I have a son wanting to do medicine and here are my thought on IMU-PMS.
1. By having the clinical year done in '1st World", it's recognized by Singapore. By the same token, because Penang MC's clinical isn't being done in Ireland, it's not recognized. Based on definition posted on official Singapore website.
2. While IMU-PMS route is still cheaper than having the entire course done in UK, the cost is not as great as you might expect. Reasons being
a) You do 2.5 yrs Pre-Clinical in IMU whereas it's only 2 yrs overseas. The extra 1/2 yr negates part of the IMU saving.
b) All the really expensive part of the course aka Clinical are all done in UK anyway.
c) Doing part time work in KL pays you peanut. Doing the same part time work in UK can have significant contribution towards your cost.
Roughly speaking, the differences between doing the entire cost in UK (cheaper place like Leeds ) vs IMU-PMS is not more than RM 80- 90K spread over 5 years. And part of that can be covered by working part time in UK. The pay in UK is about £5/hr or RM6.3. Do your own math.
Of course, if you wanted to study at Imperial (fees are ~ RM70K/yr more expensive than other UK med school) and staying in London, the above calculation fly out of the window.
Even if you graduate with IMU-PMS degree (overseas degree), SMC will not grant you immediate registration. They will assess the program if required. Click Source for more info.
Australia is a good choice as the fees are cheaper than UK.
And being a doctor is not about money. It should be the last thing in your list of "why do you wan to be a doctor" reasons