T&R Biofab said that it will export its medical devices to Malaysia through a supply contract with Bio Pro Services, a Malaysian medical device importer.
Under the accord, the company will supply TnR Nasal Mesh, a surgical device using a 3D printer. The device is a biodegradable scaffold used for septal correction to improve symptoms related to nasal congestion by temporarily supporting the septum to rebuild and restore the affected area.
Bio Pro Services will have exclusive sales rights for the products in Malaysia and will proceed with local licensing, distribution, and sales.
Malaysia's medical device market in 2019 was about $1.51 billion, up 2.4 percent from 2018. The Malaysian government has established a range of policies to designate, promote, and foster the medical device industry.
Malaysia has a weak medical device industry structure compared to demand, and the field relies heavily on imports. The company expects that the country will become an important market.
With the contract, T&R Biofab's exports its product to five Asian countries, including Vietnam, Thailand, the Philippines, and Taiwan.
"We are proving our technology and competitiveness in various countries based on the excellent quality and function of our products," T&R Biofab CEO Yun Won-soo said. "We will gradually strengthen the marketability of 3D bioprinting medical devices through a continuous global market expansion strategy."
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