Medical device sector expected to contribute RM20 billion to economy this year

18 Feb 2024 04:00pm
Photo for illustration purposes only. - 123RF
Photo for illustration purposes only. - 123RF

PUTRAJAYA - The medical device sector is projected to contribute RM20 billion to the country's economy this year, supported by the increase in domestic and foreign investments in the sector.

Medical Device Authority Malaysia (MDA) chief executive Dr P. Muralitharan said the sector contributed RM15.1 billion last year which included foreign and domestic investments as well as business expansion and the procurement of related equipment.

"We found that there are several foreign countries which have pledged to invest and start their operations in Malaysia such as the Czech Republic and China.

"Hence, our projection is expected to reach close to RM20 billion this year," he told the media after the soft launch of the Asian International Medical Technology Exhibition and Conference (Asian Medtec) by Health Minister Datuk Seri Dr Dzulkefly Ahmad here, today.

Muralitharan said Malaysia’s total market share in the medical technology and medical devices segment stood at around eight to 10 per cent of the global market worth €536 billion (€1=RM5.13) in 2021.

"We aim to increase the market share to about 10 to 15 per cent within the next few years," he said.

Asian Medtec plays a pivotal role in solidifying Malaysia’s position as a key hub for medical technology development in Asia, he added.

Meanwhile, Dr Dzulkefly in his speech previously said the government has listed the medical device sector as one of the key sectors in the National Industrial Master Plan 2030 alongside other major sectors.

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"Indeed, this is the first time this sector has been acknowledged at a national level as one of the economic contributors to boost the nation’s economy," he said, adding that the sector has created about 80,000 jobs since 2010. - BERNAMA