KUALA LUMPUR; Exports of medical devices are set to grow by 12 per cent year-on-year to RM17.74 billion in 2017, supported by growing demand, particularly from Asia-Pacific.
According to the Association of Malaysian Medical Industries (AMMI) Medical Device Industry Outlook Report 2017, the region accounted for 51.5 per cent of total exports, followed by North America (27.1 per cent) and Europe (19.4 per cent).
“China, India and the Asean countries are major drivers of growth in the region, as the countries gave more emphasis to healthcare,” he said.
Hitendra said this at a media briefing this after launching the report yesterday.
Also present was Malaysian Investment Development Authority chief executive officer, Datuk Azman Mahmud.
On the report, Joshi said, 70 per cent of AMMI’s 63 member companies were expected to invest RM1.4 billion in Malaysia in 2017, a sign of a strong investor confidence in the country.
Meanwhile, Azman said, MIDA had approved RM1.95 billion worth of investments in medical devices, involving 16 projects during the first half of the year.
Comparatively, he said, 23 projects worth RM1.59 billion were approved in the same period last year, adding that MIDA had approved a total of 41 projects worth RM2.9 billion in 2016, which helped to create 7,300 jobs.
“While the medical devices industry sees a bright future ahead, Malaysia is moving towards Industry 4.0, and emerging challenges such as digitalisation, consumer empowerment and new competitors are reshaping the overall landscape,” said Azman.
Hence, he urged industry players to shift their mindset and embrace technology, to keep innovating and to keep conducting research and development to overcome the challenges.
To date, Malaysia has over 200 medical devices manufacturers with investments worth RM14.2 billion. — Bernama