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Friday April 29, 2005

Biotech thrust : Nine-point policy includes tax breaks

BY MERGAWATI ZULFAKAR

PUTRAJAYA: Malaysia has unveiled a national policy to give impetus to its biotechnology sector, providing tax breaks to attract private investments and setting up the Malaysian Biotechnology Corporation.

The National Biotechnology Policy announced by Prime Minister Datuk Seri Abdullah Ahmad Badawi yesterday encompasses three phases – capacity building (2005-2010), creating business out of science (2011-2015) and turning Malaysia into a global player (2016-2020).

The policy spells out nine thrusts, which include transforming and enhancing the value creation of the agricultural sector through biotechnology.

It also aims to capitalise on the strengths of biodiversity for commercial discoveries in health-related natural products.

The policy will encourage growth opportunities in the application of advanced bio-processing and bio-manufacturing technologies, and build human capital in biotechnology via education and training.

The other thrusts of the policy are to:

  • APPLY competitive “lab to market” funding and incentives to promote participation by academia, the private sector and government-linked companies,

  • ENSURE the country’s regulatory framework and procedures are in line with global standards and best practices,

  • ESTABLISH a global marketing strategy to build brand recognition for Malaysian biotech products and applications, and benchmark progress; and,

  • SET up a dedicated and professional implementation agency to oversee the development of the biotech industry.

    INS Bioscience Bhd CEO Datuk David Yeat (right) showing Abdullah the wheatgrass cultivating technique developed by his company for health supplement products at the BioMalaysia 2005 exhibition in Putrajaya yesterday. At left is Minister of Science, Technology and Innovation Datuk Dr Jamaluddin Jarjis. On Yeat’s right is INS chairman Datuk Abdul Majid Khan. --STARpic by RAJA FAISAL HISHAN.
    Abdullah said the Government viewed biotechnology as one of the key drivers of the country’s development, and a means to improve the quality of life and to propel the creation of knowledge and innovation in the country.

    “Malaysia has been blessed with a wealth of resources that lend themselves to the development of biotechnology.

    “I hope you will share in my determination to make Malaysia a key player on the world’s biotech and life sciences stage.

    “We must make it our vision and shared objective to be a key contributor to the world’s store of knowledge,” Abdullah said when launching the BioMalaysia 2005 conference and showcase at the Putrajaya International Convention Centre yesterday.

    He said the Government would develop a network of centres of excellence, to be known as Bionexus Malaysia.

    The three-day conference is organised by the Ministry of Science, Technology and Innovation.

    Related stories:
    Ahmad Zaharuddin to head biotechnology corp
    Malaysia’s biotech potential

    More reports from Business:
    Nine MoUs signed at BioMalaysia 2005 conference
     Equator targets 30% growth in revenue, profit

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