Malaysia milking through healthcare services

KUALA LUMPUR, Malaysia - June 17, 2013 - PRLog -- Under the 10th Malaysia Plan (2011–2015), the government has identified healthcare services as one of the 12 National Key Economic Areas (NKEA) to generate revenue for the country. Malaysia now has 8 Joint Commission International (JCI) and 24 Malaysia Society for Quality in Health (MSQH) accredited hospitals, with another 31 hospitals and ambulatory care facilities in the process of becoming accredited.

Market drivers such as rising middle and affluent income population, medical tourism, rise in chronic disease and aging and growing population will impact the healthcare services market, according to Frost & Sullivan. Conversely, market constrains such as medical personnel shortage, discrepancy between urban and rural regions and the inability to meet the demand of healthcare services in towns and rural areas will set the market back.

According to the World Bank health statistics, Malaysia’s spending on healthcare was estimated at 4.4% of its GDP, with government expenditure accounting for 55% of total health expenditure. Private sector services mainly dominate the healthcare industry in Malaysia. Frost & Sullivan estimated the private healthcare sector to generate revenue of MYR 11bn in 2018 from MYR 7bn in 2012, growing at a CAGR of 8.4% during 2012–2018.

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