SMEs should tap growing medical device demand abroad

KUALA SELANGOR: More small and medium enterprises (SMEs) should tap into the growing demand for medical devices overseas, particularly in the Asean region.
Deputy International Trade and Industry Minister Datuk Ahmad Maslan said in 2016, the export of Malaysia's medical devices reached RM15.84 billion, while its import fetched RM4.54 billion.
He said Malaysia has recorded a healthy trade surplus in this product category, attributed mainly to the medical consumables sector contribution.
Ahmad commended the ability of Malaysian medical devices manufacturers, especially that of Bumiputera in penetrating the global market.
The main export destinations for Malaysian medical devices are the United States, Germany, Belgium, Japan and Singapore, collectively accounting for 60% of the country's total exports in the category, he told reporters after visiting Foresight Industries Sdn Bhd's manufacturing plant, warehouse and office in Puncak Alam here today.
Foresight Industries, a Bumiputera company, produces medical disposable devices.
Ahmad attributed the increased exports to growing healthcare needs due to the ageing population, generating a steady growth of the medical consumables sector in years to come.
"In the medical consumables sector, syringes, needles and catheters are expected to contribute a bigger share of consumption," he said.
On Foresight Industries, Ahmad said the company was at the forefront of exporting medical devices, supplying its products to Indonesia, Brunei and Singapore, as well as securing various government contracts.
Foresight Industries Chief Executive Officer Zulkifli Ismail said the company expects to earn over RM60 in revenue million next year, supported by business growth of its subsidiaries.
The company expects to supply at least 50 medical devices to government hospitals in the next three years from the current 20, he added. — Bernama