PENANG is committed to building a comprehensive medical technology (MedTech) ecosystem to strengthen its position as a regional hub for healthcare innovation, manufacturing and high-value activities.
Chief Minister Chow Kon Yeow said Penang already has the highest concentration of MedTech companies in Malaysia and Southeast Asia, with six of the world’s top 30 MedTech companies by sales having operations in the state.
“The global opportunity is significant. The global top 10 medical-device technologies market is projected to reach US$577.5 billion by 2027, compared with US$437.4 billion in 2022.
“Penang must position itself to capture this growth. Penang has built its industrial strength over decades.
“Our robust electrical and electronics (E&E) ecosystem, skilled workforce and supplier base have created capabilities in precision engineering, automation, electronics and advanced manufacturing. These capabilities are now helping us move further into MedTech,” he said.
Chow was speaking at the 10th anniversary celebration of Boston Scientific’s Batu Kawan facility at the Penang Waterfront Convention Centre (PWCC) this evening.
Also present were Boston Scientific (global supply chain) vice-president Paul Martin, Boston Scientific (global quality) vice-president Brandon Erickson and Boston Scientific (Penang operations) vice-president Datuk Fearghal Hennessy.
Chow said Penang’s next phase of economic growth could not simply depend on attracting individual investments, but must focus on building strong and interconnected ecosystems.
“In fact, this week, I have been speaking about the importance of building ecosystems because our next phase of growth cannot simply be about attracting individual investments.
“It must be about connecting companies, talent, infrastructure, research and supporting industries so that the whole ecosystem becomes stronger,” he said.
He said Penang’s established E&E ecosystem provided a strong foundation in precision engineering, electronics, automation and advanced manufacturing, while its expanding healthcare and medical-tourism sectors created additional demand for medical technologies and specialised services.
“The next step is to connect these strengths, bringing together multinational corporations (MNCs), local companies, healthcare providers, researchers and talent,” he said.
According to Chow, such integration would enable Penang to move beyond manufacturing into higher-value activities, including research and development (R&D), innovation, product development and global supply chains.
He also highlighted the important role played by the state’s medical-tourism sector in strengthening the MedTech ecosystem.
“In 2025, Penang’s 16 private hospitals recorded more than 527,000 foreign patients, generating approximately RM1.14 billion in revenue.
“The data also recorded strong growth among its reporting members, with revenue increasing from RM898 million in 2024 to RM986 million in 2025,” he said.
Chow said the close relationship between medical tourism and MedTech could create further opportunities for Penang’s healthcare sector.
“Medical tourism and MedTech reinforce each other,” he said.
He also noted that geopolitical developments are reshaping global medical-travel patterns, including patient flows to established healthcare destinations such as India and Singapore.
“We should not look at conflict as an advantage. But we should recognise the changing landscape and strengthen Penang as a competitive and trusted healthcare destination in Asia.
“This also creates an opportunity to deepen the link between healthcare, medical tourism and MedTech investment,” he said.
Turning to Boston Scientific, Chow congratulated the company on reaching its 10-year milestone in Batu Kawan, describing its journey as a success story for the company, Penang and Malaysia.
“In a decade, what began as a start-up operation has grown into an organisation of more than 2,000 employees, with Batu Kawan becoming an important global hub supporting patients around the world.
“Boston Scientific’s first 10 years in Batu Kawan have been a success story for the company, Penang and Malaysia.
“I hope the next 10 years will bring even greater innovation, higher-value activities and stronger partnerships, with Boston Scientific continuing to make a difference to patients around the world,” he said.
Meanwhile, Hennessy said the company’s 10th anniversary was a significant milestone that provided an opportunity to reflect on its remarkable journey in Penang.
“Ten years sounds like a long time, but when I think about everything that’s happened during those 10 years; how we started, how much we have grown, the challenges we worked through and the people we met along the way; somehow it feels like it went by really, really quickly,” he said.
He said the decade had been filled with exciting and difficult moments, including challenges where the team was uncertain how they would overcome them, but ultimately found solutions together.
“For me, that’s what tonight is about.
“Of course, we are celebrating an anniversary, so we can talk about growth, milestones, achievements and everything that has changed over the last decade,” he said.
However, Hennessy stressed that behind every milestone were the people who had contributed to Boston Scientific’s growth.
He paid tribute to those who joined the company in its early days, when few people were familiar with Boston Scientific, as well as those who came later and brought new ideas and perspectives.
“Everyone has contributed in some way to where we are today.
“Thousands of people, thousands of decisions, challenges, successes and lots of moments made something extraordinary out of what we are now.
“So over the 10 years, we have developed into something pretty special,” he said.
Story by Riadz Akmal
Pix by Adleena Rahayu Ahmad Radzi
Video by Alissala Thian