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