CHICAGO, April 10 /PRNewswire/ -- The Malaysian Biotechnology Corporation (Biotech Corp.) is attending the 2006 Biotech Industry Organization annual conference in Chicago to secure collaborative opportunities with key U.S. biotechnology companies for Malaysian companies.
The Government of Malaysia has identified three key economic sectors to be given priority -- agriculture, healthcare and industry. All biotechnology-related initiatives will concentrate on these sectors for the foreseeable future.
Malaysia’s vast biodiversity, including the world’s oldest rainforests, unique and assorted sea life and the astounding coastal mangroves presents great opportunities for scientists to conduct research for new medical cures for ailments like cancer, AIDS and multiple sclerosis.
As more modern pathogens make their presence felt in modern society it is patently obvious that the means to combat them are locked in Mother Nature’s vast treasure trove.
“Malaysia will become increasingly attractive to U.S. firms, as the country develops into a diversified biotechnology hub,” said Malaysian Biotechnology Corporation CEO Iskandar Mizal Mahmood.
He said Malaysia’s strong industrial background, particularly in manufacturing and the knowledge economy, is a vital advantage in attracting biotech companies to offer distinct value in the area of contract manufacturing and contract research operations.
In addition to this, Malaysia also has a track record in the vaccine production, clinical trials, diagnostic and agro-biotechnology arenas. Investors will find a wide range of opportunities in Malaysia.
Mahmood told investors that customized incentive packages can be developed to suit individual business demands of biotechnology companies as the country is aware of the dynamism and complexity of the sector.
“Key assets are in place. Biotech Corp will play a major role to help coordinate and guide the seamless integration of these assets into the global biotech value chain,” Mahmood said.
“BIO is the world’s largest biotechnology networking opportunity and we are showcasing several innovative Malaysian biotech companies like Inno Biologics, Synamatix and Alpha Biologics,” he added.
Other important Malaysian participants at BIO are Malaysian Technical Development Corporation, Progenix, Malaysian Bio Diagnostic Research, Golden Hope, Invest Penang, Malaysian Agriculture High Tech and Kulim Hi-Tech Park.
The Asia Pacific biotech market according to Data Monitor Research is expected to grow at a compounded annual rate of 8.9 percent from 2004-2009.
The Government of Malaysia recently allocated more than US$500 million in its five-year master plan (2006-2010) to boost the country’s capabilities in biotech research and development, improve funding mechanisms and increase the number of skilled biotechnology workers and researchers.
This allocation is designed to complement private sector funding in biotechnology as the industry sets to be a new driver of economic growth for Malaysia.
The 2006 BIO conference is a key target audience for Biotech Corp. Malaysia is showing its commitment in driving foreign investment into the country by boosting its biotech hub by offering U.S. biotech companies incentives, such as tax breaks and matching grants, to help support research and development and commercialization activities.
“With the oldest rainforest in the world -- that includes more 182,000 species of fauna and flora -- U.S. biotech firms have the opportunity to work in an optimal environmental locale, within a strategic gateway to Asia,” added Mahmood.
The Malaysian Biotechnology Corporation -- part of Malaysia’s efforts to attract biotechnology business from other countries, specifically the United States -- was officially unveiled by the Malaysian Prime Minister Abdullah Ahmad Badawi in April 2005.
Under Malaysia’s National Biotechnology Policy, the corporation is responsible for identifying good value propositions in both R&D and commerce, and assisting these ventures via financial support and developmental services.
About Malaysian Biotechnology Corporation
Malaysian Biotechnology Corporation was established in April 2005 to spearhead the growth of the biotechnology industry in Malaysia. Biotech Corp which comes under the purview of the Ministry of Science, Technology and Innovation, functions as a one-stop agency to liaise closely with the public and private sector stakeholders to facilitate and catalyze technology and commercial biotechnology ventures for economic benefit. Biotech Corp is a company limited by guarantee and fully funded by the Government. For further information, please visit: www.biotechcorp.com.my.
Malaysian Biotech Corporation
CONTACT: U.S. Media, Kelly Krueger, +1-415-248-3415, orkkrueger@webershandwick.com, or Malaysian Media, Sreejit Pillai,+603-20721170, or mobile, +6016 205 7114, or spillai@webershandwick.com,both of Weber Shandwick for Malaysian Biotech Corporation
Web site: http://www.biotechcorp.com.my/
