PENANG’s MedTech industry is fast emerging as one of the state’s strongest growth pillars, with RM3.6 billion in approved investments recorded between 2020 and the first half of 2025.
According to Chief Minister Chow Kon Yeow, this figure represents nearly 30 per cent of Malaysia’s total approved investments of RM12.1 billion in the scientific and measuring equipment sector over the same period, translating into 38 approved projects and more than 3,200 new jobs in Penang.
“Some people call it a ‘hidden gem’ but I believe this gem is now shining bright for all to see,” Chow said at the Association of Malaysian Medical Industries (AMMI) gala dinner at G Hotel Gurney this evening.
The Malaysia MedTech Industry Summit 2025 is expected to take place at the hotel tomorrow.
Meanwhile, Chow further highlighted that Penang’s long-standing expertise in precision engineering, automation, and electronics, especially from its semiconductor and electrical and electronics (E&E) industries, has provided the foundation for the growth of MedTech manufacturing, from implants and diagnostic tools to advanced monitoring devices.
“Unlike semiconductors, which can be volatile with global ups and downs, MedTech is more stable.
“With ageing populations and rising demand for healthcare everywhere, this is a sector built on long-term strength. That is why many say it will be the next big pillar of Penang’s economy,” Chow said.
The chief minister also drew inspiration from his recent visit to Japan’s Nakanoshima Qross innovation hub, linking it to Penang’s RM2 billion Medi-City project in Batu Kawan, a 235-acre integrated development set to combine specialist healthcare, diagnostic and wellness centres, research spaces, commercial and residential areas.
“With Medi-City, we want to strengthen Penang’s role in global healthcare while creating opportunities for MedTech innovators.
“I warmly invite AMMI members and industry players to come on board this journey with us,” he said.
Penang is already a leading destination for medical tourism, having attracted more than 412,000 foreign patients in 2024, generating close to RM900 million in revenue.
Chow reassured industry players that the state government, through InvestPenang, the Penang Development Corporation, and with MIDA’s strong backing, remains fully committed to supporting the growth of MedTech.
On the regional front, it was announced that the Medical Device Authority (MDA) will be signing a memorandum of understanding (MoU) with its Japanese counterpart, Pharmaceuticals and Medical Devices Agency (PMDA), with Penang set to be chosen as the hub for enhanced cooperation and future opportunities in MedTech.
Meanwhile, AMMI chairman HT Eow expressed gratitude for the overwhelming industry response this year and paid tribute to the strong partnership between industry and government in driving Penang’s MedTech position.
“We are honoured by the chief minister’s presence tonight, which underscores the state’s commitment to supporting our industry.
“Under AMMI’s collective vision, we will continue to strengthen our voice and role in positioning Penang as a MedTech hub,” Eow said, while also extending appreciation to platinum and gold sponsors from Penang’s free industrial zones on both the island and mainland.
The gala also saw awards presented to companies excelling in environmental, social and governance (ESG) practices, reflecting the industry’s commitment to innovation and sustainable growth.
Story by Kevin Vimal
Pix by Siew Chia En