Speech for Warren Wang
Senior Vice President and President, Asia Pacific, Boston Scientific

Opening Ceremony for the
Boston Scientific Corporation Penang Operations
Penang, Malaysia

6 February 2018


A very good morning

•Yang Berhormat Datuk Chua Tee Yong, Deputy Minister of Trade, Ministry of International Trade and Industry
•Yang Amat Berhormat Mr. Lim Guan Eng, Chief Minister of Penang
•The Honorable Ms. Kamala Shirin Lakhdir, Ambassador of the United States to Malaysia
•Yang Berbahagia Datuk N. Rajendran, Deputy Chief Executive Officer, Malaysian Investment Development Authority
•Yang Berbahagia Dato’ Loo Lee Lian, Chief Executive Officer of invest Penang
•Honored guests
•Members of the Press
•Ladies and gentlemen

We are truly honored by your presence and willingness to be with us here today to witness another milestone for Boston Scientific in Malaysia and this region – the official opening of our Asia Pacific manufacturing hub. As one of our largest sites, the Penang facility expands the Boston Scientific global network of high-tech manufacturing facilities and allows us to bring needed health care technologies to more patients.

Technology and innovation are key pillars of our manufacturing process, and this is echoed in our core value of meaningful innovation, which guides us to continuously bring new ideas forward, with the intent to deliver breakthrough services and solutions that create value for patients and their caregivers around the world. From a regional perspective, Asia Pacific is also increasingly recognized for its robust innovation ecosystems. The 2018 Bloomberg Innovation Index, which takes into account criteria such as R&D intensity, value-added manufacturing, patent activity, and concentration of high-tech public companies, ranked seven Asia Pacific nations in the top 30. South Korea took the top spot and Malaysia, China, Japan, Singapore, Australia and New Zealand joined the ranks. Just being here in the neighborhood of Batu Kawan, we don’t need to look far to see how Malaysia is becoming a hotbed for innovation and technology.

As the Asia Pacific region continues to develop, so does its involvement and ability to contribute to medtech innovation, and make a meaningful difference in the lives of patients suffering from debilitating conditions. The region’s medtech market is expected to grow to US$133B in 2020, surpassing the European Union as the world’s second-largest medtech market.  We are seeing and will continue to see more products being developed to address the specific needs of patients in the region.

Boston Scientific expects these trends to continue to spur innovation that will help address the rapidly growing disease burden and widespread demand for better healthcare in Asia.  Establishing a manufacturing facility here in Penang is part of our strategy to grow our medical solutions manufacturing footprint in Asia and better serve the increasing needs of physicians and patients in this region. Malaysia is an ideal location, boasting an infrastructure that is conducive for business, particularly in the growing medical device sector. With the government prioritizing the medical device industry as a growth sector, Penang possesses a strong and local pool of skilled talent that meets our unique needs. We anticipate having more than 400 employees at this site by next year, with room for significant expansion.

The products made in this 375,000-square foot facility will be exported to key growth markets in Asia. The initial products provided will include devices from Boston Scientific’s cardiology, urology, and endoscopy portfolios.

Malaysia is an important market for Boston Scientific, and we have had an active presence here since 1997, working alongside hospitals and physicians to bring forward innovative medical solutions. Our Malaysia team is involved in physician education, and works very closely with the government and healthcare agencies to support numerous training initiatives.

With this new facility enhancing our presence in Malaysia, we look forward to deepening our partnerships with academia, the healthcare sector, government agencies, and also engaging the local community to understand and support the specific needs of the people of Malaysia, and the region.

Once again, thank you for taking the time to join us this morning and making our opening ceremony a success. We look forward to working with you as we move forward, together.

 

 

[1] McKinsey & Company, “Meeting growing Asia-Pacific demand for medical technology”, February 2016.

 

 

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