GEORGE TOWN, October 12 – Building on the success of a previous exhibit and dialogue session held in July this year, local MedTech companies have expressed their keen interest in becoming suppliers to the Ministry of Health (MOH). In response to this, InvestPenang organized a follow-up session to brief local medical device companies on MOH’s procurement procedures for medical devices. The MOH briefing was led by Dato Sri’ Norazman Ayob, the Deputy Secretary-General of MOH, and his team.
In addition to Dato Sri’ Norazman Ayob and his team, YB Sim Tze Tzin, Member of Parliament for Bayan Baru, Puan Salbiah Binti Yaakop, Director, Policy, Industry, International Affairs Division, Medical Device Authority Malaysia, and about 15 potential buyers from private hospitals also participated in this session, which was hosted by Dato’ Loo Lee Lian, CEO of InvestPenang. The primary objective of this event was to introduce local homegrown medical device companies to MOH’s procurement procedures. This, in turn, provided an alternative sales channel for local MedTech companies while increasing MOH’s awareness of the manufacturing capabilities and current offerings available locally.
Furthermore, buyers from private hospitals were invited to attend this event to create a platform for local MedTech companies to showcase their products and network with potential buyers from the private healthcare sector. A total of 12 homegrown local medical device companies attended the session, including CCB Medical Devices, Formedic, Ideal Health Care, Leonix, Mediven, Mymac, Pentamaster MediQ, Puncak Bumi, UMediC, V3bio, Waterbay, and PG Medic.
Each company was allocated an exhibition booth to showcase locally-made MDA qualified medical devices and products to the MOH team, including orthopedic implants (screws and plates), disposable or single-use products for urology, cardiovascular, endoscope-related products, wound and infection control products, dental products, therapy products, patient isolation transporters, inhaler-related products, pharmaceutical and diagnostic products, cleaning equipment, surgical blades, and instruments.
According to GlobalData, the market size in the Asia Pacific region is expected to grow at a comparatively higher compound annual growth rate (CAGR) of 4.4% from 2022 to reach approximately USD 225 billion by 2030. This growth is primarily driven by the increasing prevalence of diseases, an aging population, and other factors, along with a growing focus from market players to have a direct presence to meet patient demand in this region.
Penang is home to six of the global top 30 medical device companies (by sales). Exports in professional, scientific, and controlling instruments and apparatus, including medical devices, have been on the rise, contributing approximately 67% on average to Malaysia’s total in this industry between 2018 and 2022. Penang has secured RM5.6 billion in approved manufacturing investments in Scientific & Measuring Equipment, including medical devices, from 2018 to 2022, representing 46% of the country’s total investments. The region is on track to become the MedTech hub for Asia, equivalent to other global offshore MedTech hubs such as Puerto Rico, Ireland, and Costa Rica.
Today’s event underscored the synergy between government agencies and local hospitals, positioning Penang as a dominant force in the MedTech industry in the Asia Pacific region. Simultaneously, it provided a platform for local MedTech companies to showcase their manufacturing capabilities and offerings, allowed MOH to introduce their procurement procedures, and enabled local hospitals to source and network with these homegrown MedTech players.
