The Penang Development Corp (PDC) and a top property developer in Malaysia recently signed a memorandum of understanding (MoU) for the development of an RM9.9 billion Medi-Tech City occupying a 230-acre land in Batu Kawan, Penang. This project is expected to complete in 10 years.
Medi-Tech City is earmarked to be an integrated, sustainable and hi-technology medical city and business hub in Penang which is already occupied by more than 300 multinational companies. It will be a development with compliance to the responsible business alliance and environmental, social and corporate governance.
Upon its completion, Medi-Tech City will serve as a medical hub providing eco-tourism and global business services with facilities including hospital, medical campus, medical supply hub, corporate suites, rehabilitation centre, retirement village, hotel, wellness centre, sports centre, electrical and electronics sectors, logistics and distribution hub.
The property developer also has a 20-acre built-to-suit development in Penang situated at Bayan Lepas close to Penang International Airport and Sultan Abdul Halim Muadzam Shah Bridge, providing value-added logistical support to the project which is aimed to capture the demand from various sectors in the vicinity of Bayan Lepas.
The Group Managing Director of the property developer stated that they are honoured to work with PDC and are proud to be entrusted to jointly develop this land. It is anticipated that this project, with its future international investors, will continue to support PDC’s vision to achieve international city status for Penang.
The CEO of the PDC stated that the signing of the MoU is in line with PDC’s role in working alongside private organisations in realising its vision to make Penang a conducive state for sustainable socio-economic developments as well as attracting more international investors to Penang.
It is expected that PDC’s venture with the property developer to develop Medi-Tech City with their experience in working with international investors and successful projects will ensure that this project will benefit Penang’s overall development.
A recent article noted that the Malaysian Science and Technology Information Centre’s (Mastic) National Survey of Research and Development found that the medical and healthcare sector forms about 9% (RM135 million) of the total gross domestic expenditure on research and development for Malaysia, which was estimated at RM1.5 billion in 2018.
However, despite growing demand and potential, the MedTech ecosystem in Malaysia’s “economics of MedTech innovation” is somewhat lacking. To remedy this, Malaysia recently launched the Malaysian Research Accelerator for Technology and Innovation (MRANTI) which will drive the three interlinked areas of speed, scalability and synergy — and when enabled, will help take society forward.
Research shows that Malaysia’s healthcare sector itself is expected to grow to RM127 billion (US$30 billion) by 2027, with potential in the areas of medical tourism, the manufacturing of medical devices, pharmaceuticals and clinical research.
Thus, conducting IP audits on the IPs filed within agencies under the Ministry of Science, Technology and Innovation, and through a structured review process, evaluate how local innovations can be commercialised. Through MRANTI, continuous innovation and the streamlining of the MedTech ecosystem in Malaysia will be converged.
The ongoing pandemic has made it evident that medical technology has never been more urgent. Moreover, the industry is full of potential within Malaysia.
