HDC Malaysia Calls for Expansion of its Halal Pharmaceutical into MENA Region
Highlights: The Halal Development Corporation Berhad (HDC) in Malaysia is pushing to expand the country’s halal pharmaceutical market, particularly in the Middle East and North Africa (MENA) region. HDC’s CEO, Hairol Ariffein Sahari, emphasized the potential benefits of tapping into the rapidly growing halal pharmaceutical industry, which could enhance Malaysia’s trade, investment, and innovation in halal ingredients.
With the global pharmaceutical industry valued at US$1.6 trillion, and 10% of this market being halal, the CEO highlighted that Malaysia, in collaboration with the Islamic Development Bank (IsDB), could boost its halal pharmaceutical output to a projected US$5.9 billion by 2030. Saudi Arabia is seen as a key gateway for entering the MENA market.
However, Sahari noted that Malaysia currently lacks sufficient halal pharmaceutical industry players and suggested the government offer more incentives to encourage growth in this sector. Presently, incentives are limited and primarily available to established companies or those in designated halal industry areas.
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