The Malaysian government has set an ambitious target to transform itself into a leading hub for the medical and devices industry by 2030. This initiative is a crucial part of the new Industrial Master Plan 2030 (NIMP 2030). The plan is meticulously crafted to bolster not just the economy but also to stimulate investments and revitalize the manufacturing sector. “Our aim is to elevate Malaysia’s economy, create added value and job opportunities, improve inclusivity, and develop a new industry cluster,” said YB Dato’ Sri Reezal Merican Naina Merican, Chairman of the Malaysia External Trade Development Corporation (MATRADE).
In a strategic collaboration, Malaysia’s MATRADE and Informa Markets will jointly host CPHI South East Asia next year. This event is no small feat; it is celebrated as the largest pharma and medical devices trade show and conference in South East Asia. Each year, it attracts over 750 exhibitors and around 10,000 trade visitors from various sectors within the healthcare industry. Bringing this prestigious event to Malaysia offers a golden opportunity to further develop the medical and devices industry through networking, knowledge sharing, and showcasing the latest innovations and technology.
The last CPHI South East Asia was successfully hosted in Bangkok, where it played a significant role in promoting pharmaceutical security and increasing accessibility to high-quality pharmaceutical products. This event also helped to elevate Thailand’s pharmaceutical industry, positioning it as ASEAN’s healthcare and medical hub. Malaysia now aims to follow in these footsteps, providing a comprehensive outlook on the country’s dynamic healthcare industry, thus offering a strategic platform for promoting and showcasing the very best of Malaysian healthcare products and services.
Malaysia identifies the healthcare industry as a pivotal engine for economic growth. In 2023 alone, the total trade volume in Malaysia’s healthcare sector reached an impressive USD 11.1 billion. This includes healthcare product exports amounting to USD 6.81 billion and imports totaling USD 4.29 billion. Seeking to maintain this momentum into 2024, the Malaysian government anticipates the medical and devices sector to contribute USD 4.91 billion to the economy. Already, the pharmaceutical segment has made a hefty contribution of over USD 1.26 billion to the country’s GDP. The industry currently employs over 13,000 individuals in the medical devices sector and offers jobs to almost 30,000 people in the pharmaceutical industry.
To complement these efforts, the Malaysian government is also prioritizing other high-innovation industries to fuel economic growth. These industries include semiconductors, electrical and electronics (including IC design and wafer fabrication), specialty chemicals, aerospace, advanced materials, electric vehicles (EVs), renewable energy (RE), and carbon capture, utilization, and storage (CCUS). NIMP 2030 aims to supercharge the nation’s manufacturing sector with ambitious microeconomic targets, including boosting the GDP of the manufacturing sector by an estimated 6.5% annually.
On the international front, Malaysia and Thailand have maintained strong diplomatic and trade relationships as neighboring countries, serving as strategic trade partners. According to Thailand’s Ministry of Commerce, Malaysia stands as Thailand’s number one trade partner in ASEAN and ranks fourth globally. The previous year saw a trade volume between the two nations hitting USD 25 billion.
Ms. Rungphech Chitanuwat, Regional Portfolio Director – ASEAN, Informa Markets and Country General Manager – Philippines, expressed high enthusiasm for the upcoming CPHI South East Asia 2024. The event is touted as Asia’s leading exhibition in pharmaceutical technology and innovation. With aspirations to create new opportunities and significantly enhance the Thai pharmaceutical industry, CPHI South East Asia 2024 aims to drive Thailand towards becoming ASEAN’s largest and fastest-growing medical hub. “The company expects the event will attract 18,000 visitors and facilitate business matching opportunities for around 2,000 businesses over the three-day event,” she noted. The event promises to be a melting pot of innovation, featuring over 400 brands from 50 countries, including the Philippines, Myanmar, Indonesia, Singapore, Vietnam, and Cambodia. It will showcase healthcare and medical innovations spanning across 10 related industry profiles, such as reactants, medicine, herbal medicine, machinery, packaging, testing equipment, OEM, logistics, warehousing, chemicals, and natural extracts.
This seems like a great initiative. Malaysia definitely has the potential to become a medical hub.
But can they really compete with giants like the US and Germany?
Why not? They have the resources and the willpower. Every country started somewhere.
Malaysia is focusing on the regional market first. They understand that they can’t outdo the giants immediately.
The region needs more innovation in healthcare, so this is a step in the right direction.
Hosting the CPHI South East Asia event is a smart move. They’re putting themselves on the map.
True. It’s a significant step for Malaysia. Networking at such events can lead to huge investments.
International collaboration is crucial. It accelerates growth by leaps and bounds.
I doubt these trade shows make any real difference. It’s just for show.
They do more than you think. Exposure at such events can attract major stakeholders.
Okay, if you say so. I remain skeptical.
Malaysia is certainly ambitious, but can they sustain this momentum?
Sustainability is key here. They need to invest heavily in R&D to stay competitive.
Exactly. R&D is expensive, and continuous funding is necessary.
The economic impact alone could be huge! New jobs and investment opportunities.
Revitalizing the manufacturing sector is a good way to boost the economy.
But what about the environmental impact? Manufacturing industries are notorious polluters.
Good point. Hopefully, they incorporate green technologies.
Great news for local talent. More employment opportunities!
But will these be high-quality jobs or just low-paying factory positions?
It’ll likely be a mix. Any job creation is better than none.
If they follow Thailand’s success, there’s a roadmap for them to follow.
The healthcare market is profitable. If Malaysia can carve out a niche, they’ll do well.
Good luck, Malaysia! It’s about time more countries step up in the medical and healthcare fields.
Let’s not celebrate just yet. They still have a long way to go.
I agree, but I’m optimistic. The potential is there.
Investing in semiconductors and advanced materials is a smart diversification strategy.
USD 6.81 billion in healthcare exports? That’s impressive for a country of its size.
Yes, but the competition is fierce. They need sustained innovation to keep up.
Absolutely. The industry evolves rapidly; stay ahead or get left behind.
I’m curious how the collaboration with Informa Markets will pan out. Sounds promising.
Informa Markets has a proven track record. This partnership could be a game-changer.
More ASEAN countries should follow Malaysia and Thailand’s lead in the healthcare sector.
What about agreements with other countries for tech transfers? That’s also critical for growth.
Investing in electric vehicles alongside healthcare? Malaysia is wisely diversifying.
And don’t forget renewable energy and advanced materials. They have a full tech stack planned.