Business Today, June 27, 2008
Biotech to Contribute
5% to GDP by 2020
Malaysian Biotechnology Corporation (BiotechCorp)
has embarked on its Biotechnology Entrepreneurship
Special Training (BeST) Programme, with the aim of
helping the industry contribute 5% to the nation’s
gross domestic product (GDP) by 2020.
According to Datuk Iskandar Mizal Mahmood, CEO of
BiotechCorp, the industry has already contributed
RM1.3 bilion to the GDP from the investment
standpoint, which was less than one percent.
“But moving forward, the industry will grow further
and by 2020, we are on track to achieve the 5% as
and when the BeST programme develops more human
capital,” he says.
So far, the BeST programme saw 154 of the 206
graduates obtained placements with BioNexus
companies, multinational companies, local companies
and research institutes, while the remaining 52
managed to secure employment.
As it is, the industry is now booming, with record
numbers and all-time highs in revenue, venture
financing and value of deals. What makes it more
remarkable is having the US biotechnology market,
for the first time in history, cross the US$80
billion (RM248 billion) revenue threshold last year.
“Also in the Asia Pacific, industry revenue grew by
21%, mainly from strong performances out of India,
China and Australia,” Iskandar adds.
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