Malaysia should grab chance to advance reforms in clinical research - PM Anwar

He said this must be reflected in the ease of doing business, by improving timelines and cutting down unnecessary bureaucratic processes, whilst maintaining our quality and standards.

"Investment opportunities for clinical research industry must be facilitated and regulations and policies updated to remain relevant with the current market needs.

"The Malaysian government recognises the value proposition of making this country a global clinical trial hub, as well as its qualitative contribution to healthcare," he said in his speech at the opening of the Clinical Research Malaysia (CRM) Trial Connect Conference 2024 here today.

The text of his speech was read out by Health Minister Datuk Seri Dr Dzulkefly Ahmad.

Anwar who is also the Finance Minister said the government values the investments made and continuously strive to provide value-added benefits for investors in the clinical research industry in this country.

"The global clinical trial market was valued at over USD80 billion in 2023, with a projected growth of 6.5 per cent annually. Half of this is now very much focused within the Asia-Pacific region, especially in China, South Korea, Japan and Australia.

"Reflecting on this, I believe that the South-East Asian nations are sleeping giants; because as a whole, it is one of the most diverse locations with skilled workforce and supportive infrastructure," he said.

He said as the clinical research industry grows, supporting services such ascontract research organisations (CRO), laboratories, manufacturing plants and logistic services will see expansion as well.

"This is where more skilled workforce is created to support the industry's needs. We have already observed this in PAREXEL Malaysia, where its Data Management Centre was set up to support the region.

"Additionally, with the establishment of Hematogenix - a central oncology laboratory with Malaysia being one of only four global locations - has contributed to the employment of scientists and bioinformaticians in the country," he said, adding that the socio-economic value brought about by clinical research was impactful, with over 2,700 skilled jobs recorded in the field last year.