Prime Minister Datuk Seri Anwar Ibrahim said today that Malaysia must embark and develop further on clinical research to ease of business, improving timeliness and reducing unnecessary bureaucracy while maintaining quality and standards.
He said the nation must seize opportunities and work hard to promote reforms and remove barriers towards clinical research.
“Investment opportunities in the field of clinical research must be promoted at the same time regulations and policies must be updated to remain relevant to the needs of the current market.”
He believes that the Malaysian government is aware of the value proposition of making the country a global clinical trial hub and its contribution to the quality of healthcare.
Anwar, who is also the Minister of Finance said this in his speech at the opening ceremony of the 2024 Malaysian Clinical Research Organization (CRM) Trial Connect event today. As Anwar was unable to attend, his speech was read by Health Minister Datuk Seri Dr. Zulkifli Ahmad.
Anwar said that the government values the investments made and is constantly working to provide value-added benefits to investors in the country’s clinical research field.
He said the global clinical trial market is valued at over US$80 billion in 2023 and is expected to grow 6.5% annually, with half of that currently concentrated in the Asia Pacific region, particularly China, South Korea, Japan and Australia.
“Reflecting on this, I believe Southeast Asian countries are the sleeping giants because overall, it is one of the most diverse locations with a skilled workforce and supporting infrastructure.”
Anwar said as the clinical research sector grows, support services such as contract research organisations (CROs), laboratories, manufacturing plants and logistics services will also expand. “This is where more skilled labour is created to support the needs of the industry. We have already observed this at PAREXEL Malaysia, which has set up a data management centre to support the region.”
“Also, with Hematogenix setting up a central oncology laboratory in Malaysia, one of four locations worldwide with such a laboratory, this has contributed to the employment of scientists and bioinformaticians in the country.”
He added the socio-economic value brought by clinical research is impactful, with more than 2,700 technical jobs created in the sector last year.
