BMCC Newsletter Issue #388 - (22 January 2024)
Dear Subscriber, |
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Malaysia Set to See Increase in Domestic Medical Device Production Medical Devices Market Outlook for 2024 by BMI |
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Projected Growth and Market Drivers BMI, a Fitch Solutions company, forecasts high-single-digit growth in Malaysia's medical devices market over the next five years. Key drivers include robust government support for healthcare and medical devices, a thriving medical tourism sector, and an aging population.
2024 Health Budget Influence The 2024 health budget is poised to propel the growth of the medical devices market. Focused on equipment procurement, hospital and clinic upgrades, and system capacity enhancement, the budget reflects the government's commitment to bolstering the healthcare sector.
Domestic Production and Strategic Sectors Malaysia is set to witness an increase in domestic medical device production, aligning with government priorities in key strategic sectors. This emphasis on boosting production contributes to the resilience of the medical devices market.
Growth Projections and Market Value BMI projects a compound annual growth rate (CAGR) of 9.5% in local currency terms and 8.5% in US dollar terms for the medical devices market from 2023 to 2028. By 2028, the market is anticipated to reach a value of US$4.5 billion (RM16.6 billion). |
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Key Growth Drivers and Risks Strong government backing, medical tourism, an aging population, and the increasing burden of chronic diseases are identified as key growth drivers. Risks include Malaysia's export-oriented economy and political uncertainty, which could impact demand and import capabilities.
2024 Health Budget Allocation The Ministry of Health (MOH) has been allocated RM41.2 billion for 2024, marking a 12.6% increase from the previous year. This substantial increase highlights the government's commitment to enhancing the healthcare system, with allocations for medicine procurement, healthcare facilities, and modernisation initiatives.
Export Performance and Domestic Production Base Malaysia's medical devices exports demonstrated strong growth in 2022, with a 16.3% increase in local currency terms and a 9.5% expansion in US dollar terms. The consistent growth in exports over the past decade underscores Malaysia's growing domestic production base.
Malaysia's medical devices market is poised for robust growth in the coming years, fueled by strategic government initiatives, a thriving healthcare budget, and a commitment to domestic production. Despite potential risks, the sector's positive trajectory is expected to contribute significantly to Malaysia's healthcare landscape.
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Calling all BMCC Members passionate about healthcare!
Reach out to Louis@bmcc.org.my to express your interest in joining our Healthcare Committee and being a part of meaningful conversations. |
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| Reminder to Renew Your BMCC Membership |
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As we journey into 2024, we kindly remind those who have yet to renew their membership to seize the opportunity. Lots of upcoming events, engaging committee involvement, platforms to elevate your company brand and visibility as well as networking opportunities await you.
To renew your membership or check your current status, please do not hesitate to reach out via email to membership@bmcc.org.my. Your prompt action ensures seamless participation in upcoming events and access to exclusive opportunities throughout 2024. We look forward to assisting you in maintaining your active involvement within our vibrant community. |
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| Welcome our New Sterling Member, Grand Hyatt Kuala Lumpur! |
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Overlooking the iconic Petronas Twin Towers and adjacent to Kuala Lumpur Convention Centre, Grand Hyatt Kuala Lumpur is one of the best hotels in the city, strategically located in the heart of the action and within walking distance of the Golden Triangle shopping, dining and entertainment district.
Visit their website here! |
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| Welcome our New Member, N.J. Akers & Co.! |
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N.J. Akers & Co. is a law firm specialising in intellectual property (IP) law. The firm advises and assists clients in the procurement and enforcement of IP rights, including patents, trade marks and designs, in the UK, Europe and worldwide via its network of associate law firms. The firm assists clients with other matters, including asserting rights against infringers, advising regarding infringement of third-party rights, licensing of IP rights and acquisition or divestiture of IP rights. The firm handles all technologies, including chemicals and pharmaceuticals, healthcare products, oil and gas, renewable energy and general engineering.
Visit their website here! |
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| Meeting of the BMCC Healthcare Committee |
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On 19 January 2024, The BMCC Healthcare Committee convened for the first time this year at Sunway Sanctuary to discuss potential plans and initiatives for future projects in 2024, including events and Government engagement.
