of 25.7 per cent compared to RM16.02 billion in 2023.
In his speech, Dr Hyzan said that medical device innovation presented an opportunity to improve healthcare while boosting the economy, with the industry projected to reach nearly US$2 billion by 2025, making it one of the fastest-growing sectors.
“By focusing on innovation, we can create high-skilled jobs, reduce our dependence on imported technologies, and position Malaysia as a global leader. Last year, we spent US$5 billion on medical devices, with 95 per cent being imports. Our goal is to reduce this to 50 per cent within five years,” he said.
He also emphasised that close collaboration among universities, innovators, manufacturers, clinicians, and government agencies was key to ensuring that ideas and research transitioned smoothly from laboratories to clinical applications and into the hands of healthcare providers.
INNOMed, themed “Unleashing the Power of Medical Technology: Shaping the Future of Healthcare,“ is organised by the MDA and will take place from Dec 10 to 12 at the Kuala Lumpur Convention Centre (KLCC).
Source: Bernama
