Annual Report 2017

100 MA T R A D E A N N U A L R E P O R T 2 0 1 7 “ The future of the global medical device market looks good with opportunities in public and private hospitals. The global medical device market is expected to reach an estimated US$409.5 billion by 2023, and it is forecast to grow at a CAGR of 4.5% from 2018 to 2023. The major drivers for the growth of this market are healthcare expenditures, technological developments, an aging population, and chronic diseases.” Medical Device Market Report: Trends, Forecast and Competitive Analysis Research and Markets For the medical devices subsector, MATRADE’s approach is to promote Malaysian manufacturers as a competitive alternative to the pricey, more established foreign brands while offering the same level of quality. MATRADE aims to ride on the global acceptance, trust and brand awareness attained fromMalaysia’s dominance in the medical glove industry and to bank on a favourable spill-over effect on other non-glove medical consumables such as catheters, syringes and needles. As for pharmaceutical products, MATRADE – having noted that most Malaysian manufacturers are involved in generic and OTC drugs – is placing emphasis on the promotion of drugs or medicaments where their raw ingredients or materials are either controlled or naturally originate within Malaysia’s geographic proximity. In terms of market focus, MATRADE will tailor its market penetration strategy in accordance with requirements and level of development of a particular supplying company. For those suppliers that have obtained the necessary certifications and credentials, the focus would be on North America and Europe whereas for those new to exporting, the Life Sciences Unit would recommend focusing on ASEAN and West Asia. MATRADE’s Broad Strategy and Direction Export Promotion Programmes The Life Sciences Unit conducted two promotional programmes, namely participation in Dubai’s Arab Health Trade Fair 2017 (30 January to 2 February 2017) as well as the International Sourcing Programme (INSP) in conjunction with the Association of Private Hospitals Malaysia (APHM) (25-26 July 2017) at the KLCC Convention Center, Kuala Lumpur. Arab Health 2017: MATRADE organised the participation of 14 Malaysian companies which generated RM270.54 million in reported sales. Additionally, it also pre-arranged 143 business meetings for participating Malaysian companies and recorded 132 enquiries from the general public. APHM 2017: MATRADE attracted 26 foreign buyers from 12 countries, namely Cambodia, Chile, Kazakhstan, South Korea, India, Mauritius, Myanmar, Pakistan, the Philippines, Poland, the United Arab Emirates and Vietnam, for a business matching session with Malaysian companies. The outcome from the business matchings was RM442.08 million in reported sales. A total of 80 Malaysian companies attended the INSP with 493 pre-arranged business meetings held. This programme was a joint collaboration with the Ministry of Health Malaysia. Below are post-event follow-ups with companies that participated in MATRADE’s combined promotional events throughout 2017: • LKL Metaltech Bhd, a manufacturer of medical furniture such as hospital beds, managed to secure additional buying interest fromOman, Kuwait, Fiji Island and Bangladesh with a combined purchase value of RM1 million. • UWC Healthcare Manufacturing, a subsidiary of UWC Group which manufactures oxygen humidifiers, managed to expand their presence into Romania, Spain, Czech Republic, South Africa and India with total reported sales amounting to RM3 million. • Welford Manufacturing Sdn Bhd, a company specialising in the manufacturing of catheters and infusions sets, received confirmed orders worth RM3.5 million from the United Kingdom.