Malaysia dazzles as world leader in medical devices
—Datuk Wira Arham Abdul Rahman
PENANG, MALAYSIA, November 14, 2022 /EINPresswire.com/ — The Malaysian Investment Development Authority (MIDA) and the Association of Malaysian Medical Industries (AMMI) today released the AMMI Medical Device Industry Status and Prospects Report 2021/2022 for the first time in Penang. This year’s report highlights the remarkable resilience of the Malaysian medical device industry in the face of the challenges of the COVID-19 pandemic.
According to AMMI’s analysis, 10 (ten) of the world’s top thirty (30) medical technology companies have established manufacturing footprints here. Along with Puerto Rico, Ireland and Costa Rica, Malaysia is now considered one of the world’s leading offshore manufacturing centers for medical devices. Today, nearly 300 medical device manufacturing companies make up Malaysia’s vibrant medical device industry, undertaking a variety of activities ranging from regional headquarters and manufacturing to research and development (R&D).
During the press conference, Datuk Wira Arham Abdul Rahman, Managing Director of the Malaysian Investment Development Authority (MIDA), pointed out, “Since 2015, AMMI has been working closely with MIDA to foster the development of the country’s medical device industry, and it has made a priority to help its members have a positive experience in operating their businesses in Malaysia. AMMI has continued to be the primary investor facilitation channel for its members despite the difficulties in the industry. AMMI has helped major companies in the sector organize training programs, which have benefited 2,647 Malaysians and increased their chances of getting better jobs.
“AMMI’s optimism about Malaysia’s future has led to closer ties between the two organisations, AMMI is one of MIDA’s closest strategic partners. AMMI has helped to promote Malaysia as a as a potential investment destination in this region and in Asia, attracting the attention of major international companies in the medical field MIDA also acts as a mediator between companies and local regulators, ensuring that standards and quality requirements correspond to global demand,” added Datuk Wira Arham.
AMMI Chairman, Mr. Andy Lee, said, “Malaysia will continue to attract more foreign direct investment in medical device manufacturing with the recent ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP). AMMI believes the industry has the potential to further expand and capitalize on the global medical device market, which is expected to reach $745 billion by 2030. In the era of the pandemic, investment levels AMMI’s membership in Malaysia continued to grow, demonstrating their unwavering faith in Malaysia. members indicate future development plans, and this trend is expected to continue in the years to come. The best is yet to come.
Demonstrating their confidence in Malaysia’s viability as a MedTech hub, AMMI members have continuously increased their investments year after year. AMMI survey respondents plan to invest a collective amount of RM1.4 billion in expansion, RM389 million in new products and RM158 million in new research and development centers ( R&D)/of excellence (COE) and Industry 4.0.
According to the report, AMMI members collectively procured RM3.92 billion worth of raw materials and services from local suppliers and small and medium-sized enterprises (SMEs) across the country. To strengthen the medical device ecosystem by achieving supply chain resilience, AMMI will host the inaugural Malaysian Medical Technology Industry Summit on December 1, 2022 in Penang. The summit will serve as a platform for local vendors to connect with medical device manufacturers.
Reflecting Malaysia’s long-term growth, MIDA will continue to work with reputable associations such as AMMI to ensure the nation remains welcoming to more investors as it strives to roll out game-changing measures. while attracting high-quality investment that generates high-income jobs. , increase export value and strengthen Malaysia’s domestic supply chain ecosystem.
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