In today’s blog post we are taking a closer look at IP protection in the medical device and healthcare industries in Malaysia. You will learn more about the importance of patents in medical device industry and the various patents that can be applied in Malaysia as well as about the importance of brand protection.
As one of the main pillars of Malaysia’s economy, supported by numerous governmental initiatives, medical device and healthcare industry is growing fast in Malaysia, making the country one of the top destinations for medical tourism. Healthcare industry in Malaysia is expected to grow close to 30% per year up to 2020 and as Malaysian government is creating various incentives for foreign investments, this sector is expected to offer many promising business opportunities for European SMEs.
Malaysia has a large ageing population with rising disposable income and European SMEs can find business opportunities in many sectors including elderly care. As digitalization is still one of the challenges in Malaysia’s medical device and healthcare sector and since the government is encouraging the implementation of the E-Health Strategy, European high-tech solutions are much welcome in Malaysia. Furthermore, as Malaysia’s population is becoming increasingly affluent, consumers pay a lot of attention to wellness and disease preventions, meaning that there is growing market for medical devices that are used to self-monitor one’s health condition like blood glucose and pressure monitors.
European SMEs wishing to do business in Malaysia’s healthcare and medical device sector should pay attention to protecting their intellectual property rights, because even though Malaysia’s IP regulations have improved over the past years, counterfeiting and other IP violations are still commonplace in the country. At the same time, neglecting to protect IP rights can often quickly end European SMEs’ business endeavors in South-East Asia. Continue reading “IP Protection in Malaysia for the Medical Device and Healthcare Industries” »