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.
Deputy Minister of International Trade and Industry (MITI), Datuk Lim Ban Hong commended the industry’s outstanding performance during his industry visit to Biocon Sdn. Bhd. recently, MITI has always attached great importance to the development of the pharmaceutical industry, particularly as Malaysia 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.
“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,” he said.
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.
-NIAGATIMES
