A Medical Sales Rep's Guide to Malaysia's Budget 2023

Seizing Opportunities for Medicines and Medical Devices Supply

As a medical sales representative serving the healthcare industry, several items in the latest budget announcement are relevant. Some notable items include: 

• RM36.3 billion allocated to the Health Ministry, which may indicate an increase in funding and potential opportunities for partnerships or collaborations with healthcare providers and organizations.

• RM120 million for Skim Perubatan Madani to help the poor access health services, which may indicate potential opportunities to work with government-sponsored healthcare programs to provide access to medical products and services.

• The government's focus on improving and upgrading hospitals, which may present opportunities to provide medical equipment and supplies.

• The government's efforts to improve digital connectivity in industrial areas and schools, which may lead to an increase in demand for telemedicine and digital health solutions.

• The focus on environmental sustainability and the allocation of funds to support environmentally-friendly projects, which may indicate potential partnerships with healthcare organizations to implement sustainable healthcare practices.

 

Overall, the budget announcement presents potential opportunities for medical sales representatives to collaborate with healthcare organizations and government-sponsored healthcare programs, as well as to provide medical products and services to support the government's focus on improving healthcare and sustainability.

Based on the latest budget announcement, there are several suggestions that a medical sales rep can escalate to upper management to seize the opportunity:

 

1. Increase focus on environmentally friendly medical products: With the increased focus on environmentally friendly projects, there is an opportunity for medical companies to develop products that are environmentally sustainable. Medical sales reps can suggest exploring this area of innovation to their management.

 

2. Promote healthcare services for vulnerable groups: The government has provided incentives to employers of vulnerable groups such as the disabled, ex-convicts, homeless and unemployed. Medical sales reps can suggest developing and promoting healthcare services that cater to these groups.

 

3. Enhance digital connectivity: With the allocation of RM725 million to implement digital connectivity in industrial areas and schools, medical companies can leverage this opportunity by providing digital solutions that enhance medical services. Medical sales reps can suggest exploring this area and promoting these services to their customers.

 

4. Capitalize on the luxury goods tax: With the introduction of the luxury goods tax, medical sales reps can suggest targeting luxury healthcare products such as high-end medical devices and equipment, luxury healthcare packages, and other luxury healthcare services to cater to the high-end market.

 

5. Upgrade healthcare facilities: With the allocation of RM1.2 billion for upgrading clinics and schools, medical sales reps can suggest partnering with the government to upgrade healthcare facilities in rural areas. This could create an opportunity for medical companies to provide essential medical supplies and services to these areas.

There are several opportunities for medication and medical device supply in the latest budget announcement.

For example, there is an allocation of RM36.3 billion for the Health Ministry, which includes nearly RM3 billion for the appointment of more permanent and contract health workers. This presents an opportunity for pharmaceutical and medical device companies to provide healthcare facilities with the necessary medications and equipment to support the increased staffing.

Additionally, the government plans to upgrade 26 hospitals, allocate RM700 million to upgrade the Melaka hospital, and provide RM120 million for Skim Perubatan Madani to help the poor access health services, which could create opportunities for companies that supply medical devices and equipment.

Companies may also want to explore the possibility of providing medical supplies to the various programs and initiatives aimed at improving healthcare services, such as the PEKA B40 health scheme, which has an allocation of RM80 million.

For instance…

I would like to share an idea with you that I believe has great potential for local pharma companies in the current business landscape.

As you all know, the government's latest budget announcement emphasizes the importance of improving healthcare services and digital connectivity in the country. One area where we can potentially leverage these opportunities is in the supply of medical devices and medications to telemedicine providers.

With the growing demand for telemedicine services, more healthcare professionals are turning to digital platforms to provide medical consultation and treatment to patients remotely. However, many of these providers face challenges in sourcing reliable and high-quality medical devices and medications to support their services.

Medical sales companies are well-positioned to address this need and provide telemedicine providers with the necessary medical supplies to support their operations. By partnering with these providers, those companies can establish themselves as a key player in the telemedicine industry and tap into this growing market.

To achieve this, they can start by reaching out to telemedicine providers and offering them their medical products and services. They can also develop a marketing campaign to promote their products to potential telemedicine clients and build their brand in the industry.

I believe that the telemedicine industry presents a significant opportunity for pharma companies to expand their business and contribute to improving healthcare services in the country. With their expertise in medical sales, they can be at the forefront of this growing trend and establish themselves as a leading provider of medical supplies to the telemedicine industry.

Some examples of companies that provide telemedicine services in Malaysia:

DoctorOnCall - This is a Malaysian telemedicine company that offers video consultation services with a registered medical practitioner. The company also offers online prescriptions and delivery services for medications. 

BookDoc - BookDoc is a Malaysian healthtech company that provides a mobile app platform for users to book appointments with medical professionals, including teleconsultation services. The app also allows users to view the ratings and reviews of medical professionals.

Naluri - Naluri is a digital health coaching platform that provides personalized support and guidance for individuals with chronic conditions. The platform uses AI to deliver customized programs to help individuals improve their health and wellbeing.

HealthMetrics - HealthMetrics is a healthtech company that offers a platform for businesses to manage their employees' healthcare benefits. The platform includes a telemedicine feature that allows employees to access medical consultations from the comfort of their homes.

MyDoc - MyDoc is a telemedicine company that offers virtual consultation services with certified doctors, as well as online prescription services and medication delivery. The company also provides corporate healthcare solutions for businesses.

 

These are just a few examples of the telemedicine services available in Malaysia, and there are likely more companies emerging as the demand for remote healthcare services continues to grow.

As a medical sales rep, it's always good to keep an eye out for new opportunities and trends in the healthcare industry. If there are clear opportunities for the company to expand into new areas or adopt new technologies, it may be worth presenting these ideas to upper management.

However, it's important to do your research and be prepared with a solid pitch that includes the potential benefits and risks of the proposed opportunity. It's ultimately up to the individual sales rep and their company culture to decide if and how to pitch new ideas.

The likelihood of management taking a sales rep seriously varies based on the company, industry, and individual circumstances.

In general, sales reps can face challenges in being taken seriously due to common perceptions of their role as primarily focused on selling products rather than providing strategic input or insight. However, this perception can be overcome by building relationships with key stakeholders and demonstrating a strong understanding of the industry, market, and customer needs.

In Malaysia, it is also important to consider cultural factors and communication styles, which may influence how receptive management is to input from sales reps. Ultimately, the key to being taken seriously as a sales rep is to provide valuable, data-driven insights and solutions that align with the company's goals and priorities.

It is important to remember that even as a medical rep, you are a valuable member of the organization and may have valuable insights and suggestions to offer. Therefore, it is important to approach the conversation with confidence and professionalism, and to be well-prepared with data, research, and a clear plan of action. Ultimately, it is up to the individual company and its management to decide how receptive they are to new ideas from their employees. 

Added Resources:

Malaysia’s Budget 2025: Key Takeaways for Medical Sales Reps

This article dives deep into how Malaysia’s Budget 2025 will impact the medical and pharmaceutical industries. It offers insights into healthcare funding, tax implications, and digital health initiatives that directly affect medical sales reps and businesses. A useful read for those navigating the shifting landscape of healthcare sales.