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Malaysia Pharmaceuticals & Healthcare Report Q1 2008
Business Monitor International, Feb 2008, Pages: 86
The Malaysia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Malaysias pharmaceuticals and healthcare industry.
Malaysia’s pharmaceutical market is one of the fastest growing in Asia Pacific. The country’s pharmaceutical industry is strong, providing mostly basic generics. The market is, however, dependent on imports for the supply of expensive patented medicines. A strong annual growth is forecast through 2012, when valuation will reach approximately US$1.82bn.
Despite a mature regulatory agency, products that are tainted, adulterated and unregistered still make their way onto the market. Enforcement work has become very challenging as the criminals that supply these products use advanced technologies to avoid detection and cunningly exploit Malaysia’s land and sea borders with Thailand and Indonesia. Nevertheless, the total number of items seized has risen from 6,233 in 2005 to 20,235 in 2006. The value of fake medicine confiscated was MYR18.4mn (US$5.3mn).
In the revised BMI Business Environment Ranking matrix, Malaysia is found in eighth position - joint with India - out of the 14 regional markets surveyed. The market is considered attractive due to its fast-growing population and economic development, despite the presently low per capita consumption of medicines. However, the country’s intellectual property (IP) environment is considered lacking. In addition, free trade agreement (FTA) negotiations with the US have recently run into difficulties over various issues, including the compulsory licensing.
As with many Asian nations, traditional medicines are frequently used in Malaysia, often in tandem with modern drugs. This is evidenced by the Kepala Batas Hospital in Penang becoming the first healthcare facility in Malaysia to offer both modern and complementary (herbal preparations, acupuncture and traditional massage) medicine. If the scheme is successful it will be extended to other hospitals.
The domestic industry is increasingly looking abroad for growth. Signifying maturation of the sector, leading player Pharmaniaga is focusing on exports, while rival firm Chemical Company of Malaysia is concentrating on the niche area of halal medicines. In the meantime, the government continues to promote the biotechnology industry in a bid to attract foreign investment. In turn, this will stimulate the overall economy, which was exactly the governments intention when it decided to prominently include the sector in its Ninth Malaysia Plan 2006 - 2010.
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