Malaysia to generate healthcare revenue RM2.8b by 2020

KUALA LUMPUR: Malaysia has been recognised as the Health & Medical Tourism: Destination of the Year for three consecutive years from 2015 to 2017 by the International Medical Travel Journal (IMTJ).

The National Tarnsformation Programme (NTP) 2017 Annual Report also noted that the country was eyeing to generate hospital revenue of RM2.8 billion by 2020, with target markets in Indonesia, Myanmar, China and Vietnam.

Last year, the hospital revenue stood at RM1.3 billion from one million healthcare travellers.

The report said this was expected to increase in tandem with the 2020 target.

It is expected that total exports for medical devices will reach RM18.4 billion in 2020 from the RM11.3 billion registered last year..

The pharmaceuticals segment also saw its exports growing from RM577.8 million in 2011 to RM938.5 million last year at an average annual rate of eight per cent.

Registration of generic products also reduced to 90 days compared 210 working days for prescription drugs through (QUEST 3+) system.

The report said the launch of Phase 1 Clinical Trial Guidelines last year had enabled Malaysia to conduct early phase trials on drug discovery and development here.

Ongoing Malaysian research also may reduce the cost of Hepatitis C per patient from RM320,000 to RM1,200, benefitting more than 500,000 Malaysians.