Malaysia Targeting Southeast Asia to Market Biotech Products
Aug 27, 2009
The Southeast Asian countries could be excellent markets for the Malaysian biotech products as the climatic conditions and background of diseases resemble with each other.
Fadillah Yusof, Deputy Science, Technology and Innovation Minister, said the Southeast Asian region represents a big market for biotech products manufactured in Malaysia, as reported by Bernama.
He further said that the Southeast Asian countries presented good opportunities for the Malaysian biotech as the climatic conditions and causes of diseases were almost similar, making use of antibodies to treat diseases more viable and better option.
"The climate in the United States and Europe is different and bacteria develop differently so Southeast Asian countries will become our niche market," he told.
The share of the Malaysian biotechnology industry in the total GDP is expected to reach 2.5% under the second phase of the National Biotechnology Policy between 2011 and 2015. At present, the industry's contribution stands at around 1% to GDP.
According to a research report "Asia Pacific Biotechnology Market (2008-2012)" by a leading market research firm RNCOS, the Malaysian biotech sector is expected to grow at a CAGR of nearly 14% between 2010 and 2012, making it one of the robustly expanding markets in the Asia-Pacific region.
The report further says that high potential of the biotech sector will give impetus to economic growth. The Malaysian government has shown keen interest in the development of biotech market and is taking all possible steps to make the country a leading biotech hub.
In the direction of making Malaysia a biotech hub, the government introduced the National Biotechnology Policy in 2005, and it will be implemented in three phases.
Phase one (2005-2010) targets increasing capacity and building infrastructure which include setting up of advisory and implementation councils, imparting training and providing education to workers, business development and industry creation in agricultural biotech.
Phase two (2011-2015) will be introducing lab research in the market and phase three will include globalization of the Malaysian biotech companies.
Moreover, a biotechnology park with modern infrastructure that can house at least 40 companies will be built near the KL International Airport.
A Senior Research Analyst at RNCOS said, "Biotechnology helps in social development and wealth creation by exploiting the vast natural resources and human talent. Malaysia's initiative of marketing its biotech products will give better environment and development to the country."
An All-New Media Library for the WordPress iOS App - Share your images, video, and other media with the world.
1 week ago