Asset bubble?

There is no reason to believe that Malaysia has seen the formation of an asset bubble that is about to burst, as the country has addressed many of the issues and risks related to it, says Central Bank Governor Tan Sri Dr Zeti Akhtar Aziz.

She said three series of macro prudential measures had been introduced to avoid the very risk of the formation of such a bubble asset.She was responding to a question on whether Malaysia was experiencing an asset bubble that would burst if China’s economy tumbled and as global interest rates rose, as reported recently by the foreign media.

“Conditions between now and in 1997/1998 are different. We are now on a growth path,” she told a press conference in conjunction with the South East Asian Central Banks (Seacen) 30th Anniversary Conference on Greater Financial Integration and Financial Stability and launch of the Seacen Financial Stability Journal, here yesterday.

Zeti said domestic demand was driving Malaysia’s economic growth and the country was not at the epicentre of the recent global financial crisis. “Our financial intermediaries remain resilient and the supply of credit was never disrupted,” she added. "This is the result of the focus over the last decade on financial reforms that have strengthened the foundation of our financial system".

Meanwhile, Zeti said the modernisation of the Asian financial system had been accompanied by a significant strengthening of the regulatory and supervisory frameworks. It had also been accompanied by improved financial safety nets, a more effective surveillance of financial stability risks and stronger legal underpinnings. “These reforms supported the transition towards more market-oriented financial systems that are anchored in stronger institutions, risk management capacity and governance,” she added.

“Significant strides also continue to be made in strengthening consumer protection frameworks, promoting financial inclusion, and enhancing market discipline,” she said.

She also said these developments continued to support the region through the recent episodes of turbulence in the global financial markets.

Source: theSTAR 21-10-2013

 

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Medical Tourism - Government driven

Malaysia Healthcare Travel Council (MHTC) is a corporate agency under the Ministry of Health Malaysia. It was set-up to promote medical tourism. It currently has 72 top notched member facilities that provide tertiary care and offer procedures ranging from simple health screening to high end medical procedures like robotic surgery and the use of cyber knife in cancer treatments.

MHTC networks with stakeholders such as the airlines, insurance companies, travel agencies and health facilities for seamless medical travel experience for medical tourists.

All private healthcare facilities are required to be licensed under the Private Healthcare Facilities and Services Act 1998 and Private Healthcare and Services Regulations 2006. Many of the hospitals are accredited by either the National or International Bodies, recognised by the International Society for Quality in Healthcare (ISQua). Examples are the Malaysian Society for Quality in Health (MSQH) Standards, Joint Commission International (JCI) Hospital Accreditation Standards. 

Malaysia has gained popularity as a medical tourism destination of choice in the region as there was a significant increase of medical tourists coming to Malaysia for the last 3 years.

Malaysia received 392,000 healthcare travellers in 2010 and 671,000 in 2012, an accumulated growth rate of 63%

The competitive edge of Malaysia is that medical tourism industry is highly regulated by the government to ensure that foreign patients get quality and safe care. Apart from this, Malaysia also offers affordable pricing where the prices of procedures are capped and the same price applies to all medical tourists coming to Malaysia without discrimination.

Japan is one of the top 3 countries that receive the most medical tourists after Indonesia and India.

There has been a 20% growth in Japanese patients seeking medical treatment in Malaysia from 14,937 in 2010 to 17,775 in year 2012. There is an upward trend of medical tourists also coming from the western countries and the Asia region.

 



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Generic Medicines in Malaysia

Governments, the world over, are encouraging the prescriptions of generics in order to contain healthcare cost. In general, generics are normally priced lower than the innovator or proprietary brands. They could range from 80% to the lower percentile of 30% or less.

In order to move forward to ensure that the quality of the generics are not being compromised against the innovators', bioequivalent (BE) studies are now a prerequisite by the respective Health Authorities. Pharmacoeconomics must also be part of the evaluation as the "lowest priced drugs may not be the most cost effective". It must also be highlighted that there are other costs of healthcare that must be considered when dispensing generics as nursing and hospitalisation costs and loss of productivity of the patient if the recovery takes longer than necessary.

In Malaysia, a recent Study conducted by Assoc Prof Dr Mohamed Azmi Ahmad Hassali, School of Pharmaceutical Sciences, Universiti Sains Malaysia, Penang, which I quote: "had shown that by opting for generic medicines rather than branded ones, consumers can save up to 90 per cent of the cost for medication. Currently, many blockbuster drugs used to treat chronic diseases are available as generics because their patents have ended".

Many doctors, including the public, in general, have the perception that generic medicines are only meant for poor countries and are of poor quality. From surveys done across the globe, even in developed countries, more than 80 per cent of generics are being prescribed such as in the United States, Britain, Germany and France.

According to  Dr Azmi, " ... the challenge is to change the mindset of medical practitioners, especially in the private sector towards the use of generic medicines. A study conducted among private practitioners in Perak found that the majority of the doctors surveyed, 58 per cent of the 105 physicians, doubted the efficacy and quality of generic medicines".

"In Malaysia, the use of generic medicines is mandated in the National Medicine Policy and the Health Ministry is taking proactive steps in encouraging its wider use. The Health Ministry, through its Pharmaceutical Services Division, had taken a bold step by launching the Generic Medicines Awareness Programme (GMAP) road-shows nationwide to engage doctors in the public and private sectors".

