Invigorated medical and wellness sector quickens nation's economic pulse
Discovery Reports - Malaysian Health Care
A clean bill of health that exceeded expectations marked the first year of Malaysia's economic transformation programme. Achieving 103 per cent of its targets in terms of key performance indicators, the health care industry emerged as a top revenue driver - a position the sector is determined to sustain up to 2020.
"In our first year of implementation, we embarked on the journey to unleash the tremendous economic potential of the Malaysian health care industry. We have concentrated our efforts as key enablers to the industry by removing roadblocks and putting in place industry-friendly policies," says Liow Tiong Lai, Malaysia's Minister of Health. "This year, we will continue our efforts to ensure the successful delivery and implementation of the health care NKEA."
The country's shifting demographics, growing affluence and changing lifestyles have played a role in the evolution of its health care ecosystem, which is largely divided into pharmaceuticals and biotechnology, medical technology and health services. All three subsectors performed strongly, going beyond last year's targeted gross national income (GNI) of HK$35.24 billion and 26,686 new jobs.
The key is close collaboration between the government and the increasingly empowered private health institutions. Such synergy is best illustrated by the various EPPs and BOs under the health care NKEA, all aimed at advancing initiatives for the optimum benefit of residents and international investors.
From exporting pharmaceutical products to promoting health care travel, these EPPs are forecast to generate 42.2 billion ringgit (HK$102.99 billion) in incremental GNI and 181,000 jobs by 2020.
"Malaysia's health care industry is open and ready for business," says Dr Chua Hong Teck, PEMANDU director for health care NKEA. "We pledge our commitment to provide the best service we can give to all stakeholders - including residents, foreign workers, tourists and global investors."
Clinical research through a supportive ecosystem
