Malaysian pharmaceutical market set to grow to $3.6 billion by 2020

pharmafile | September 28, 2016 | News story | Research and Development  

The report, by GlobalData, states that the primary reasons behind this growth are linked to medical tourism, a lack of strict price regulation, a rising disease burden, and a lack of dependence on imported branded products. The rise of non-communicable disease due to changes food and lifestyle habits is also a particular driver whilst a growing elderly population, accounting for 7% of the population in 2015, is also cited.

The Malaysian government is aiding the growth, creating initiatives to increase in investment in the pharmaceutical industry, such as Entry Point Projects and National Key Economic Areas, that have, at present, been successful. The government has provided dedicated drug manufacturing facilities for large-volume production of generic drugs, raise entry requirements for imported generic drugs, enhance R&D capabilities to develop novel and higher value-added products, and ensure that novel and patented drugs are manufactured locally to qualify for government procurement.

The government is also increasing tax exemptions on the development of health infrastructure, which should see an increase in the numbers of medical tourists visiting Malaysia in the coming years. In 2015, an estimated 850,000 medical, of which 80% came from Thailand and Singapore.

Ben Hargreaves

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