Working together: (From left) Dr Muralitharan, Chang, Johari and Dr Hyzan at the soft launch of the Innovation Pitching (INNOMed) Powered by Perantim event at Menara Star in Petaling Jaya. — YAP CHEE HONG/The Star
To take place in December, INNOMed aims to foster local medical device innovation
MALAYSIA’S most promising innovators from higher education institutions are gearing up to showcase their pioneering medical advancements at Innovation Pitching (INNOMed) Powered by Perantim during the International Medical Device Exhibition and Conference (IMDEC) 2024.
This competition, organised by the Medical Device Authority (MDA) and spearheaded by Malaysian Medical Device Manufacturers Association (Perantim), serves as a platform that invites creative minds and pioneering spirits to transform healthcare through innovation.
The initiative aims to position Malaysia as a global hub for cutting-edge medical technology, driving advancements that revolutionise healthcare, and foster economic growth and technological leadership.
By cultivating innovation and nurturing medical technology advancements, INNOMed supports the National Investment Master Plan (NIMP) 2030 vision of boosting Malaysia’s global competitiveness in the healthcare sector.
Fostering innovation
INNOMed was officially soft-launched yesterday at Menara Star in Petaling Jaya, with the event set to take place at IMDEC 2024, which will be held at Kuala Lumpur Convention Centre from Dec 10-12.
Science, Technology and Innovation Minister Chang Lih Kang, who officiated the event, highlighted the government’s commitment to supporting local innovation and fostering collaboration between the public and private sectors.
“This event signifies a pivotal moment in our journey to advancing Malaysia’s medical device industry. The medical device industry has been identified as a crucial sector that enhances our country’s investment value, being among the five priority sectors in NIMP 2030,” said Chang.
“By fostering a culture of innovation, we can ensure that Malaysia remains competitive globally, positioning the country as an innovation hub by creating an ecosystem that nurtures success.”
Bilal: ‘With our presence in key markets across Asean, Asia, Africa and the Middle East, we are well-positioned to help Malaysian exporters in the medical device sector connect with global opportunities.’ — SAMUEL ONG/The Star
He added that the government aims to elevate Malaysia’s ranking in the Global Innovation Index (GII) to 30th place by 2025. In the GII 2024, Malaysia ranked 33rd out of 133 countries globally.
Chang also reiterated the importance of private-public partnerships in bringing INNOMed to fruition, as it exemplifies how government bodies and industry leaders can collaborate to drive medical device innovation and enhance economic growth.
As the venue host for the soft launch of INNOMed, Star Media Group (SMG) group chief executive officer Chan Seng Fatt said the event would showcase Malaysia’s efforts in fostering innovation and technological progress, particularly in the medical sector.
“As the first medical pitching platform in the country, INNOMed signifies the growing intersection between innovation, healthcare and technology.
“SMG has consistently championed initiatives such as the Export Excellence Awards (EEA), which celebrate the success of Malaysian companies that have made their mark on the global stage and contributed to raising the standard of quality, competitiveness and international recognition of local businesses.
“Through INNOMed, we aim to contribute to the nation’s ambition to become a hub for medical device innovation, reinforcing our commitment to national growth and well-being.
“We hope to continue our key role, not just as a media entity, but as a catalyst in achieving the nation’s goals,” said Chan.
As a partner, Standard Chartered Malaysia’s active involvement with Perantim and MDA through INNOMed further strengthens the shared commitment to supporting Malaysia’s economic growth and innovation.
“Standard Chartered and SMG have been collaborating for over five years through the EEA, recognising the immense value of Malaysian exporters, who contributed more than 65% of the nation’s GDP (gross domestic product) through exports,” said Standard Chartered Saadiq Malaysia chief executive officer Bilal Parvaiz.
“With our presence in key markets across Asean, Asia, Africa and the Middle East, we are well-positioned to help Malaysian exporters in the medical device sector connect with global opportunities and aid Malaysian innovators in bringing their medical innovations to the world.”
INNOMed Powered by Perantim
Perantim president Johari Abu Kasim said that more has to be done to drive medical device innovation locally, highlighting the potential for growth in the sector.
“We have to move forward and strive to innovate more. Currently, there are about 100 companies locally that produce roughly 80 types of medical devices.
“But if you walk into any hospital, you will see about 30,000 medical disposables – and we only produce 80 of them. So, there is a huge possibility for growth in this space,” he said.
INNOMed organising chairman Dr Hyzan Yusof called attention to the achievements of Malaysia’s past medical innovators, such as Chinese-Malaysian face mask pioneer Dr Wu Lien-Teh and Vista Robotics Inc executive chairman Roy Chin, who has over 30 granted patents, showcasing Malaysia’s ability to create innovative medical devices.
“INNOMed is not just a platform, it’s a vision – one that seeks to foster creativity and innovation within the medical industry. Our goal is to create a nurturing environment where brilliant ideas can flourish, transforming concepts into tangible solutions that will benefit mankind,” said Dr Hyzan.
MDA chief executive officer Dr Muralitharan Paramasua said that apart from INNOMed, the Health Ministry, through MDA, is also advocating numerous programmes and initiatives to aid medical device innovation.
“We are creating a robust platform that unites all stakeholders in the innovation and commercialisation ecosystem.
“The cornerstone of our strategy is the development of the upcoming Regulatory Sandbox Programme, which will provide a controlled environment for innovators to test and validate their medical devices and technologies.”
He added that this will streamline approval processes and empower local manufacturers to develop high-tech solutions that meet international standards, while reducing dependency on imported medical devices.
Export Excellence Awards 2024
The EEA 2024 is organised by Star Media Group in partnership with Standard Chartered Malaysia, and PKT Logistics Group as a co-sponsor, and the Malaysia External Trade Development Corporation (Matrade) as patron. It is audited by BDO.
Submissions for the awards programme are also open from now until Jan 17, 2025.
For more information on EEA 2024, go to exportawards.com.my or email eea@thestar.com.my
