Fruitful partnership: Lee receiving a souvenir from Boston Scientific executive vice-president of operations Ed Mackey during the ground-breaking ceremony of the company’s facility in the Batu Kawan Industrial estate. It is expected to be operational in the fourth quarter of 2017.
Malaysian Investment Development Authority (Mida) chief executive officer Datuk Azman Mahmud said that of the RM40bil, about RM800mil would be for the medical device segment.
“For the first quarter of the year, we have approved RM651mil investments for the medical sector, compared to RM194.7mil achieved in the same period of 2015.
“The approved medical device investments would create 1,610 job opportunities,” he said.
Azman said this after the ground-breaking ceremony of Boston Scientific new plant at the Batu Kawan Industrial Estate.
The RM40bil investments would come mainly from the United States and Europe, according to Azman.
“We are now negotiating for these investments,” he added.
Deputy Minister of International Trade and Industry (Miti) Datuk Lee Chee Leong represented Minister Datuk Seri Mustapa Mohamed at the event to officiate the groundbreaking ceremony.
Lee also read out Mustapa’s speech.
In the speech, Mustapa said in 2015, the exports of medical devices increased by 15% to RM15.5bil from 2014.
“According to the National Export Council (NEC), revenues from the export of medical devices are projected to grow to RM26bil by 2020.
“In this regard, industry players in Malaysia will be able to enhance their exports by capitalising on the liberalisation of markets such as Asean, facilitating access to the region’s 620 million strong market,” Mustapa said. Also present at the event was Penang Chief Minister Lim Guan Eng.
Boston Scientific’s new medical device manufacturing plant, which will involve investments running more than hundreds of millions of ringgit, is scheduled to be operational in the fourth quarter of 2017.
By David Tan The Star/ANN
Boston Scientific plant in Penang to be ready by 2017
GEORGE TOWN: Boston Scientific’s new medical device manufacturing plant in Batu Kawan Industrial Park, which will involve investments running more than hundreds of millions of ringgit, will be operational in the fourth quarter of 2017.
Boston Scientific vice-president (operations) Dave Mitchell told StarBiz the group would move production equipment into the facility in the second quarter of 2017.
“The plant will be operational in the fourth quarter of 2017, and we expect to ship our first “Made-in-Malaysia” product before the end of 2017,” Mitchell said in an e-mail.
The construction of the facility will begin in the first half of 2016 and scheduled for completion in the second half of 2017.
Mitchell said the site and facility were designed to accommodate at least 10 years of growth, including new products, additional volume and added capabilities, which might include research and development (R&D) or distribution.
“We anticipate having more than 400 employees at the Penang site within four years of operation, with room to grow significantly beyond that.
“Initially we will focus on building manufacturing capability and capacity in the Penang facility.
“We have the space and ability for additional capabilities at the site, including both R&D and distribution,” he said.
On the outlook of the global medical device market, Mitchell said that according to research firm Euromonitor, in 2016 the medical device industry was expected to record strong growth of almost 6% to reach US$315bil.
“Unlike the traditional markets such as Western Europe and the US, the Asia-Pacific medical device market is projected to to grow and gain a wider market in 2016,” he said.
Boston Scientific was founded in 1979 and is the worldwide developer, manufacturer and marketer of medical devices.
Its products and technologies are used to diagnose or treat a wide range of medical conditions, including heart, digestive, pulmonary, vascular, urological, pelvic health, and chronic pain conditions.
The group has 23,000 employess in 40 countries.
By David Tan The Star/ANN
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