BiotechCorp On Track To Meet Human Capital Development Target

October 18, 2007 –Malaysian Biotechnology Corporation Sdn Bhd (BiotechCorp) is on track to meet its human capital development target of training up to 240 entrepreneurs and biotechnology companies in the next three years. Of that, a realistic target is expected to accomplish successful ventures.

BiotechCorp Chief Executive Officer YBhg Dato’ Iskandar Mizal Mahmood said as the prime enabler of the industry, BiotechCorp has continued to strengthen its contribution in developing human capital in biotechnology.

“What we will be announcing today will take us further in that direction. We are pleased to announce the Global Bio-Entrepreneurship Programme, or “QB3”.

“QB3 is a collaboration with the California Institute for Quantitative Biomedical Research for research, human capital and bio-entrepreneurship development.

“At its core, QB3 will provide a content rich training programme enabling participants to strengthen existing capabilities in life sciences, entrepreneurship and venture financing in the biotechnology sector,” he said.

BiotechCorp had on December 6, 2006 signed an agreement with the QB3 to collaborate in research, human capital and bio-entrepreneurship development.

On the growth of biotechnology, Iskandar said Malaysia is on the right trajectory.

“The world’s biotech industry is enjoying a double digit growth including Malaysia – but these are early days yet. Later, as the country’s biotech capability matures, the total investment expected is huge.

“As it is, from only 39 BioNexus companies, the total investment has reached RM1 billion and the number of BioNexus companies is to increase to 50 by year end,” he said.

Recently, Ernst & Young reported that there was a 42 per cent jump in capital raised by global biotechnology companies in 2006, totalling US$27.9 billion. Venture capital investments in the sector reached an all-time high of US$5.4 billion.

“It is expected that biotechnology will create some 280,000 jobs and contribute five percent to Malaysia’s GDP by 2020. Additionally, there is an allocation of some RM 23 billion to fuel the education system between 2006 and 2010, which will help with human capital development in this sector,” Dato’ Iskandar added.

BiotechCorp had earlier this month announced its first Mentoring Executive-In-Residence (EIR) programme. The first Global Bio Entrepreneurship Course is jointly organised by BiotechCorp and the California Institute for Quantitative Biomedical Research.

Participants of the Global Bio Entrepreneurship Course will leave for the United States on October 20, 2007. Among the participants include representatives from BioNexus companies, research universities, key government agencies, institutions supporting the development of entrepreneurs, SMEs as well as PLCs investing in biotechnology.

Together they will learn from the course speakers and other international participants of the various models being implemented in the US and around the world.

QB3 will also provide participants with a content-rich overview of the life sciences industry, entrepreneurship and venture financing, incorporating cases and projects that will build the skills and expertise of participants to become leaders in their fields.

Participants will also have the opportunity to learn from well-known names in the industry, academia and venture capital including Steve Burrill of Burrill & Co., Dr. Glenn Rice, founder and past CEO of Bridge Pharmaceuticals Inc and Dr Ge Li, founder and CEO of Wu Xi Pharma Tech.

The collaboration with QB3 will be important in expanding Malaysia’s pool of scientific talents and will help achieve Malaysia’s goal of bringing scientific research into the marketplace.