Boston Scientific Corporation Opens Regional Manufacturing Hub in Malaysia
High-tech Penang facility supports company’s strategic growth plan in Asia-Pacific region
PENANG, 6 February 2018 – Boston Scientific Corporation (NYSE: BSX) today officially opened a regional manufacturing hub at the Batu Kawan Industrial Park. The state-of-the-art Penang facility is part of the company’s investment in Asia and supports plans to grow the company’s global manufacturing footprint to address increasing patient needs. As part of the global supply network for Boston Scientific, products made in Penang will be exported to key growth markets in Asia.
A site opening ceremony was officiated by Yang Berhormat Datuk Chua Tee Yong, Deputy Minister of International Trade and Industry (MITI), Trade; Yang Amat Berhormat Mr. Lim Guan Eng, Chief Minister of Penang; The Honorable Ms. Kamala Shirin Lakhdhir, Ambassador of the United States to Malaysia; Yang Berbahagia Datuk N. Rajendran, Deputy Chief Executive Officer of Malaysian Investment Development Authority (MIDA); Yang Berbahagia Dato’ Loo Lee Lian, Chief Executive Officer of investPenang; Mr. Warren Wang, Senior Vice President and President, Asia Pacific, Boston Scientific; and Mr. Dave Mitchell, Vice President and General Manager, Manufacturing and Distribution, Boston Scientific.
“Malaysia is a growing hub for medical devices,” said Warren Wang, Senior Vice President and President, Asia Pacific, Boston Scientific. “With global healthcare spending projected to increase at an annual rate of 4.1% until 2021, we see great potential in the healthcare industry within the Asia Pacific region and are committed to contributing to its growth. Our facility in Malaysia will allow us to better serve the needs of physicians and patients in the region as Boston Scientific will have direct access to the local healthcare ecosystem.”
Yang Berhormat Datuk Chua Tee Yong, Deputy Minister of International Trade and Industry (MITI), Trade, who represented YB Dato' Sri Mustapa bin Mohamed, Minister of MITI, commented at the event, “I am proud that the efforts and engagements made by the MITI and Malaysian Investment Development Authority (MIDA) teams have come to fruition. MIDA has been engaging with the company through its Boston office for many years. Today, Boston Scientific Medical Device has not only completed their facility but has also made their first commercial shipment last year. I would like to congratulate the management and staff of Boston Scientific for successfully meeting their timeline in implementing this project, which makes Malaysia the first to produce artificial heart valves in the region.”
“We view this project as a catalyst to boost the development of the medical device ecosystem in the country and attract not just other industry players but also pharmaceutical and health supplement companies. The medical devices made in Malaysia are of high standards and accepted by hospitals worldwide. From 2012 to September 2017, approved investments in the medical devices industry amounted to RM14.0 billion. The bulk of the investments came from foreign sources, which contributed RM8.3 billion or 59%, while domestic sources contributed RM5.7 billion or 41%,” said Yang Berhormat Datuk Chua.
As one of the largest sites, the Penang facility expands the Boston Scientific global network of high-tech manufacturing facilities and allows the company to bring needed healthcare technologies to more patients. The initial product portfolio will include devices from the company’s cardiology, urology, and endoscopy portfolios. Boston Scientific anticipates having more than 400 employees at the Penang site by 2019, with room for significant expansion. Site leaders will focus on developing local talent through skills training led by Boston Scientific technical experts from other locations around the world.
“The facility enables us to expand our presence in the region and provide support for local research and new business development so we can both address unmet patient needs and tackle the increasing cost of healthcare,” says Dave Mitchell, Vice President and General Manager, Manufacturing and Distribution, Boston Scientific.
“The setting up of Boston Scientific’s manufacturing facility in Penang is a testament of the confidence by multinationals, especially US investors, in Penang’s well-established industrial ecosystem and growing medical device sector,” said Yang Amat Berhormat Lim Guan Eng, Chief Minister of Penang. “The facility will also tap into our strong pool of local skilled talent, creating more employment opportunities, and the value Boston Scientific brings in enhancing development of our local talents will be wide and far-reaching.”
Boston Scientific has had an active local presence in Malaysia since 1997 and has close working ties with the Ministry of Health, National Heart Centre and local hospitals. Boston Scientific supplies devices to over 15 key markets across Asia and conducts numerous physician training and education initiatives.
For more information on Boston Scientific and the Penang manufacturing facility, visit https://www.bostonscientific.com/en-MY/home.html.
About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our business plans and the establishment of a regional manufacturing hub in Malaysia and its impact. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
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