Malaysia approves 11 MedTech projects

 20-Jul-15, BioSpectrum 

In a bid to further boost Malaysia's burgeoning medtech sector, the country's Federal Investment Development Authority has approved 11 med tech projects worth $122.02 million. The new projects will help Malaysia establish a strong position as Asia's medical device hub, reported the country's leading daily.

Image: BioSpectrum

As per reports, 9 of the 11 projects are domestic investments by local companies, which include ABio Orthopedics, Straits Orthopedics, UWC Healthcare and Top Glove. Malaysia has more than 190 medical device manufacturers with investments worth $3.47 billion employing more than 57,000 people.

Recently, countries like China and India are also showing keen interest in Malaysian medtech industry, promoting local players. St Jude Medical has made the country a manufacturing hub for its pacemakers, and invested more than $500 million in the country since 2011.

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