Penang Development Corp (PDC) and one of Malaysia’s leading property developers recently signed a memorandum of understanding to develop a RM9.9 billion media tech town occupying 230 acres of land in Batu Kawan, Penang. This project should be completed in 10 years.
Medi-Tech City is intended to be an integrated, sustainable and high-tech medical city and business center in Penang, which is already occupied by more than 300 multinational companies. This will be a development in line with the responsible business alliance and environmental, social and corporate governance.
When completed, Medi-Tech City will serve as a medical center offering ecotourism and global business services with facilities including a hospital, medical campus, medical supply center, corporate suites, rehabilitation center , a retirement village, a hotel, a wellness center, a sports center, electrical and electronic sectors, logistics and distribution center.
The property developer also has a bespoke 20-acre development in Penang located at Bayan Lepas, near Penang International Airport and Sultan Abdul Halim Muadzam Shah Bridge, providing value-added logistical support to the project which aims to capture demand. of various sectors near Bayan Lepas.
The property developer’s group managing director said he was honored to work with PDC and proud to be tasked with jointly developing this land. It is expected that this project, along with its future international investors, will continue to support PDC’s vision of achieving international city status for Penang.
The CEO of the PDC said the signing of the MoU is in line with the role of the PDC to work alongside private organizations to achieve its vision of making Penang a state conducive to sustainable socio-economic developments and attracting more of international investors in Penang.
It is expected that PDC’s venture with the property developer to develop Medi-Tech City with their experience of working with international investors and successful projects will ensure that this project will benefit the overall development of Penang.
A recent article noted that the Malaysian Center for Science and Technology Information (Mastic) national research and development survey found that the medical and healthcare sector accounted for about 9% (RM135 million ) of 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 of Malaysia’s “MedTech Innovation Economy” is somewhat lacking. To address this, Malaysia recently launched the Malaysian Research Accelerator for Technology and Innovation (MRANTI) which will drive the three interrelated areas of speed, scalability and synergy and when activated will help to make advance the company.
Research shows that Malaysia’s healthcare sector itself is expected to grow to RM127 billion ($30 billion) by 2027, with potential in medical tourism, medical device manufacturing, pharmaceuticals and clinical research.
So, by performing IP audits on IPs filed within agencies under the Ministry of Science, Technology and Innovation, and through a structured review process, assess how local innovations can be marketed. Through MRANTI, continuous innovation and streamlining of the MedTech ecosystem in Malaysia will converge.
The ongoing pandemic has shown that medical technology has never been more urgent. Moreover, the industry is full of potential in Malaysia.