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New Straits Times
a day ago
- Business
- New Straits Times
Penang's medtech industry a 'hidden gem' with strong growth potential
GEORGE TOWN: Penang's medical technology (medtech) industry is rapidly emerging as one of the state's most promising sectors, driven by strong global demand, robust local capabilities, and a well-established ecosystem. InvestPenang chief executive officer Datuk Loo Lee Lian said the state's expertise in precision engineering and automation, developed through its thriving semiconductor industry, has been instrumental in the growth of the medtech sector in the state. "In the semiconductor industry, precision and automation are essential, and these competencies translate directly into the production of surgical instruments, implants, and high-accuracy medical devices. "In fact, medtech often requires even greater precision than the semiconductor industry," she told Bernama. The medtech sector also benefits from its synergies with the electrical and electronics manufacturing (ecosystem), as medical devices such as pacemakers, glucose monitoring systems, and diagnostic equipment rely on sophisticated electronic and mechanical components. Loo described the medtech sector as a "hidden gem" because unlike the cyclical semiconductor sector, it offers steady growth and higher profit margins, enabling companies to invest more in training talents. "This stability also attracts talent, as jobs in the sector are less vulnerable to sudden hiring freezes or retrenchments," she said. Globally, she noted, leading medtech clusters include the United States (US), Ireland, Puerto Rico, and Costa Rica, countries where government support has spurred industry growth over the past decade. In recent years, many companies have expanded into Asia due to rising cost pressures, shift in policies, and the region's growing, wealthier, and ageing population. She said companies find it attractive to set up operations in Penang when expanding into Asia, thanks to its mature industrial base, skilled workforce, and a well-developed supplier network. Moreover, local participation in the sector is also rising, with homegrown firms such as Straits Orthopaedics (Mfg) Sdn Bhd and UWC Healthcare, now serving the global market. Loo said InvestPenang has facilitated its growth by organising exhibitions and engagement sessions with the Health Ministry and industry partners to showcase products and encourage the companies' inclusion in government procurement. However, she noted that medtech companies in Penang face three key challenges: the US Trade Agreements Act which restricts the value of Malaysian-supplied products in US government contracts; geopolitical tensions and tariffs; and ongoing supply chain disruptions. Despite these hurdles, Loo is optimistic about prospects over the next five years and InvestPenang is constantly in talks with several medtech companies on potential investments. "With Asia's ageing and increasingly affluent population, demand for advanced medical devices is set to rise. We expect to see more global names here, particularly in higher-end products, and we aim to strengthen the role of local companies in this space," she added.
Barnama
29-07-2025
- Business
- Barnama
Coherent Corp. Launches Coherent Malaysia's First Datacom R&D Center In Penang, Advancing Optical Transceiver Technology For AI And Cloud Computing
PENANG- SAXONBURG, Pa., July 29 (Bernama) -- Coherent Corp. (NYSE: COHR), a global leader in photonics, today announced the opening of its new Datacom Research and Development Center in Penang. This expansion underscores the company's strategic commitment to serving its rapidly growing global markets. The launching ceremony was attended by Government Officials such as the Chief Executive Officer (CEO) of the Malaysian Investment Development Authority (MIDA), Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid; CEO of Invest Penang, Dato' Loo Lee Lian; Chief People Officer, Coherent Corporation, Ms. Grace Lee and as well as other Coherent personnel.
