Leading manufacturer of analytical instruments and software Waters Corp. WAT recently opened an office in Kuala Lumpur, Malaysia, to better serve its customers in the country. Water Corp.’s long-term partner, Research Instruments Sdn. Bhd., has helped it accomplish this major transition in business.
All activities related to sales, service, support and distribution in the company’s Waters and TA Instrument division will be henceforth managed by this new office. Encouraging performance of the company’s analytical instrument business in Malaysia primarily drove its decision to launch direct operations in the country.
Notably, Waters Corp. announced that Krishna Kodoth will assume the responsibilities of general manager for its Malaysia-based subsidiary. Additionally, Jasmine Keller Ooi has been appointed as the country manager of TA Instrument division to supervise operations in Malaysia and Singapore.
According to TechNavio, a leading technology research and advisory company, Malaysia’s epidemiological profile is replete with conditions that give rise to both communicable and non-communicable diseases. This, in turn, unlocks lucrative opportunities for pharmaceutical and medical supplies companies, with the government set to increase healthcare budget for fiscal 2016.
Per the reports of Business Cycle, an editorial platform about different types of business, the Malaysian medical devices industry is ready to witness rapid growth as the government has already prioritized it for investments under Healthcare National Key Economic Area (NKEA).
As a matter of fact, Waters Corp. holds a premium portfolio of mass spectrometry and thermal analysis solutions, and has been experiencing solid growth in its pharmaceutical business, of late. Encouragingly, per the reports of Markets and Markets, the mass spectrometry market is projected to reach $7,279.1 million by 2020 from $4,919.9 in 2015, growing at a CAGR of 8.1%.
On a geographical basis, maximum growth will likely be experienced in the Asia-Pacific region. Amid this backdrop, we believe Waters Corp.’s decision to open a subsidiary in Malaysia to cater to customers in the Asia-Pacific region is judicious, as it will help it bolster its foothold in the region.
Waters Corp. currently carries a Zacks Rank #2 (Buy). Other well-ranked stocks in the sector include ICU Medical, Inc. ICUI, GW Pharmaceuticals plc GWPH and INSYS Therapeutics, Inc. INSY. All three stocks sport a Zacks Rank #1 (Strong Buy).
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