KUALA LUMPUR, Feb 5 (Bernama) -- Malaysia's pharmaceutical industry recorded RM397.67 million approved investment from January to September 2021, exceeding the highest fullyear figure approved in 2017. The sector also achieved astounding export figures for 2021, amounting to RM2.42 billion, a 24 percent increase from 2020.
YB Datuk Lim Ban Hong, Deputy Minister of International Trade and Industry (MITI), commended the industry's outstanding performance during his industry visit to Biocon Sdn. Bhd. in Johor on 26 January 2022. "MITI has always attached great importance to the development of the pharmaceutical industry, particularly as we progress into the new norm with COVID-19. The increasing demand for medical and healthcare services has further driven the rapid development of the pharmaceutical industry.”
YB Datuk Lim Ban Hong further mentioned, "The Malaysian Investment Development Authority (MIDA) has also been continuously attracting and targetting high-quality tech investments in the pharmaceutical industry to strengthen Malaysia's position in the global value chain. Biocon's establishment and growing footprint is a testament to our nation's competitive advantages and commitment to deliver value to our investors in line with our National Investment Aspirations and Twelfth Malaysia Plan."
Biocon, one of the top Asian biopharmaceutical companies, chose Malaysia to set up Asia's largest integrated insulin manufacturing facility in 2010 at the Southern Industrial Logistics Park (SILC), Johor. The project valued at over USD350 million is among Malaysia's highest foreign pharmaceutical investments, and the first and only facility for manufacturing of insulins in Malaysia.
The company's Malaysian hub is its first overseas bio-pharmaceuticals manufacturing and research facility. The well-equipped, state-of-the-art manufacturing facility in Nusajaya has employed around 800 employees and is the country’s first US-FDA-certified sterile biologics facility. Over the last five years, Biocon has been supplying life saving insulin products to patients in Malaysia from its Johor facility.
YB Datuk Lim Ban Hong welcomed Biocon's commitment to supporting the Government's emphasis on local talent development. "We trust that Biocon will be instrumental in Malaysia’s effort to retain local talent and ensure the local pharmaceutical industry ecosystem continues to thrive for years to come. Besides creating high-value job opportunities, we are responsible for preparing our aspiring young innovators and leaders because they are crucial to nation-building in this technologically driven era. We hope to see more of our local players exploring the international pharmaceutical market beyond catering to domestic needs.”
He further added that the partnership between Biocon and Malaysia would bring forth new R&D activities to spur growth in product innovation and new career options. Biocon, during the visit also indicated plans for an expansion of the facility to make the facility a hub for insulin manufacturing for meeting patient needs across the globe. Since 2020, the Government has adopted policies that prioritise the public's welfare, including raising healthcare expenditure and improving medical access to prioritise the healthcare needs of the high-risk segments. Such measures have increased manufacturing volume and brought new trade opportunities with other nations to meet global healthcare demands.
