Malaysia poised to capture medical device manufacturing market
26 Jul 2024
Malaysia has the right manufacturing landscape and enablers to capitalise on the global medical devices industry’s bright prospects.
Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz said the global medical devices industry is projected to grow to US$887 billion by 2032 from US$542 billion projected for 2024.
“Malaysia has what it takes – a solid foundation, a thriving ecosystem, strong political will – to engineer the rapid growth of our manufacturing industry by engaging key stakeholders, particularly industry members themselves.
“The nation can be a manufacturing hub for medical devices, allowing global brands to serve the ASEAN market, with its 670-million population or even the Asian market, with its 4.7-billion people,“ he said at the groundbreaking ceremony of Plexus Corp’s sixth manufacturing facility, Plexus Bridgeview, in Penang.
Tengku Zafrul said today’s event is another step towards bringing New Industrial Master Plan 2030’s (NIMP2030) action plans to life.
He added that Plexus’ focus on Semiconductor Capital Equipment, as well as the Healthcare and Life Sciences sector, aligns with the priority sectors under NIMP2030.
“This will create a strong manufacturing ecosystem, driven by dynamic partnerships between leading global companies and Malaysian firms, powered by world-class talents.
“This is what will make Malaysia a manufacturing and services hub for Asia,“ he added.
Plexus regional president, Victor Tan said the establishment of the new Plexus Bridgeview facility demonstrates its commitment to growth within the region and provides a strong opportunity to meet the growing needs of its valued customers while simultaneously elevating the local small and medium industries.
He said the state-of-the-art facility, located on a sprawling 8.09 hectares-plot, will encompass an impressive cutting-edge infrastructure, with an estimated investment of RM1 billion over the next three years.
“This expansion will also create an estimated 1,800 new employment opportunities of high-skilled jobs in the region,“ he added.
Since its establishment in Malaysia over 20 years ago, Plexus has grown to employ more than 10,000 team members.
Source: Bernama