There were also discussions on member-to-member benefits, and updates from the British High Commission on the Department of Business and Trade's focus areas for the Healthcare sector in Malaysia, which includes interactions on policy, vaccine manufacturing, facilitating healthcare studies through FCDO, and methods to support Malaysia in the digital health industry.
We look forward to having their support and the support of our members in our exciting plans for the year. We would like to thank our esteemed member Sunway Medical Centre for hosting the meeting and for giving us a tour of Sunway Sanctuary.
The Healthcare Committee Meeting was attended by the Chair Shirley Loh from Owen Mumford; Deputy Chair David Lin from GSK; Ali M Abdullah from Reckitt; Selvi Nadarajan from Kvalito; Tan Mei Shin from Sunway; Francine Torbett and Bhavna Vishwakarma from the British High Commission.
If you are a member in the Healthcare Sector looking to join the BMCC's Healthcare Committee, please contact Louis@bmcc.org.my. |
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| Call for Input: Shaping the CPTPP for UK Businesses in Asia Pacific |
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The UK Government has launched a 6-week public consultation for the General Review of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Agreement. The Foreign, Commonwealth & Development Office is eager for your input. |
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Background - In 2023, the UK made history by becoming the first new member to sign up to the CPTPP, one of the largest free trade areas in the world. You can find more information about CPTPP here.
- The agreement was initially signed in 2018 between 11 economically diverse countries with an extensive coverage including trade in goods, services, government procurement, digital trade provisions, labour and environment standards. The agreement also contains a “General Review” mechanism to keep it up to date.
General Review - CPTPP Members, including the UK, have reaffirmed their commitment to a General Review of the agreement and in November 2023 agreed on the Terms of Reference for the review, which will commence later this year. The review process will seek to maintain CPTPP’s high standards and keep the agreement at the cutting-edge of international trade.
Request for Input - The UK Department for Business and Trade is launching a public engagement in preparation for the upcoming General Review of CPTPP. We are seeking views from chambers, businesses, individuals, and other interested stakeholders on how the deal could be enhanced through this process.
- CPTPP is already a high-standards agreement, and that is the basis on which the UK applied to join. Any changes made as a result of the review will therefore be targeted and focused, requiring consensus from all members. But we need your help to decide how the UK should input into that conversation with other CPTPP Members.
- This period of public engagement will be open from Thursday 11 January to 22 February. Please have your say here.
- As well as informing the UK’s approach to the General Review, input from you (and your members) into the public engagement consultation will also help us understand how we can best support on any wider challenges that UK companies might be facing in doing business in Asia Pacific.
General Review Briefing Webinar - HM Trade Commissioner for Asia Pacific, Martin Kent will host a briefing to explain what the General Review will entail, why it is relevant to businesses, and how businesses can provide the most impactful feedback. The webinar on 26 January (11 am Singapore time) will also set out how DBT APAC is working to support businesses. Interested members can sign up here.
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| Spotlighting Anthony Partington, CEO of XCL Education Malaysia! |
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We're highlighting CEO of XCL Education Malaysia, Anthony Partington!
XCL Education Malaysia was founded in 2020 bringing together TPG-backed K-12 educational institutions in Singapore, Vietnam and Malaysia, with schools in Thailand joining the group last year. |
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In Malaysia, XCL Education comprises 15 schools and more than 40 kindergartens in the Sri KDU Schools, REAL Schools and REAL Kids brands; there is a further XCL International School in mainland Penang. Though only formed four years ago, the schools and children’s centres in XCL Education have almost 40 years of experience in developing young people.
To read more from our interview with Anthony, click here. |
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| HSBC Malaysia | Malaysia Well-Positioned to Reap Significant Benefits from Global Economic Shift |
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Malaysia is well-positioned to reap significant benefits from the opportunities arising from the global economic shift, said HSBC Bank Malaysia Bhd (HSBC Malaysia) at the recent HSBC Asian Business Forum.
To read more about this, read the article here. |
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| Marlborough College Malaysia Shortlisted for Tes Awards for International Schools 2024 |
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Congratulations to Marlborough College Malaysia for being shortlisted as a finalist for the first ever Tes Awards for International Schools. These awards highlight the most outstanding schools and teachers the global education community has to offer.
