DEXCOM INVESTMENT ANNOUNCEMENT
SPEECH BY CHIEF MINISTER OF PENANG
DEXCOM INVESTMENT ANNOUNCEMENT
24th JUNE 2020, GEORGE TOWN
A very good morning to everyone. Today I am pleased to announce that Penang is welcoming a new US-headquartered company, Dexcom, to join our industrial family.
Dexcom is a globally-recognised medical technology company and known as one of the most innovative companies in the continuous glucose monitoring (CGM) system, which transforms lives around the globe for people living with diabetes. In 2019, there are approximately 450 million diabetic adults.
Dexcom’s new facility, which will be focusing on the manufacturing of sensors and applicators for the CGM system, will be located at 28 acres of land at Batu Kawan Industrial Park. Construction is expected to begin in the second half of 2020.
Dexcom’s new manufacturing facility in Penang will create significant job additions over the next ten years, including roles in manufacturing, facilities management as well as manufacturing related research and development (R&D).
The introduction of the Dexcom facility marks the State’s meaningful participation in the CGM field. I am proud to share that this will be Dexcom’s third plant and its maiden manufacturing facility outside of the United States.
CGM provides a more accurate way to monitor blood glucose levels, thereby allowing diabetic patients to better regulate their blood glucose. This in turn decreases the risk of diabetes-related damage to their bodies and ultimately improve their health and cut down healthcare costs.
The new-age medical technology has transformed the way doctors and patients participate and interact with each other. Obtaining real-time information, tracking past health records, identifying potential health issues, and devising a treatment plan are all signs of the gradual shift from traditional methods to smart medical devices.
With half a century of industrial experience, Penang has built a strong industrial ecosystem, which complements the needs of medtech players. With over 50 medical device companies present in the State, Penang’s medical devices cluster is among the highest concentration in Southeast Asia. Dexcom CGM systems require expertise and support in electronics engineering and manufacturing and related ancillary services, which are already well-established in Penang.
It is evident that despite the current COVID-19 pandemic, Dexcom’s investment to Penang looked beyond the current macro uncertainties.
The key consideration for the company is to choose a location that possesses a robust and sustainable ecosystem that could fulfil the needs of its next generation(s) of technologies, products and long-term growth strategies. The State government will continue to entrench Penang’s position in the medical technology industry.
Ladies and gentlemen,
The year 2019 was an action-packed year for Penang. Our total approved manufacturing investment hit a record high, with strong inflows of both new and re-investments into the state.
Penang recorded RM16.9 billion in total approved manufacturing investment in 2019, an increase of 192% year-on-year, and registered more than double its 10-year average of RM8 billion.
The State government, through InvestPenang and PDC, will continue to focus on landing projects that have far-reaching effects on the local economy in terms of supply chain localisation opportunities, creating high quality jobs, uplifting the skillset of the local technical workforce, as well as having significant economic spill-over and multiplier effects.
I would also like to thank Malaysian Investment Development Authority (MIDA) for working hand-in-hand with InvestPenang in attracting high quality investments to Penang.
In closing, I would like to take the opportunity to once again congratulate Dexcom for this significant expansion here in Penang and Malaysia. I look forward to fostering a close partnership with Dexcom and I assure the State’s commitment in facilitating and driving the project success.
CHOW KON YEOW