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National Medicines Policy 2013 - 2017

Having just participated in the workshop for the Malaysian National Medicines Policy (MNMP) or  DUNas (Dasar Ubat Nasional) in Bahasa Malaysia for short, it is to be highlighted that there are 5 components to this 2nd Edition of the Policy which covers the years 2013 to 2017.

The 5 components are 1) Governance in Medicines 2) Quality, Safety & Efficacy of Medicines 3.1) Access to Medicines 3.2) Affordability of Medicines 4) Quality Use of Medicines 5) Partnership and Collaboration for the Healthcare Industry.

Basically this National Policy is to encourage and ensure the successful and healthy development of the domestic Pharmaceutical Industry and to encourage exports to the global markets. It will also ensure that all Malaysians will be able to access to quality, safe and efficacious essential medicines at affordable prices, and, with informed choices.

The workshop, was conducted "off-site", over a period of 4 days and 3 nights, away from the hustle and bustle of city life. This is to facilitate quality output in the designing of the implementation plans.

The workshop brought together all the relevant healthcare stakeholders to explore, accelerate, enable and facilitate this national agenda. This workshop, driven by the Ministry of Health is in addition to the effort and activities under the NKEA program under the auspices of the PEMANDU unit in the Prime Minister's department.

I believe Malaysia has the talent, resources, skill, knowledge and technology know-how to transform and drive towards realising this Policy. The critical success factors are in the implementation and with the support of all parties.








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Dentists Shortage?

Malaysia is still in need of more than 5,000 dentists in order to achieve the desired ratio.

Health Minister Datuk Seri Dr S. Subramaniam said currently the country has 4,558 dentists and of that figure 58% of them were serving at government hospitals and clinics.

“The current ratio is one dentist to 6,436 residents,” Dr Subramaniam said, adding the ministry hoped to achieve the target of 1:3,000 by 2020.

Dr Subramaniam said the ministry has been working closely with universities to increase the intake of dentistry students.He said last year saw the graduation of 315 dentistry students and the number increased to 815 this year.

“And we are expecting the passing out of another 1,100 students next year,” he said at the “My Teeth My Pearl” Oral Health Carnival officiated by the Prime Minister’s wife Datin Seri Rosmah Mansor at a shopping mall here yesterday.

Dr Subramaniam said the ministry has also launched the oral health programme at 874 kindergartens, involving 17,722 children, last year.

He said there were a total of 50 dental clinics and a mobile dental unit in the country. Apart from this, dental departments have also been set up at 929 schools, 570 health clinics and 65 hospitals.
 
According to research conducted in 2005, Rosmah said, some 76.2% children have dental caries problem and each child has an average of six cavities.“This problem is worrying, but it can be prevented by taking care of oral health from infancy,” she added.

Source: theSTAR 07-10-2013

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All in the Head?

"The Company has all along the Vision of moving the Company forward. It is not right to say that we do not have the Vision!".

Many self-made successful entrepreneurs, new "start-ups" and even small to medium size Companies have their respective Corporate Visions ... BUT in their "heads". Other than a few key leaders, the rest of the staff within the Organisations are oblivious to the Vision.

Thus there is a definite disconnect between the leaders and the staff. There will be time, finance, effort, output inefficiency and  productivity against the Company's unannounced "Vision" which are only known to a few.

Thus , we observe the unconscious development of dysfunctional teams with each assuming that they are aligned in the right direction in business growth and development. Nothing is further from the truth.

To map, align, accelerate and successfully achieve business growth and development, all staff within the Company must know, understand and embrace with deliberate conscious effort to strive towards achieving the Company's Vision and Mission objectives within, if not earliest, time frame.

There will definitely be coherent and cohesive Teams which speaks the same language from the same platform, with enthusiasm and energy, driving towards achieving the objectives.

Thus, having a Vision & Mission Statement is not enough. It must be communicated to ALL levels of staff in the Organisation. Programs and activities, with the right Values, be inculcated and built into the Organisation for optimal results and a high performance culture.

Do seek professional assistance if need to.

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The cost of medical technology !

Someone sent me, through an email, which I reproduced herewith. I am sure we can all relate to ... Enjoy!

"A woman brought a very limp duck to a veterinary surgeon. As she laid her pet on the table, the vet
pulled out his stethoscope and listened to the bird's chest. After a moment or two, the vet shook his head and sadly said, "I'm sorry, your duck, Cuddles, has passed away."

The distressed woman wailed, "Are you sure?" "Yes, I am sure. Your duck is dead," replied the
vet. "How can you be so sure?" she protested. "I mean you haven't done any testing on him or anything. He might just be in a coma or something."

The vet rolled his eyes, turned around and left the room.

He returned a few minutes later with a black Labrador Retriever. As the duck's owner looked on
in amazement, the dog stood on his hind legs, put his front paws on the examination table and sniffed the duck from top to bottom. He then looked up at the vet with sad eyes and shook his head. The vet patted the dog on the head and took it out of the room.

A few minutes later he returned with a cat. The cat jumped on the table and also delicately
sniffed the bird from head to foot. The cat sat back on its haunches, shook its head, meowed softly and strolled out of the room.

The vet looked at the woman and said, "I'm sorry, but as I said, this is most definitely, 100% certifiably, a dead duck."

The vet turned to his computer terminal, hit a few keys and produced a bill, which he handed to the woman. The duck's owner, still in shock, took the bill.

"$150!" she cried, "$150 just to tell me my duck is dead!"

The vet shrugged, "I'm sorry. If you had just taken my word for it, the bill would have been $20, but with the Lab Report and the Cat Scan, it's now $150."

You know the drill..."

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