AMMI MALAYSIA MEDTECH INDUSTRY SUMMIT 2022
KEYNOTE ADDRESS BY YAB CHOW KON YEOW
THE CHIEF MINISTER OF PENANG
AMMI MALAYSIA MEDTECH INDUSTRY SUMMIT 2022
1 December 2022
Ascott Gurney Hotel
YBhg Dato’ Seri Lee Kah Choon
Special Investment Advisor to the Chief Minister of Penang and Director of Invest Penang
YBhg Dato’ Loo Lee Lian
Chief Executive Officer of Invest Penang
Mr Andy Lee Kuan Min
Chairman of Association of Malaysian Medical Industries (AMMI)
Ms Lim Bee Vian
Deputy Chief Executive Officer of Malaysian Investment Development Authority (MIDA)
AMMI Board of Directors and member companies
Distinguished guests
Members of the media
Ladies & gentlemen
Good morning, everyone.
I am very pleased to be here at the invitation of the Association of Malaysia Medical Industries (AMMI), the organiser of this summit. It is an honour to speak at this Malaysia MedTech Industry Summit 2022, held in conjunction with the 50th anniversary of Penang’s industrialisation.
In line with the theme of driving the medical device industry forward, it is most heartening to see all the medical device industry players working closely together, facilitating the knowledge transfer and insights within the industry. This is essential to promote and strengthen the service excellence in the MedTech industry and to pave the way to a sustainable future for Malaysia.
Ladies & gentlemen,
The advances in MedTech industry is mankind’s best bet for the future. While it contributes to stimulate the country’s economic growth, it is even more crucial to save lives. MedTech industry’s resilience in the battle against Covid-19 have been exceptionally evident during the pandemic.
Also, the ever-evolving scientific research in the recent years such as the Internet of Things (IoT), Big Data, Artificial Intelligence (AI) have added significant value and accelerated transformation in the MedTech industry. There is no doubt – the future of MedTech is looking bright.
According to AMMI Medical Device Industry Status and Outlook 2021/2022 report, 10 of the top thirty global medical technology companies have established manufacturing footprints in the country. Penang in particular, is housing six of them from the list. Having the highest concentration of MedTech companies in Malaysia and Southeast Asia, Penang remains a highly attractive location for its infrastructure availability and ecosystem that meet the needs of the MedTech industry.
As the economic powerhouse of Malaysia, Penang is famous for its electrical and electronics (E&E) and semiconductor industry. However, medical devices industry is Penang’s hidden gem. The presence of MedTech player in Penang can be traced back in 1972 where B. Braun set up its manufacturing facility in the state.
Having 50 years of industrial excellence in MedTech industry, Penang is often lauded as a vibrant hub and is poised to be at par with Puerto Rico, Ireland and Costa Rica which are recognised as the world’s top offshore manufacturing hubs for medical devices.
According to statistics from the Malaysian Investment Development Authority (MIDA), Penang has garnered RM6.6 billion of approved manufacturing investments from Scientific & Measuring Equipment (including medical devices) for the period between 2017 and 2021. Specifically, devices manufactured in Penang are on the high end of the value scale, such as cardiovascular products, orthopaedic implants and tools, among others.
Penang is proud to have witnessed a growing number of new and existing MedTech companies establishing and anchoring their presence in the state. These, alongside Penang’s strong supporting and ancillary industries, have generated tremendous scale for the MedTech industry.
Ladies and gentlemen,
Leveraging on that as a springboard, Penang state government will focus on ensuring sustained growth in the MedTech industry, especially on talent and infrastructure availability. The state is cognisant of embracing innovation, connectivity and disruption in order to stay relevant and excel in the near future.
Today’s event aptly sets the tone for all participants to exchange ideas and connect for the enhancement of the MedTech ecosystem and capabilities in Penang. This is especially crucial as MNCs’ strong linkages with our domestic economy helps in creating numerous supply chain localisation opportunities for the homegrown players, further entrenching our position in the MedTech industry.
Importantly, we acknowledge that incorporating tripartite Public-Private and People partnership is crucial in our collective effort to not only make Penang become a high-income economy but also in creating quality jobs for Penangites and Malaysians alike. On this note, I wish to assure all investors that the state government, through InvestPenang, Penang Development Corporation and other relevant state agencies, together with MIDA’s invaluable support, is committed in providing unwavering support to the investors.
Let us join hands and collaborate to make Penang and Malaysia as one of Asia’s best MedTech hubs. Together, we can propel Penang to be at the forefront of this transitionary ecosystem!
My best wishes to all.
Thank you.