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The Star
3 days ago
- Health
- The Star
M'sia leads medical tourism charge
PETALING JAYA: From the Maldives to mainland China, foreigners are drawn to the world-class healthcare offered by private hospitals in the country, says Association of Private Hospitals Malaysia president Datuk Dr Kuljit Singh (pic). Apart from being cost-effective, these foreign patients were keen on the transparent healthcare plans offered by Malaysian private hospitals, he said. Another plus factor for them was the ease of communication as English is widely spoken, he said in an interview. Last Wednesday, the Health Ministry announced that Malaysia has been ranked as the top destination for medical tourism based on quality, infrastructure, cost-effectiveness and ease of access by Nomad Capitalist, a Dubai-based wealth consultancy firm. Health Minister Datuk Seri Dr Dzulkefly Ahmad said in a Facebook post that Malaysia's medical tourism sector generated about RM2bil in revenue in 2023, with 1.3 million foreigners seeking treatment in the country. Dr Kuljit told The Star that foreign nationalities who sought treatment are mainly from Indonesia, China, Bangladesh and the Maldives. The rest are from Europe and the United States. 'We are way more affordable compared to our neighbouring countries and far cheaper than western countries,' he said, estimating that foreign patients seeking treatment in Malaysia would be paying 20% to 50% lower than elsewhere. 'For those from the US, the savings could be up to 70% compared to what they would need to fork out in their own country.' He said foreign patients seek a variety of treatments ranging from simple health screening to sophisticated interventions. Dr Kuljit said that being a predominantly Muslim country was also advantageous as it was a plus point for Muslim patients. 'Another factor that has earned the trust and confidence of international patients are Malaysia's strict healthcare standards and accreditation with global medical bodies. 'They are treated with care and only discharged when they are fit to leave the facility,' he added. However, while medical care is seamlessly rendered, Dr Kuljit acknowledged that the biggest challenge private hospitals face is inadequate capacity for inpatients. 'A shortage of manpower such as nurses is an issue,' he said. Furthermore, he said restrictions and conditions imposed on private hospitals that curtail healthcare costs can prove to be a hindrance to the growth of medical tourism. But in the long term, he said Malaysia's future as a medical tourism hub remains bright as the projected number of patients exceeds targets annually. 'I am confident that Malaysia's reputation as one of the leading medical tourism destinations in the world will only continue to grow in leaps and bounds as private hospitals in Malaysia remain committed to delivering reliable, world-class care to Malaysians first and foremost and to the rest of the world,' he added. Dr Kuljit said Malaysians no longer need to travel abroad in search of premium healthcare. 'However, these advantages are sometimes overlooked by Malaysians and lead to a misunderstanding of the role of private hospitals. There is a mistaken notion that the services offered are medical tourism-oriented and solely driven by profit,' he said. He explained that private hospitals strive to improve continuously to meet world-class standards that benefit both the local population and medical tourists. Asked if private hospitals would extend their services to low-income Malaysians as part of their corporate social responsibility since they have earned revenue from medical tourism, he said such initiatives will be further enhanced if private hospitals managed to increase capacity. 'We are happy to work with the public healthcare system and conduct such programmes but we need to have greater capacity and manpower,' he said.
The Star
02-05-2025
- Health
- The Star
‘Medication, tech costs driving private hospital inflation'
PETALING JAYA: Amid debate over rising charges on hospital supplies and services (HSS), the Association of Private Hospitals Malaysia says that they have 'no control over costs related to medication, medical equipment and emerging technologies like electronic medical records and artificial intelligence'. 'This is made worse by the unfavourable currency exchange rates. As a result, we have to absorb these costs, which are ultimately passed on to the patient in the final bill,' said association president Datuk Dr Kuljit Singh. The bills issued by private hospitals reflect the comprehensive costs incurred in providing medical treatment. He said that regulating the prices of such medical equipment must be approached realistically and studied thoroughly to determine if it could lead to companies discontinuing the supply of the latest medical innovations to Malaysia. It is essential that regional markets be analysed for comparison to determine whether costs can be lowered sufficiently to remain competitive, he said. 'A comprehensive study is necessary to understand the dynamics at play,' he said when contacted. Dr Kuljit said the Malaysian healthcare system is facing inflationary pressures, which are affecting public healthcare as well. 'Moreover, there is limited recourse available to mitigate these effects as we do not have local industries producing healthcare products such as medical equipment and medications.' He said Malaysia should consider investing in the development of its own pharmaceutical products and medical equipment in the future. 'Such a strategic move could enhance independence and contribute to a more sustainable healthcare ecosystem,' Dr Kuljit said. The increasing number of patients and insurance claims, he pointed out, is largely driving the rise in medical inflation in the country. 'While private hospitals' profitability is often scrutinised, factors contributing to rising healthcare costs, such as inflation, are frequently overlooked.' 'This reality is not fully understood by many, but it highlights the challenges we face in the healthcare sector.' Such a trend, he said, is not unique to Malaysia, as many countries are experiencing similar increases in medical expenses. Dr Kuljit said the association is committed to ensuring the affordability of treatment costs, using strategies including transparency in drug prices. However, he said it is important that such a move is carried out wisely without compromising on the care given to patients.