The shortlisted finalists have been selected by a panel of expert judges including school leaders, experts, and education researchers. After rigorous judgement from a strict set of criteria, it has been revealed that Marlborough College Malaysia has been shortlisted for the International School of the Year award and Staff Wellbeing Initiative of the Year award.
The winners will be announced on 25 April 2024 here! |
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| Marlborough College Malaysia | Join an Online Admission Evening! |
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Discover Marlborough College Malaysia online!
Event: Admissions Online Evening Date: Thursday, 25 January 2024 Time: 5.30pm - 6.30pm Venue: Online |
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| Marlborough College Malaysia | Admissions Event on 30 Jan at Four Seasons KL |
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Discover a world-renowned education with Marlborough College Malaysia at this exciting Admissions Event!
Event: Kuala Lumpur Admissions Date: Tuesday, 30 January 2024 Time: 12:00 noon Venue: Four Season Hotel, Kuala Lumpur |
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| XCL Education | Sri KDU International School Subang Jaya Taster Week |
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Discover the World Inside Sri KDU's Classrooms!
Give your child the opportunity to immerse themselves in the captivating learning environment of Sri KDU International School in Subang Jaya. Experience a day as a Sri KDU student by joining their full-day Free Trial Day!
Date: 22 – 26 January, 2024 (Choose one day) Time: 8:00am to 3:00pm |
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During this Taster Week, your child will have the chance to explore their purpose-built institution that fosters a secure, joyful, and thriving learning atmosphere. Their top-notch facilities ensure an exceptional educational journey for our students.
Don't miss out on this valuable experience! Secure your child's spot by registering here!
Sri KDU International School looks forward to welcoming your child and providing them with an unforgettable day of learning and discovery.
For any inquiries or further information, please feel free to reach out to our Admission Team at 012-224 7846 or via email at info.subang@srikdu.edu.my. |
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| CMI | Navigating Success: The Power of Purpose and Direction in Leadership |
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The CMI Malaysia Regional Board is delighted to invite management professionals in Malaysia to our first in-person event of 2024, on 30 January from 5pm at the Element Hotel Kuala Lumpur.
This session will explore the power of providing purpose and direction in effective management and leadership, and will feature the sharing of key insights and an overview of the benefits of purpose-driven leadership. The session will be followed by drinks, a light buffet and networking, but places are limited so early booking is advised.
For more info / To book your place now here! |
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| EQ Hotel | Golden Phoenix CNY Promotion |
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Known historically as one of Kuala Lumpur's finest, most popular Chinese restaurants, Golden Phoenix was an institution renowned for its Cantonese and Szechuan fare. The glory of Golden Phoenix is recreated every Lunar New Year with a special pop-up event where the classic dishes live on a glorious showcase of its signature creations, as well as newly-minted dishes and flavours. Make sure you make your bookings early for this yearly, exclusive Golden Phoenix pop-up restaurant.
Dates: 29 January to 24 February 2024 Time: Lunch - 2pm to 3pm | Dinner - 6pm to 11pm
For bookings and reservations, contact EQ's dining reservations team at +60 12 278 9239 |
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| IGB International School | IGBIS Scholarships 2024/25 |
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Life-changing opportunities with IGBIS!
IGB International School (IGBIS) extended to provide full academic scholarships and outstanding achievement partial scholarships. - IBDP & IBCP Full Academic Scholarships for Grades 11 & 12
- Outstanding Achievement Partial Scholarships for Grades 6 - 11
The scholarship application closes on 29 February 2024. |
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Find out more at our scholarship page. Be part of an educational journey that shapes futures and nurtures excellence at IGBIS!
IGB International School having 35 student nationalities, with state-of-the-art facilities and 92% of expatriate IB experienced teachers, is the only complete 4 IB continuum programme in Malaysia. |
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| JLL ? Exploring the Impact of AI on Real Estate |
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The potential for artificial intelligence (AI) to transform businesses, industries and society has been mounting for decades. But recent advancements, and the launch of a string of AI products like ChatGPT, have moved the science from niche to mainstream.
Zooming into commercial real estate, how do these emerging trends impact or disrupt the industry?
