The AMMI Medical Device Industry Status and Outlook 2021/2022 Report launched collectively by MIDA and AMMI right this moment.
Malaysia Dazzles as a World Leader in Medical Device
— Datuk Wira Arham Abdul Rahman
PENANG, MALAYSIA, November 14, 2022 /EINPresswire.com/ — The Malaysian Investment Development Authority (MIDA) and the Association of Malaysian Medical Industries (AMMI) right this moment launched the AMMI Medical Device Industry Status and Outlook 2021/2022 Report for the primary time in Penang. This 12 months’s Report highlights Malaysia’s medical machine trade’s exceptional resilience within the face of COVID-19 pandemic challenges.
According to AMMI’s evaluation, 10 (ten) out of the highest thirty (30) world medical know-how firms have established manufacturing footprints right here. Along with Puerto Rico, Ireland and Costa Rica, Malaysia is now thought to be one of many world’s prime offshore manufacturing hubs for medical units. Today, near 300 medical machine manufacturing firms make up Malaysia’s vibrant medical machine trade, enterprise quite a lot of actions starting from regional headquarters and manufacturing to analysis and growth (R&D).
During the press convention, Datuk Wira Arham Abdul Rahman, Chief Executive Officer of the Malaysian Investment Development Authority (MIDA) highlighted “Since 2015, AMMI has collaborated closely with MIDA to foster the development of the country’s medical device industry, and it has made it a priority to help its members to have a positive experience operating their businesses in Malaysia. AMMI has continued to be the primary conduit for investor facilitation for its members notwithstanding the industry’s difficulties. AMMI has helped the industry’s major companies organise training programmes, which have benefitted 2,647 Malaysians and increased their chances of securing better jobs.”
“AMMI’s optimism in Malaysia’s future has led to deeper ties between the two organisations, AMMI is among MIDA’s closest strategic partners. AMMI has helped promote Malaysia as a prospective investment destination in this region and Asia, attracting the attention of major international firms in the medical device industry. MIDA also plays the role of mediator between the companies and local regulators, ensuring the quality standards and requirements match the global demand,” added Datuk Wira Arham.
AMMI Chairman, Mr Andy Lee, expressed “Malaysia will continue to attract more foreign direct investment in medical device manufacturing with the Ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) recently. AMMI believes that the industry has the potential to scale even further and capitalise on the global medical device market, which is expected to reach USD745 billion by 2030. In the pandemic era, AMMI members’ investment levels in Malaysia continued to grow, signalling their unwavering confidence in Malaysia. 63 per cent of our members indicate future development plans, and this trend is expected to continue in the coming years. The best is yet to come.”
Demonstrating confidence in Malaysia’s viability as a MedTech hub, AMMI members have repeatedly elevated their investments 12 months after 12 months. AMMI survey respondents plan to speculate a collective quantity of RM1.4 billion in enlargement, RM389 million in new merchandise and RM158 million in new analysis and growth (R&D)/centre of excellence (COE) and Industry 4.0.
According to the report, AMMI members collectively sourced RM3.92 billion of uncooked supplies and providers from native suppliers and small and medium-sized enterprises (SMEs) throughout the nation. To strengthen the medical machine ecosystem by attaining provide chain resilience, AMMI will organise the inaugural Malaysia MedTech Industry Summit on 1 December 2022 in Penang. The summit will function a platform for native suppliers to attach with medical machine producers.
Reflecting Malaysia’s long-term progress, MIDA will proceed to work with respected associations similar to AMMI to make sure the nation stays welcoming for extra traders because it pursues to roll-out game-changing measures whereas attracting high-quality investments that generate high-income jobs, improve export worth and strengthen Malaysia’s home provide chain ecosystem .
Azlina Hamdan
Malaysian Investment Development Authority
+60 3-2267 3791
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