TOTAL investments approved by Malaysian Biotechnology Corporation Sdn Bhd (BiotechCorp) have reached more than US$5.6 billion (RM18.2 billion) since 2011, exceeding the US$2.7 billion target for 2011-2015, said Prime Minister Datuk Seri Najib Razak yesterday.
He said bio-economy has emerged as a significant contributor to Malaysia’s journey towards becoming a high-income developed nation.
“The outlook for the nation’s bio-economy is truly optimistic,” he said at the annual meeting of the Bio-economy Advisory Panel, here.
On the development of BioNexus-status companies, he said the number has grown to 241 companies from 225 last year, despite the uncertain market conditions. The 241 companies have generated US$237 million in revenue.
He said by 2020, Malaysia aims to have at least 20 global BioNexus companies.
He also said the productivity measure for BioNexus-status companies amounted to US$50,000 last year, higher than the national average for small- and medium enterprises, which stood at US$15,000.
“This denotes the vast potential of BioNexus companies and clearly underlines the impact and importance of embracing innovation and technology adoption.”
On the outcome of the advisory panel meeting, the prime minister said the government would consider including three focus areas of bioeconomy into the 11th Malaysian Plan.
The areas are cellular medicine and stem cells; bio-cosmeceuticals, wellness and pharma nutrition; and bio-based chemicals.
“Malaysia has the compelling advantages to embark on the three focus areas,” he said, adding that BiotechCorp would take the lead in developing these additional areas.
The prime minister later witnessed the exchange of documents pertaining to several agreements and collaboration initiatives involving various parties.
They were, among others, the exchange of a lease agreement between Kulim High-Tech Park and Abbott Manufacturing Malaysia Sdn Bhd to set up Abbott’s intraocular lenses manufacturing facility.
BiotechCorp, Malaysian Agricultural Research and Development Institute and Felda Global Ventures Research and Development Sdn Bhd also exchanged agreements for the utilisation of marker-assisted selection platform technology for the identification of desired oil palm traits.
BiotechCorp and Perbadanan Nasional Bhd undertook an exchange of collaboration instrument to franchise Bioshoppe.