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Malaysia Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Dec 2010, Pages: 110
Business Monitor International's 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.
Malaysia's pharmaceutical market is a moderate but improving prospect for multinational drugmakers. Supported by an expanding economy and relative political stability, medicine sales in the South East Asian country increased by 5.5% in 2009, though this is somewhat below the 2009-2014 local currency compound annual growth rate (CAGR) of 6.59%. Driven by an expanding economy and an ageing population, BMI expects the market to expand by 6.4% to MYR4.57bn (US$1.40bn) in 2010 and by 6.76% between 2009 and 2019 in local currency terms.
The industry will be supported by a reduction in the approval period for the registration of pharmaceutical products with single ingredients from six months to 60 days in 2011, according to Health Minister Datuk Seri Liow Tiong Lai. This change in the regulatory framework is part of the government's efforts to encourage growth in the pharmaceutical industry. Reducing the approval period will boost drugmaker revenue in the country and consequently facilitate foreign direct investment into manufacturing plants and research and development (R&D) facilities.
The government will also allow private healthcare providers to promote their services through all media, including newspapers, electronic media and online. Liow said the decision was taken to keep Malaysia in line with changes in the wider healthcare environment and to ensure that the country maintains its competitiveness to attract medical tourists.
It was revealed in mid-November 2010 that the government is simultaneously looking to raise quality and technical standards in the local pharmaceutical industry through tightening bioequivalence rules.
The government will implement new regulations by 2012, under which all generic drugs submitted for approval in the country have to present bioequivalence to a selected branded comparator product. According to Liow, the regulations will bring the local pharmaceutical industry in line with international standards.
Malaysia’s healthcare sector continues to suffer from a chronic shortage of qualified doctors. The health ministry said in November 2010 that around 3,500 doctors were now being trained annually to reverse the shortage, which is a significant jump on the 700 in previous years, according to government figures. In the meantime, however, the health ministry also intends to cooperate with India, Egypt and Pakistan in order to source a larger number of qualified medical specialists.
In BMI’s Business Environment Ratings (BER) matrix for Q111, Malaysia has risen by one place on the previous quarter to eighth, although it has slipped from fifth place in Q110. Globally, Malaysia ranks 31st of the 83 markets surveyed. In the current quarter, the country’s overall score is 56.6.
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