KUALA LUMPUR: Property developer Titijaya Land Bhd is joining a growing list of local listed companies venturing into the medical device industry.
Deputy group managing director Lim Poh Yit said in a statement today that the economic uncertainty and the possibly long term health risk to the public at large due to the onslaught of Covid-19 has necessitated Titijaya’s involvement in the healthcare-related business.
The company today announced it has entered into a strategic collaboration agreement with China’s Sinopharm Medical Equipment QuanZhou Co Ltd to develop the marketing and sales, trading and supply of medical and hospital equipment, as well as medical industry-related real estate.
The immediate focus will be to produce medical supplies to combat the Covid-19 pandemic, such as personal protective equipment (PPE), RT-PCR test kit, rapid test kit and mobile test lab, among other necessities.
“This business will provide Titijaya a good opportunity for growth expansion in its core real estate business by providing medical-related real estate, which entails infrastructure, land and facilities for medical industry operators, as recommended by Sinopharm and its network," Lim said.
“The geographical areas to be covered by this joint business development will include South East Asian countries and other Asian countries -- a potentially large market for Titijaya and Sinopharm in both real estate and medical-related businesses,” he said.
Sinopharm is part of the Sinopharm China National Medical Device Company, which is an entity of the state-owned China National Pharmaceutical Group Corp (Sinopharm Group).
Sinopharm Group’s businesses encompass research and development (R&D), manufacturing, logistics and distribution, retail chain, healthcare, engineering services, exhibitions and conferences, international business as well as financial services.
The agreement inked between Titijaya and Sinopharm shall remain in force for a period of five years and is subject to a renewable period of five years.
The collaboration’s medical-related business shall be catered to both private and public medical facilities, leveraging on Sinopharm Group’s supply and value chain in China, as well as both parties’ networks.
Meanwhile, Titijaya shall be responsible for the medical industry-related real estate by providing infrastructure, land and facilities.
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