Life sciences company Paramit has announced its new eco-friendly manufacturing hub at the Penang Science Park in Malaysia.
The company intends to invest $16 million into the facility, which is expected to be the region’s largest manufacturing compound for medical devices and life sciences instruments.
The investment from Paramit may also boost Malaysia’s world presence within the areas of genetic and molecular testing, robotic surgery and cancer treatment.
Paramit entered Malaysia in 2011 and has since invested $24 million into its Bayan Lepas facility which employs over 500 people. This new facility is expected to double the company’s previous Penang employment and will employ a workforce of around 800 people.
The facility, labeled as a “Factory in a Forest” will attempt to double its headcount in three years. The facility is eco-friendly and will take advantage of the Malaysian climate to create maximum energy efficiency. The facility uses the canopies of trees to create a natural shading and in-slab cooling to reduce power requirements. In an even more unique way, the site will incorporate gardens and waterfalls on multiple levels to help cool the space.
Paramti’s chief executive officer Billoo Ratul said: “Expansion in Asia will enable us to provide more sophisticated offerings to our regional customers, and bring new levels of speed-to-market and peace of mind to our customers globally.”
Paramit Malaysia country manager Michel Van Crombrugge said: “The medical device industry is incredibly important to Malaysia, with double-digit growth last year and exports in the range of RM17.8 billion. We are proud to be bringing medical innovations to life and contributing to an area that is a vital source of jobs, revenue and breakthroughs in the region”.