According to some reports more than 100 firms are likely to be set up in the field of biotech research & development (R&D) by the year 2009.
Over 100 firms are likely to be set up in the field of biotech research & development (R&D) by 2009 with expected investments of US$ 137 Million, the Investment Board of Thailand said on November 28 2006.
The board said that the investments would see at least a hundred biotech firms in Thailand by 2009 as basic infrastructure, promotional & personnel privileges from the board & financial support are in place for encouraging biotechnology investments in the country.
With the investment, Thailand ministry is confident that the nation will become the core of biotechnology R&D & key biotechnology service provider in ASEAN as the science can be applied to numerous applications like healthcare, agriculture & alternative energy.
Compared to other nations, Thailand biotechnology industry has seen lesser development even though the nation has a substantial genetic resources consisting of unique animals, plants & microorganisms. Also, biotech has potential to bring enormous advantages to Thailand & maintain competitiveness in Thailand's present agricultural exports.
Modern biotech is nicely developed in majority of research institutes & universities in Thailand. The utilization of genetic technologies is getting wider & appreciated in diagnosis of animal & human diseases. However, the key challenges for Thailand biotech industry are to have adequate & effective investments in both private & public sectors R&D & ability of Thailand to commercialize its research.
A biotechnology analyst at RNCOS commented, "Thailand should determine its priorities by determining economic objectives & the way it can maximize the use of its resources. Govt. needs to support biotech R&D by funding public scientific communities & offering easy credit loan options to private sector."
He further added, "Biotech demands proper R&D which is only possible when there exists a knowledge base & broad research in various biotech applications like microbiology, biochemistry, plant breeding & molecular biology."
Related Market Research Reports:
Asia Pacific Biotechnology Market (2008-2012)
Booming Biotech Market in India
Asia Pacific Biotechnology Market (2007-2010)
