Fu Yu Corp doubles down on biomedical bet

PRECISION plastic parts manufacturer Fu Yu Corp aims to increase sales from its biomedical segment to more than half of the group’s revenue within the next three to five years, up from the current 3 per cent, supported by the launch of its smart factory and new product design capabilities.

“The 3 per cent is evidence that it’s there,” said group chief executive officer David Seow. “We haven’t moved the needle yet, because for some of the capabilities that we’ve got since last year, it takes time. But the signs are there.”

The global biomedical devices market reportedly reached about US$600 billion in 2023, and is expected to grow 6 to 7 per cent annually, Seow said. It is “clearly a sunrise industry”, compared with Fu Yu’s other sectors, such as printing and imaging, consumer, automotive, and medical (where it produces casings), he added.