Malaysian Investment Development Authority (MIDA) deputy CEO, Datuk N. Rajendran, encouraged Medtech players, especially local companies, to embrace emerging technologies in order to remain competitive.
Speaking at the Malaysia Medical Device Expo (MYMEDEX) 2018, he stated that under the 11th Malaysia Plan’s mid-term review, the medical device industry continued to feature prominent growth.
“To stay competitive, companies need to prioritise productivity, accelerate automation and innovation, undertake more research and development, and implement best industry practices.”
According to a report by the New Straits Times, MIDA hoped that more local companies would be able to familiarise themselves with emerging trends that have a direct impact on the dynamics of the medical device industry.
“With over 200 manufacturers in this industry alone in Malaysia, the time is now for these companies to embrace digitalisation so that they can effectively develop innovative medical devices and achieve faster time-to-market for competitive edge against the global manufacturers,” said Siemens Malaysia president and CEO, IndranilLahiri.
“Especially, if we are to maintain our leading position of exporting over 90 per cent of our locally-manufactured medical devices, and boost foreign investors’ confidence in our industry from its RM1.6 billion (72.7 per cent) worth of investment contribution.”
Medtech is one of the largest industries in global healthcare. Recognising that is a step towards further developing the industry and the economy. The expo positions itself as a one-stop centre for medical device solutions.