Research and Markets: Malaysia's Pharmaceutical Market Report Estimates Malaysian Market to Stand at US$1,072 Million in 2009
Research and Markets has announced the addition of the "The Pharmaceutical Market: Malaysia" report to their offering. The government is keen to encourage the local production of drugs, particularly in the fields of biotechnology and the manufacture of off-patent drugs. Several incentives have been put in place, including tax exemptions for biotech companies that are awarded Bionexus status. By the end of 2008, there were a total 92 companies with Bionexus status, of which 36 focused on healthcare. This was a rise of 119% over the 2007 total of 42 companies; the number of healthcare biotech companies rose 89.5% over the same period from just 19 previously.
Malaysia's biotech initiative has begun to attract a growing number of multinational companies investing in the country, there have been rising new and ongoing investments in manufacturing plants and research projects in recent times. Local manufacturers almost exclusively produce generics and other off-patent medicaments, both ethical and OTC products, but imported medicines by multinational manufacturers still command the lion's share of the market, at over 70% in value terms.
Research and Markets estimates the Malaysian market to stand at US$1,072 million in 2009, and reach US$1.6 billion in 2014, growing at an impressive average rate of around 8.2% per annum. Per capita spending is expected to grow from US$38 to US$52.
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