With increasing R&D and boom in the biotech sector, Malaysian govt. is all set to encourage the development of this sector.
Malaysian govt. will encourage biotech firms to expand in the country through proper R&D, said Mr. Minister Datuk Seri Abdullah Ahmad Badawi, Prime Minister of Malaysia.
Under 9th Malaysia Plan, govt. has allocated US $ 570 million for R&D & industry development in biotech & life sciences. More emphasis will be put on commercialization, PM said.
Malaysian Life Sciences Capital fund worth US$150 million, established this year, is ready to help local biotech firms, he said.
"There are challenges & obstacles, but with determination & obstacles these can be overcome. Malaysia's potential in biotechnology is still below compared to other countries but seeing the high & quality participation in Bio Malaysia 2006", the PM said, "I'm confident that the things will improve. There is still a lot of scope of improvement like developing human capital & strengthening Malaysia's innovation capacity."
With globalization of Malaysia, it needs to address the issue of technology transfer. Majority of biotech research is conducted by private sector & the relevant data & information are not available publicly. Thus, transfer of technology is seen a key threat since nation is presently quite behind in terms of infrastructure, financial support & expertise. It therefore, comes as a major challenge for Malaysia to have more expertise & capability in biotech, as it looks forward to globalization.
"Enhanced efficiency, productivity, competitiveness & productivity will be the key factors in determining success of Malaysian biotech industry. Biotech & other advanced technologies will be the keys to transfer Malaysian economy to a knowledge-based economy", said an analyst at RNCOS.
Related Market Research Reports:
Asia Pacific Biotechnology Market (2008-2012)
Booming Biotech Market in India
Asia Pacific Biotechnology Market (2007-2010)
