Malaysia - RM17b from medical device EPPs

The Health Ministry wants to turn Malaysia into a regional hub for medical equipment refurbishment.

This was one of the seven new medical devices-related Entry Point Projects (EPPs) announced by the ministry yesterday.

Under these EPPs, the government hopes to attract multi-national companies to establish their refurbishment facilities in Malaysia and grow the refurbishment business for domestic medical equipment service providers.

Health Minister Datuk Seri Liow Tiong Lai said the seven new EPPs were expected to generate RM17.1 billion in revenue, contribute RM11.4 billion in gross national income and create 86,000 jobs by the year 2020.

The EPPs are aimed at driving the growth of the country’s healthcare industry, he said.

“The medical device EPPs are the outcome of a four-week long lab, held in July and participated by 60 people from both the public and private sectors,” he said after a signing ceremony for agreements with 14 local and international medical companies to work on the EPPs.

The lab, which was to develop the Medical Devices Business Opportunity under the Healthcare National Key Economic Area (NKEA), was led by the ministry and facilitated by the Performance Management and Delivery Unit (Pemandu).

The other new EPPs announced yesterday were:

§  tapping into the fast-growing In-Vitro Diagnostics (IVD) market through academia-industry partnerships;

§  tapping into the fast-growing In-Vitro Diagnostics (IVD) market through academia-industry partnerships;* creating next generation single-use devices (SUD);

§  creating next generation single-use devices (SUD);* building a hub for high-value medical device manufacturing;

§  building a hub for high-value medical device manufacturing;* creating Malaysian clinical devices champions – entrepreneurs who are successful in developing and commercialising their products internationally

§  creating Malaysian clinical devices champions – entrepreneurs who are successful in developing and commercialising their products internationally* medical equipment supply chain orchestration; and,

§  medical equipment supply chain orchestration; and,* building a medical hardware and furniture cluster.

§  building a medical hardware and furniture cluster. ”Our goal is clear, we want to to become a significant player in the medical devices market in Asia Pacific in the near future and capture niche value-added markets in Europe, the US and others by 2020.

“We hope to move Malaysia from a nominal player to a medical device hub in Asia Pacific by leveraging on our existing strengths and facilitate ease of business for medical devices entrepreneurs,” said Liow.

With the additional seven EPPs, the Healthcare NKEA now has a total of 13 EPPs and one Business Opportunity.

BTimes

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