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Malaysia Pharmaceuticals and Healthcare Report Q1 2008Published by: Business Monitor International Published: Feb. 20, 2008 - 86 Pages Table of Contents
AbstractMalaysia’s pharmaceutical market is one of the fastest growing in Asia Pacific. The country’s pharmaceuticalindustry is strong, providing mostly basic generics. The market is, however, dependent on imports for thesupply of expensive patented medicines. BMI is forecasting a strong annual growth through 2012, whenvaluation will reach approximately US$1.82bn.Despite a mature regulatory agency, products that are tainted, adulterated and unregistered still make their wayonto the market. Enforcement work has become very challenging as the criminals that supply these productsuse advanced technologies to avoid detection and cunningly exploit Malaysia’s land and sea borders withThailand and Indonesia. Nevertheless, the total number of items seized has risen from 6,233 in 2005 to 20,235in 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 withIndia - out of the 14 regional markets surveyed. The market is considered attractive due to its fast-growingpopulation 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 tradeagreement (FTA) negotiations with the US have recently run into difficulties over various issues, including thecompulsory licensing. As with many Asian nations, traditional medicines are frequently used in Malaysia, often in tandem withmodern drugs. This is evidenced by the Kepala Batas Hospital in Penang becoming the first healthcare facilityin Malaysia to offer both modern and complementary (herbal preparations, acupuncture and traditionalmassage) 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, leadingplayer Pharmaniaga is focusing on exports, while rival firm Chemical Company of Malaysia isconcentrating on the niche area of halal medicines. In the meantime, the government continues to promote thebiotechnology industry in a bid to attract foreign investment. In turn, this will stimulate the overall economy,which was exactly the government's intention when it decided to prominently include the sector in its NinthMalaysia Plan 2006 - 2010. Get Full Details About This Report >> |
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