September,12,2007

Manipal to invest in Malaysia
By Zaidi Isham Ismail bt@nstp.com.my

THE Manipal Education and Medical Group International of India, Asia's largest healthcare management group, is coming to Malaysia next month.

It will set up its first hospital in Penang and a stem cell research and development centre in Bukit Jalil Technology Park.

Malaysian Biotechnology Corp Sdn Bhd chief executive officer Datuk Iskandar Mizal Mahmood said the group will invest an initial US$5 million (RM17.6 million) for phase one and subsequent investments for the later phases will depend on the requirements at that time.

"Science, Technology and Innovation Minister Datuk Seri Dr Jamaluddin Jarjis will be officiating at the ground breaking ceremony on October 17," Iskandar told reporters in Kuala Lumpur yesterday after launching a biotechnology entrepreneurship conference.

Iskandar said the business deal was a result of a memorandum of understanding (MOU) signed during BIO 2007, the world's largest annual biotechnology convention and exhibition held in Boston, the US, in May.

The Malaysian delegation to BIO 2007 was led by Deputy Prime Minister Datuk Seri Najib Razak. Under the MOU, a Manipal Group subsidiary will be established in Malaysia to spearhead stem-cell research.

The deal follows a deal forged last month between the Malaysian government and US biotechnology firm Actis Biologics Inc which will invest as much as US$400 million (RM1.41 billion) to set up operations in Malacca.

Malaysia wants to become a regional biotechnology hub to get a slice of the lucrative market. The world's 5,000 biotech firms, of which 70 per cent are in the US, are forecast to make over US$1 trillion (RM3.52 trillion) of revenue by 2015.

The Manipal Group of companies, named after a university town in southern India, is a major financial and industrial group managing 11 hospitals, eight teaching hospitals, seven rural maternity and child welfare homes and also has activities spread over financial services and manufacturing.

The Manipal Healthcare Group owns internationally renowned hospitals such as the Manipal Hospital in Bangalore and Kasturba Hospital in Manipal.

Manipal is also a centre of academic learning, comprising two universities, 24 professional colleges, affiliated institutes and numerous primary and high schools with 70,000 graduate students.

It is also home to Syndicate Bank, a leading bank in India and hi-tech industries like Manipal Dot Net and the Karnataka Microelectronics Design Centre.