As far as the Malaysian Government’s plan
and policies go, 2013 appears to offer good prospects for pharmaceutical
companies with the increase in allocation for healthcare in 2013 Budget that provide
imputes to the industry. With the average 1.8% annual increase in the country’s
population, the upward trend of chronic disease prevalence, the rising of
people entering senior years, and the industry looks set to enjoy positive
growth over the next few years.
ECONOMIC
INFLUENCE FACTORS – FISCAL POLICIES,
NATIONAL INCOME & GOVERNMENT POLICIES:
As Malaysia is a relatively small market by
population size, the growth of the industry is expected to be powered by its
rapid economic growth, demand for better health products and services, as well
as the government’s plan to position the country as a clinical trial hub,
generics exporter and healthcare tourist destination.
CONCLUSION
Since the sector was earmarked as one of 12
National Key Economics Areas, Malaysia had
increase clinical trials significantly from 160 in 2007 to 320 currently and aspires
to generates RM50 billion from the healthcare by 2020 (contribution of RM16.6
billion from the pharmaceutical industry) . Malaysia is also set to increase
its pharmaceutical exports to other country such as European Union, Australia
and Canada.
Despite the challenges, the industry is expected to grow in the medium to long term. While population growth and increased health awareness and government open policies would provide opportunities to the manufacturer. Thus, industry players, multinational and locally can be assure it has the government backing to bring the industry forward.