Healthcare services is one of the rapidly growth industries in the world. PricecaterhouseCoopers in its HealthCast Report forecasts that health spending in the OECD countries is expected to triple to RM31 trillion (US10 trillion) by 2020 and to account for 16% of GDP in OECD countries. The Asia Pacific market comprises over a quarter (27%) of the total global healthcare market and its market share is expected to expand further to 40% of total global healthcare revenue by 2015, as forecasted by Frost & Sullivan.
There factors that contribute to the healthcare industry growth include:
- Income and demographic shifts have seen rising affluence fuelling demand for high quality healthcare including choice of healthcare destination (health tourism), and aging population catalyzing growth of nursing care and other supporting services.
- Urbanisation, fast-faced and stressful lifestyle has led to shifts in dietary habits and the rise in the incidence of so-called developed country illnesses, such as cardiovascular disease, diabetes and cancer driving the demand for specialists medical services such as heartscan and kidney dialysis centres.
- Higher incidence of lifestyle diseases, have resulted in new medical drugs and treatments, as well as traditional complementary medicine such as traditional Chinese, Malay and Indian origins and organic treatments and wellness.
- Greater consumer education has created awareness of nutrition, product safety, and other natural and organics approaches to health maintenance, including wellness services.
There are a lot of opportunities for healthcare Iskandar Malaysia:
- Capture a share of the significant and high growth Asian market
- Tap on Malaysia’s large private healthcare market
- Competitive and high quality healthcare services
- Multi-lingual and quality workforce at affordable cost
- Establish regional COE (Centr Of Excellence) for healthcare research and innovation, with best in class facilities
- Various fiscal and non-fiscal incentives
The healthcare priority sub-sectors can be segmented into six categories:
1. Specialist Medical Services
- Specialists in lifestyle disease eg: dialysis centre, heartscan
- Dental specialist services
- Ambulatory care services
2. Diagnostic Medical Services
- Diagnostics (including pathology laboratories)
- Integrated lab services
3. R&D COE for healthcare
- Healthcare R&D
- Healthcare biotechnology
- Education – medical learning institutions
- CRO e.g. clinical trials
4. Traditional Complementary Medicine
5. Wellness Services
- Rejuvenation centres
- Retirement and nursing homes
- Rehabilitation centres
6. Medical Equipment Manufacturing
- Cardiovascular devices
- Orthopaedic devices
- In-vitro diagnostic devices
- Electromedical equipment
- Wound care products
- Homecare products
Reason for investing in healthcare Iskandar Malaysia:
1. Catchment : Large high growth markets in Asia
As Malaysia’s southern gateway, Iskandar Malaysia is emerging as a key regional hub to service neighbouring ASEAN, Asia Pacific and other global markets (Europe, Middle East and other western countries).
2. Connectivity : World-class, integrated and multi-modal
World-class infrastructure with excellence multi-modal connectivity linking international airports, international seaports, integrated road and rail networks and Information, Communication and Technology (ICT) high speed broadband highways, all supporting shorter traveling and communication times to regional and global markets.
3. Comprehensive : Integrated planning and development
Iskandar Malaysia’s policies are aligned to national healthcare strategies and will benefit from Malaysia’s health tourism initiatives, apart from excellent integration with other supporting metropolis amenities and facilities.
4. Capabilities : English-speaking, yet Asian multi-lingual talent pool
Emerging choice country of health tourism, with English-speaking wide talent pool of foreign and domestic trained medical professionals, yet multi-lingual and multi-cultural.
5. Cost Competitiveness : Affordability quality
Affordability quality from human capital, real estate (land and buildings) to cost-effective operations.
6. Conducive Environment : Dynamic and stable
Stable government, resilient economy, easy and competitive place for doing business, attractive environment for business and people to “Invest, Work, Live, and Play”, plans to transform Iskandar Malaysia into a vibrant metropolis.
Source from IRDA
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