Impact Studies
17 November 2024
Impact Study of AI, Digital, and Green Economy: Medical Devices Sector
This sector, contributing RM2B to GDP, faces job risks for 21% (13,000 employees) in 3-5 years. 4 emerging roles, 6 highly impacted. 8 initiatives focus on upskilling (data analytics, AI) and shifting to high-end R&D to maintain global competitive edge.
Authors:
Dr. Devaki A/P Nagaya, Ramzi Bustami
MyMahir
Summary
The Medical Devices sector is poised for a transformative shift over the next three (3) to five (5) years, propelled by an evolving global landscape shaped by the advancement of AI, Digital and Green Economy trends within the country’s Medical Devices sector. Contributing RM2 billion to the nation’s GDP with RM8.2 billion and RM31.1 billion worth of imports and exports respectively, the Medical Devices sector must evolve to ensure they can broaden their product ranges into higher-end categories thus further supporting its human resource development, R&D, and regulatory compliance in the long run. This evolution will help strengthen Malaysia’s standing among regional and global peers and ensure that the domestic workforce remains robust and capable of meeting shifting industrial needs, congruent to Malaysia’s current stellar leadership record as the largest producer and exporter of rubber gloves, supplying 67% of the world’s demand and the second largest producer of rubber thread. The focal point of the impact study centres on roles significantly affected by the growth trends of AI, Digital, and Green Economy. Due to these trends, highly impacted roles are significantly impacted by advanced data analysis tools, automation, and digital technologies that enhance testing, predictive maintenance, and manufacturing processes; within the next three (3) to five (5) years, approximately 21% or 13,000 employees will be facing job risks based on TalentCorp’s Demand Model Projection. Hence, the workforce must be adept at leveraging AI tools to analyse large datasets, predict outcomes, and optimise processes effectively. The study identified four (4) emerging roles that are tailored to future technological advancements, industry trends, and societal changes. By focusing on these emerging roles, organisations can drive innovation, adopt sustainable practices, and remain competitive and compliant with evolving regulations and market demands. Additionally, the study identified six (6) highly impacted roles, 39 medium impacted roles, and eight (8) low impacted roles. Looking ahead, embarking on this journey of continuous adaptation and innovation will be vital in preparing the Medical Devices workforce for ongoing advancements in AI, Digital, and Green Economy. To achieve this, the MyMAHIR Future Skills Talent Council (FSTC) will conduct regular needs assessments to identify immediate and future workforce skills gaps, analyse talent demands by sector and educational level, propose strategies, determine essential sector-specific skills, and periodically update these skills in response to technological advancements and evolving operating environments. Additionally, the council will align the educational system with the sector’s needs while actively fostering collaboration among government, industry players, academia, and training providers to enhance Malaysia’s competitiveness and promote sustainable growth in the Medical Devices sector. Coordinated efforts and collaboration among all stakeholders—government, industry players, academia, and training providers—are essential. The time to implement the eight (8) Recommended Initiatives is now, as they are intended to develop a workforce that can meet the sector’s evolving needs, enhance competitiveness, support sustainable growth, and position the Medical Devices sector as a key driver of national prosperity and international recognition.
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