Mint
29-04-2025
- Business
- Mint
Expenditure finance committee clears ₹25,000 crore Maritime Development Fund announced in budget
The government's expenditure finance committee (EFC) has cleared the ₹ 25,000 crore Maritime Development Fund (MDF) for FY26, two persons aware of the matter said, a project to lend long-term, low-cost financial support for indigenous ship-building and other blue water infrastructure projects. Funding of maritime projects are expected to flow in by the second quarter of the current financial year, after approval by the Union cabinet, which is expected to take up the proposal soon, the first of the person quoted above said. Also Read | Mint Quick Edit | Marine Rafales will boost India's maritime security The MDF plan was announced in Budget 2025-26. Cabinet approval has been sought for the Centre to provide 49% of the money, with the rest to be raised from the major ports, other government entities, central public sector enterprises, financial institutions and global funds. With EFC approval, the Centre will put in about ₹ 12,250 crore while the 13 major ports of the country are expected to provide up to 15-20% of the fund, the second person said. Also Read | Centre plans to revive IIAC, adds incentives for maritime arbitration and MSMEs The balance will be raised from other government entities, Central PSEs, financial institutions and global equity, pension and sovereign wealth funds as well as the private sector. The ministry of ports, shipping and waterways has already held some roadshows to attract global funds to invest into MDF, the first person quoted above said. The fund is being set up to provide various forms of financial support, including debt, equity, viability gap funding (VGF) and buyer credit. MDF may be set up on the lines of country's youngest development financial institution—the National Bank for Financing Infrastructure and Development (NaBFID) that was set up in 2021. Also Read | Chinese ships are carrying America's cargo. The US wants to reverse that. In fact, an earlier proposal was to set up the MDF as a vertical under NaBFID but given the specialized nature of funding and need to provide large scale focused funding to the sector, a dedicated fund or entity has been considered the best option. Queries mailed to the ministry of finance and MoPSW remained unanswered till press time. "There is a large business opportunity for India in the ship building (and ship breaking) space due to its labour-intensive nature. The industry has been dominated by China and to some extent by Japan and South Korea. The ship building opportunity has also got a major boost due to the ongoing trade issues between US and China, which have also focused on Chinese-owned or -built ships. The maritime fund can be used to enable Indian shipyards to capture a larger part of the market hitherto dominated by China, by reducing the cost of capital for Indian shipyards," Kuljit Singh, partner and infrastructure leader, EY India said. 'Although steps like the MDF and the initiatives at GIFT City have been introduced by the Indian government to bridge the financing gap and promote the maritime sector, the establishment of a dedicated financing institution is still needed. In countries with strong maritime industries, such as the United States, programs like the Federal Ship Financing Program (Title XI) under MARAD have been created to provide focused financial support. A similar institution in India would strengthen the maritime sector, boost global competitiveness, reduce dependence on foreign financing, and help achieve national maritime ambitions," said Pushpank Kaushik, chief executive officer and head of Business Development (Subcontinent, Middle East and Southeast Asia) at Jassper Shipping, a Hyderabad-based shipping and logistics firm. The main focus of MDF would be to promote manufacturing of ships of all make and sizes within the country and make India a global hub for manufacturing. Right now the country spends close to $75 billion annually on leasing ships from outside. Also, India owns just about 2% of the world's total tonnage and has some 1500-odd ships under its flag. With regard to shipbuilding, India currently has less than 1% share of the global market, which is dominated by China, South Korea and Japan. The fund is expected to meet the long-term funding required for putting up ship building infrastructure in the country. Cheaper funds available through the proposed new entity with support of long-term funds available multilateral agencies and global funds would help in setting up a competitive industry in the country. Apart from promoting domestic manufacturing, the MDF would also promote development of cruise tourism in the country with creation of requisite infrastructure and also support activities like mechanization and capacity expansion of existing ports through PPP (public private partnership), dredging activities, development of inland waterway systems and coastal shipping. The initial plan for the fund is to have a corpus of ₹ 25,000 crore spread over a seven-year-period. It is proposed that the fund would explore giving out long term loans extending beyond 10 years to 15 to 25 years to enable the credit period to be in line with the life of a vessel that is around 30 years. It would also consider tax sops that similar funds in countries such as Norway, Korea, Japan extend for lending to domestic ship-lessors and ship management companies.
Korea Herald
30-03-2025
- Health
- Korea Herald
tHIS ASEAN 2025 to Showcase Cutting-Edge Medical Technologies and Vast Market Potential of South Asia
KUALA LUMPUR, Malaysia, March 28, 2025 /PRNewswire/ -- The Health Industry Series (tHIS ASEAN) 2025, one of the biggest medical and healthcare exhibitions in the ASEAN region, will take place from June 9 to 11 at the Kuala Lumpur Convention Centre in Malaysia. Spanning over 5,000 square meters, the event will feature over 200 leading companies, showcasing the latest innovations in medical technology to more than 5,000 healthcare professionals from Southeast Asia. tHIS ASEAN 2025, organized by Reed Sinopharm Exhibitions , will coincide with the Association of Private Hospitals of Malaysia (APHM)'s annual conference and exhibition, enabling resource sharing and attracting a diverse audience, including hospital procurement managers and distributors. Established in 1972, APHM covers over 77% of Malaysia's private healthcare sector. This collaboration marks a significant milestone in the industry's development in Southeast Asia and is expected to attract government officials, medical association representatives, and other key stakeholders from across the region. As an extension of CMEF, PHARMCHINA, CRS, CHCC, and ICMD, it is providing a comprehensive platform for medical innovation. Nowadays, more innovative drugs, TCM, OTC medicines, health supplements, medical devices, and personal care products are entering the global market."Chinese medical devices are highly sought after in Malaysia for their excellent performance, quality, and cost-effectiveness," said Datuk Dr. Kuljit Singh, President of APHM. "This collaboration marks the first large-scale collective appearance of Chinese medical device companies in Malaysia, offering local healthcare institutions a better understanding of these products and providing a platform for Chinese companies to expand their global markets."