Join JLL’s upcoming signature Breakfast Talk on 30 January 2024 at Aloft KL Sentral for ideas exchange. Register here. |
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| Knight Frank Malaysia | Launcing Real Estate Highlights for 2nd Half of 2023 |
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This highly anticipated bi-annual report offers a comprehensive analysis of the residential, retail, office, and industrial markets in Kuala Lumpur / Klang Valley, Penang, Johor Bahru, and Kota Kinabalu. For more information, click this link here. |
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Or get in touch with our team:
Judy Ong, Senior Executive Director, Research & Consultancy Natasha Abd Rahim, Assistant Manager, Research & Consultancy |
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| Pelabuhan Tanjung Pelepas | Congratulations to Mark Hardiman as New CEO |
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Congratulations to Mark Hardiman on his new appointment as CEO of Port of Tanjung Pelepas Sdn Bhd (PTP)! We look forward to strengthening our relationship with PTP under Mark's leadership.
We would also like to thank Marco Neelsen, who has stepped down from the role after 7 successful years at the helm since 2016, for his support to the BMCC. We wish him all the best in his future endeavours.
To read more about Mark's appointment, visit PTP's website here. |
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| Prince of Wales Island International School | Join the Student Leadership Conference |
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Dear BMCC Members, We invite you to support our member Prince of Wales Island International School as a business mentor at the Federation of British International Schools in Asia (FOBISIA) Student Leadership Conference 2024. They are looking for 40 mentors, from CEOs, C minus one level, Head of Departments, and Business entrepreneurs) to participate in this amazing initiative.
All they need is your commitment of 1-day: 2 February 2024; 10am - 6pm. Lunch and dinner are provided. |
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As a business mentor, you will be guiding teams of students to prepare their plans and solutions for a business-like challenge with a modest budget. Your leadership and business acumen can inspire innovative problem solvers, contributing to meaningful social change. No geography knowledge needed.
*More info about the conference can be found on the flyer. Please contact |
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| Shangri-La Hotel Kuala Lumpur | Dragon in Full Swing: Lunar New Year Celebration |
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Shangri-La Kuala Lumpur welcomes you to a majestic celebration as the Year of the Dragon unfolds in full swing. From 10 January to 24 February, immerse yourself in the captivating Lunar New Year festivities, blending tradition and modernity in a symphony of cultural richness and gastronomic delights.
For further enquiries
For dining reservations and inquiries, please contact us at +603 2032 2388 or email enquiries email at |
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| St. John's International Secondary School (SJIS) | Open Day and Free Trial Classes |
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Would you like to discover SJIS more? Improve your knowledge of our campus, explore our programme, and broaden your perspective towards our holistic support. One step closer to SJIS. We'll be glad to respond to all of your queries about the school and our curriculum. Every one of our future leaders has potential, and St. John's International Secondary School helps to find out the potential nuances for success in their educational path. Without ado, there are great opportunities for you to dive in, providing free trial classes for you to get to know us better. Mark your calendar for 27 January and lock in your schedule with SJIS. Book your slot with us now to ensure a better future! Link for the trial class here! |
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| Turner & Townsend | Read their Latest Research in their Global Occupier Fit-Out Report |
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Turner & Townsend has recently published their global occupier fit-out guide.
Global occupiers are facing the challenge of how to create workspaces for a fast-changing world. Cultural and lifestyle trends are combining with new technology and economic headwinds to create a new landscape for businesses. The need to attract, retain and support talent whilst also driving cost efficiencies and productivity is not an easy equation to solve.
Should you wish to find out more about our research, they would be delighted to hold a knowledge-sharing session with you upon request. Please feel free to reach out to their Malaysia Occupier and Retail Lead, Navaneethan Rajan.
To read the Global Occupier Fit-Out Report, click here! |
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| EnviroSolutions & Consulting | Strategic Restructuring to Accelerate Growth |
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This week, ESC launched its five-year strategic restructuring and expansion plan, “ESC 2.0”. In 2023, ESC celebrated its 20th anniversary and as the company now enters its third decade, ESC 2.0 will enhance its current business framework and introduce new systems and procedures for improved operational efficiency, service delivery and growth.
As part of this initiative, several leadership adjustments and reorganisation of business segments have been implemented, effective immediately.
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Stay up to date with the Chamber’s latest news and activities through this newsletter or follow us on our social media platforms. |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) Copyright © BMCC 2024 |
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