KUALA LUMPUR: Malaysia's trailblazing MS2424:2012 halal pharmaceutical standard is rapidly gaining universal acceptance, Duopharma Biotech Bhd group managing director Leonard Ariff Abdul Shatar said.
Its evolution, the MS2424:2019, had significantly expanded the scope of halal certification to address rising demand in biologics and the search for halal vaccines, Leonard Ariff added.
"Malaysia's global leadership serves to facilitate the successful entry of domestic pharmaceutical manufacturers into the global halal pharmaceutical market, which is forecasted to be valued at US$134 billion by 2024," he said at a webinar on "Embracing a Halal Pharmaceutical Eco-System" here today.
Leonard Ariff said Malaysia's halal pharmaceutical ecosystem was further boosted by the MS: 2424 Halal Pharmaceutical General Guidelines which address the entire supply chain from processing to retail.
"Hygiene, sanitation and safety are the key pre-requisites in the halal pharmaceutical manufacturing process," he told some 500 top industry players gathered online to participate in the webinar held in conjunction with the World Halal Conference 2020.
Organiser Halal Development Corp chief executive officer Hairol Ariffein Sahari said it had put together the webinar to tap the lucrative market in the halal healthcare industry with special emphasis on the halal pharmaceutical.
"Our exports of halal pharmaceuticals recorded steady growth, valued at RM401 million in 2019 compared with RM395 million in 2018.
"The total halal export for the year 2019 was RM40.2 billion. The items exported were halal medicinal pharmaceuticals which included health supplements, generic products and traditional herbs-based products," added Hairol Ariffein.
Malaysia's major export destinations for the products in 2019 were the US, Singapore, Nigeria, Hong Kong and China.
The discussion was preceded by presentations from keynote speaker Datuk Dr. Zaki Morad Mohamed Zaher, who is chairman of KPJ Healthcare Bhd's group medical advisory committee.
The webinar was organised by HDC in collaboration with Duopharma and KPJ Healthcare, and was hosted by International Trade and Industry Ministry.