BUKIT MINYAK, Penang: Malaysia’s spot on the world map for genetic and molecular testing, robotic surgery and cancer treatment is set to be more visible by a reinvestment boost from United States medical device and life sciences firm Paramit Corp.
The California-based contract manufacturer, which entered Malaysia in 2011, is poised to further tap the growth and exports of Malaysian-made medical devices.
Paramit Corp yesterday unveiled its new eco-friendly manufacturing hub at the Penang Science Park, here, where it intends to plough in US$16 million (RM71.5 million).
The company had previously invested US$24 million in its Bayan Lepas facility where it employs more than 500 people.
With the opening of Paramit’s “Factory in a Forest” on mainland Penang the firm expects to double its headcount in three years.
The new facility is said to be the region’s largest manufacturing facility for complex medical devices and life sciences instruments, realising sophisticated systems for genetic and molecular testing, robotic surgery, cancer treatment, and will also serve Paramit’s current industrial products customer base.
“Expansion in Asia will enable us to provide more sophisticated offerings to our regional customers, and bring new levels of speed-to-market and peace of mind to our customers globally,” said Paramit’s chief executive officer Billoo Rataul.
The opening of the new 162,000-sq-ft facility which will boost between 1,000 and 1,500 trees, was launched by Chief Minister Lim Guan Eng, in the presence of US Embassy deputy chief-of-mission Edgard Kagan.
Paramit provides fully-integrated design, engineering, manufacturing, and post-manufacturing services to medical device and life science instrument companies.
“The medical device industry is incredibly important to Malaysia, with double-digit growth last year and exports in the range of RM17.8 billion.
“We are proud to be bringing medical innovations to life and contributing to an area that is a vital source of jobs, revenue and breakthroughs in the region,” said Paramit Malaysia country manager Michel Van Crombrugge.