Clinipath, wholly owned by Malaysian Genomics Resource Centre, said the investment by A-Bio will help it improve its IT infrastructure, expand laboratories in key locations, and develop new clinical tests.
It also seeks to open up channels to scale up its operations in the local and regional markets. The company has a nationwide network of clinical laboratories serving doctors in hospitals, clinics, and research laboratories and is further venturing into modernisation of pathology.
“Malaysia’s clinical pathology industry offers tremendous growth potential. Improving pathology testing capabilities, including developing new technologies and tests using the latest genetics and genomics resources, will contribute directly to higher quality healthcare services in clinics and hospitals,” said Sasha Nordin, Chief Operating Officer, Malaysian Genomics.
Dr Norida Abdul Rahman, managing director of A-Bio, said the market for pathology services in Malaysia is huge and the impact of digitisation could be significant given that Malaysia is seeing a growth in its population and a high prevalence of chronic diseases.
“Bridging the gap with the digitalisation of healthcare services, A-Bio hopes to leapfrog Malaysia into the use of digital technology to help mitigate rising healthcare delivery costs,” he added.
Established in 2009 by the Malaysian government to foster high-growth enterprises in Malaysia, A-Bio invests in high value-added and high technologies industries, such as bio-industry and emerging technology domains.
The firm’s investment in Clinipath is in line with its mandate “to build and nurture the growth of Malaysia market leaders in niche focus areas of high-tech industry”, Abdul Rahman said.
According to figures provided by Malaysia’s Science, Technology and Innovation Ministry, the country has received investments worth RM6.7 billion ($1.71 billion) from 340 biotechnology firms to date. Of this amount, RM4.6 billion (69 per cent) was through foreign direct investment.
Malaysia’s biotechnology industry reportedly generated a total income of RM2.7 billion ($690.2 million) and created 31,000 job opportunities between 2011 and 2015.