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Malaysia Pharmaceuticals and Healthcare Report Q2 2010
Business Monitor International, March 2010, Pages: 104
The Malaysia Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Malaysia's pharmaceuticals and healthcare industry.
Despite the economic downturn, the Malaysian pharmaceutical market posted a 3.4% year-on-year (y-oy) growth in 2009, to reach the value of MYR4.29bn (US$1.24bn) at consumer prices. Through to 2014, and in line with economic recovery, increases in medical tourism and healthcare modernisation, we forecast that the market will develop at a compound annual growth rate (CAGR) of 7.30% in local currency terms, to reach MYR6.10bn (US$1.75bn) in 2014. The strongest-growing prescription segment will be generics (posting a CAGR of 9.67%, in contrast to 4.09% expected for patented drugs), even though higher value development will be precluded by their lower prices. Over-the-counter (OTC) products will gain market share at the expense of prescription drugs, as the regulatory and economic environments become more conducive to their development.
In the meantime, although Malaysia remains a moderately attractive regional market, again placing eighth of the 15 Asian Pacific markets surveyed in our Business Environment Rating (BER) matrix for Q210. The country’s biotechnology potential has increased. Some of the most notable developments over the past few months include the signing of a licensing agreement between local Inno Biologics and German CEVEC Pharmaceutical GmbH, under which the former will use the latter’s innovative technology to develop cell lines and produce biopharmaceutical products. Inno Biologics also forged an agreement with compatriot CCM Duopharma to develop a version of erythropoietin (EPO) for the treatment of anaemia associated with cancer treatment or kidney failure, which has the potential to reduce the government’s expenditure on imported EPO by as much as 40%.
In early 2010, the government launched another healthcare initiative aiming to reduce overcrowding in urban areas-based public hospitals.
The ‘1Malaysia’ programme comprises some 50 clinics operated by medical assistants (MAs) rather than doctors, though MAs still refer the more serious cases to hospitals. While the scheme has been criticised over its staffing composition, many patients have welcomed the improvement in access and a reduction in consultation costs, which can be as low as MYR1. The government is investing MYR10mn in assessing the pilot 50 facilities before expanding the programme further.
Similarly, the authorities are wasting no time pursuing the attraction of more medical tourists to the country. To this end, in its 2010 budget, the government decided to increase tax incentives for healthcare service providers who serve foreign health tourists. The Malaysian medical tourism industry should also benefit from Singapore’s Ministry of Health (MoH) deciding to allow their residents to utilise savings held in the national medical savings scheme for services at two Malaysian hospitals, which are run by Health Management International (HMI). Furthermore, HMI is planning to apply for Malaysian physician licences, which would allow Singapore doctors to work in its Malaysian facilities.
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