BAYAN LEPAS, July 20 – InvestPenang, in collaboration with the Ministry of Health (MOH), Medical Device Authorities (MDA), and Ministry of International Trade and Industry (MITI), organized an exhibit and dialogue session to promote Penang as a premier medical device manufacturing hub in Asia. The event aimed to showcase the capabilities of 13 local medical device manufacturers and foster opportunities for technology transfer and commercialization of local R&D products.
The session brought together esteemed guests, including Yang Berhormat Dr. Zaliha Binti Mustafa, Minister of Health, Yang Berhormat Tuan Liew Chin Tong, Deputy Minister of MITI, and Yang Berhormat Tuan Sim Tze Tzin, MP of Bayan Baru, among others. Dato’ Loo Lee Lian, CEO of InvestPenang, hosted the event. Penang is home to six of the global top 30 medical device companies, such as Abbott, Boston Scientific, B Braun, Smith+Nephew, Canon Medical Systems, and Pentax Medical.
The state’s manufacturing capabilities focus on high-value medical devices, including cardiovascular products, orthopedic implants, and precision tools. Notably, Penang’s exports in professional, scientific, and controlling instruments, including medical devices, have been on the rise, contributing approximately 67% of Malaysia’s total in the mentioned industry from 2018 to 2022.
The state has attracted RM6 billion in approved manufacturing investments in Scientific & Measuring Equipment (including medical devices) during the same period, signifying its potential to become the MedTech hub for Asia. The Asian region is projected to experience rapid growth in the MedTech industry, with an estimated 5-year compound annual growth rate (CAGR) of 6.8%, reaching a value of US$147 billion by 2027.
Penang’s success in nurturing a matured medical device ecosystem can be attributed to its strong electrical and electronics (E&E) supply chain, which seamlessly integrates into medical device production. During the dialogue session, local medical devices manufacturers engaged with government representatives to discuss the challenges they face and explore potential solutions and local procurement opportunities. The event highlighted Penang’s capabilities and potential contributions to Malaysia’s healthcare system, further solidifying its position as a leading MedTech hub in Asia.
