Malaysian biotech sector continues to grow as plan enters Phase 2
Interesting things continue to happen in Malaysia’s science and technology sector. The country’s biotech industry has brought in RM5.4 billion (US$1.79 billion) worth of investments and created 54,776 jobs since the National Biotech Policy (NBP) was initiated in 2005. With NBP’s second five-year phase about to begin, Malaysian Biotechnology Corp (BiotechCorp) says the sector will draw another RM9 billion ($2.99 billion) in investments and RM50 billion ($16.62 billion) in revenue. A third phase will begin in 2015.
BiotechCorp said it was happy with the progress so far, despite the totals being under Phase I targets of RM6 billion in investment and RM20 billion in revenue. CEO Iskandar Mizal Mahmood said the ratio of private to public investments was “extremely favorable”, trends were in its favor, and it had built a platform for further growth. BiotechCorp had also developed a new model focused on commercialization and capacity-building, and had lined up four foreign direct investments (FDIs) this year totaling RM4 billion ($1.33 billion).
At the close of Phase I this year, Malaysia’s biotech sector contributed 2.2% of GDP. The NBP aims to increase that to at least 4% by the end of Phase II.
source & articles: Business Times
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