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Malaysian firms sign strategic alliance in health tech

Image Credits: The Sun, News Report

According to a recent report, an insurance company and health app have announced the signing of a strategic alliance with to promote wellness, a healthy lifestyle and digital technology assisted advice and service as well as insurance solutions for the Employee Benefits (“EB”) customers of the insurance firm.

The MedTech firm also launched a Doctor-Assisted Connected Health Platform which that provides complete digitally-assisted healthcare management for customers to adopt a healthy lifestyle and manage the risk of cardiovascular disease.

The MedTech firm is an arm of a group of companies with a mission to help individuals live better and longer lives. Its flagship medical centre focuses on heart and heart-related specialities with an aim to promote, restore and maintain heart health.

As part of the strategic alliance, the new check-up platform will be extended to the insurance firm’s EB customers via Asia’s first doctor-assisted connected health service by the group of health firms.

Both parties will continue to work closely in exploring other health and wellness platforms and insurance solutions to better manage the risk of cardiovascular disease.

The Group CEO of the insurance firm noted said the strategic alliance represents an important milestone in providing customers with personalised healthcare services and excellent customer experience.

The current focus is to promote wellness and healthy living amongst customers as the firm wants them to take charge and be accountable for their own health. Hence, the firm is introducing this healthcare platform and its tool that can be downloaded in the form of a mobile application to provide customers with immediate access to their automated health data collection for monitoring and follow-up purposes with just a few clicks.

The Group Managing Director of the MedTech group stated that modern technology was used as a tool in rendering advanced healthcare services with an aim to improve the quality of care, promote patient engagement, increase doctor productivity and reduce unnecessary hospitalisations.

As a one-stop medical centre for heart and heart-related illnesses, the business is about providing customers with a platform and tools to measure and preserve heart health, including a unique feature that allows them to access their 10-year risk of cardiovascular disease.

Data provided by one of the leading medical device manufacturing companies in the medical technology industry notes that Malaysia’s medical device industry is a highly diversified industry that produces a broad range of products and equipment, including diagnostic imaging equipment and minimally invasive surgery equipment as well as other devices used for surgical, dental, optical and general health purposes.

Malaysia is an ideal location for investments in the medical devices sector due to its strong Intellectual Property (IP) protection regime and strategic geographic location. Other factors include:

  • Highly skilled human resources in production and management
  • Unsaturated domestic market with high growth potential.
  • The government through the Malaysian Investment Development Authority (MIDA) has been introducing incentives to attract foreign investors to invest in the Malaysian market

There is potential to further develop Malaysia as a Medical Devices Hub for both R&D and manufacturing in view of the strong supporting industries for medical devices, ranging from sterilisation services, sterile medical packaging, precision engineering, tool and die making, medical compounding to contract moulding, assembly and machinery fabrication, as well as electronics manufacturing services.

The availability of these supporting industries has enhanced Malaysia’s position as an outsourcing destination and global supplier of parts and components for major medical devices and equipment companies.

Thus, the strategic alliance between the two companies proves that Malaysia’s business and the government are conducive for the development of MedTech that will benefit its citizens.

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