News Straits Times Press, 24 July 2006

Malaysian PM to launch biotech hub Aug 17

By Zaidi Isham Ismail
xydee@nstp.com.my

MALAYSIA'S biotechnology sector is set to receive a boost with the launch of BioNexus on August 17 by Prime Minister Datuk Seri Abdullah Ahmad Badawi.

BioNexus is a renewed initiative by the Government from what was previously called the BioValley. It is a dedicated hub to bolster Malaysia's lucrative biotechnology sector.

During the launch, the Prime Minister is expected to outline all sorts of goodies and guidelines for aspiring and existing biotechnology firms, both local and foreign, such as tax incentives, research and developmet (R&D) grants and loan financing.

He is also expected to chair the National Biotechnology Implementation Council meeting and launch Malaysia's first full-fledged biotechnology firm Inno Biologics Sdn Bhd, which is indirectly owned by Minister of Finance Inc.

The world's biotechnology sector, comprising of pharmaceutical, industrial science and agriculture sub-sectors, is expected to value at over US$1 trillion (RM3.68 trillion) by 2015.

Today, American firms account for 70 per cent of the world's top biotechnology firms.

BioNexus concept is almost similar to that of the successful Multimedia Super Corridor (MSC), which is a hub for information, communication and telecommunication (ICT) companies in Malaysia.

However, BioNexus is not just about grouping a cluster of biotechnology firms to one area, but it hopes to bring together the best brains from global universities, R&D organisations, government agencies and private firms in one marketplace, linking them together such as via the Internet.