Malaysian Companies to Leverage on Middle East’s Booming Healthcare Industry
- Category: Press Releases 2015
FRIDAY, MAY 15, 2015 KUALA LUMPUR: Realising the vast opportunities in the Middle East’s healthcare industry, Malaysia External Trade Development Corporation (MATRADE) will be organising a Specialised Marketing Mission on Medical Devices and Pharmaceuticals to Riyadh, Saudi Arabia (in conjunction with Saudi Health Exhibition) and to Doha, Qatar. The event will be held from 17 to 20 May 2015.
Companies participating in the event will promote products such as hospital furniture, various medical and surgical disposable products and medical tubing. The mission will include one-on-one business meetings between Malaysian delegations with potential importers/ buyers, traders and distributors as well as visitations to market places and trade exhibitions.
According to one of the Malaysian participants, Foresight Industries Sdn Bhd, the objective of their participation is to seek more representatives in Saudi Arabia for their products as well as to expand their business in the Middle East region. For the Middle East market, the company focuses on marketing its IV Dressing, Wound Dressing and Bone Graft Products.
Another participant, LKL Advance Metaltech Sdn Bhd, its involvement in the mission is motivated by the company’s objective to go global and to generate business leads apart from creating brand awareness and seeking potential partnership for their brand in the Middle East.
The market for medical devices & products is one of the largest growing segments of the healthcare industry in Saudi Arabia. The sector is booming due to the government health care plan introduced in the Kingdom. The Saudi Arabia Healthcare market was worth US$28.99 billion in 2014. The future of this industry remains buoyant and is growing at a CAGR of around 15 percent until 2020. The optimistic outlook for the growth of the industry is supported by the increasing high rate of growth of the health insurance industry, which would boost the spending on medical products and devices.
Meanwhile for Qatar, the rising demand for health care combined with the introduction of the National Health Insurance Scheme (Seha) is set to boost Qatar’s medical products’ segment. Health care spending in Qatar and across the Gulf region is projected to maintain strong growth for the foreseeable future, as populations increase and as non-communicable diseases (generally associated with more sedentary lifestyles) become more prevalent. In 2014, the Qatar healthcare market was worth at QAR18.33 billion (US$5.04 billion).
MATRADE as Malaysia’s trade promotion agency will continue to render its assistance in ensuring a continued presence as Malaysian enterprises at the regional and world’s leading events for medical devices and pharmaceuticals industry. Such an effort is to promote market immersion for Malaysian companies.
To drive exports in healthcare and medical products, MATRADE will be spearheading participation of Malaysian companies in Medical Fair Thailand 2015 from 10-12 September 2015 in Bangkok, Thailand, CPhI Worldwide 2015 in Madrid, Spain from 13-15 October 2015 - specifically for pharmaceutical products - and MEDICA 2015 in Dusseldorf, Germany from 16-19 November 2015.
