The adoption of Good Clinical and Good Manufacturing Practices ensure that Malaysia remains competitive as a research, development, and manufacturing destination, drawing more investments into the Biotechnology sector.

FREMONT, CA: The ever-increasing scope for development in Biotechnology has made it a hot favorite for nations that are striving to build high income-driven economies. According to reports, the Biotechnology market is expanding at +9.9 percent CAGR and is expected to exceed USD 775 billion by 2024. The Chinese Biotechnology market alone was valued at USD 29.7 billion in 2017. Due to the leap in the number of chronic diseases, innovative technologies in the sector and increasing demand for bio-agriculture products, the Chinese Biotechnology market is expected to achieve a lucrative growth rate of 10.6 percent CAGR by 2024.

Over the last eight years, Malaysia has been actively involved in strengthening its biotechnology ecosystem. By developing their local industries, they have a created a niche for themselves as a reputable Biotechnology hub of Asia. Malaysia's robust conducive environment combined with high growth potential provides multiple opportunities for the country's Biotechnology sector to develop to a fully-fledged state.

Checkout : TOP BIOTECH STARTUPS IN APAC

Strategic Advantages

The country's rich biodiversity, cost-competitive skilled labor market, excellent transportation networks ICT infrastructure, strong government support, and public-private sector participation are leveraging the growth of Biotechnology sector there. Moreover, the cost-effective nature of the markets makes the country more inviting to do business.

The adoption of Good Clinical and Good Manufacturing Practices ensure that Malaysia remains competitive as a research, development, and manufacturing destination, drawing more investments into the Biotechnology sector.

Exploring new market territories

New Biotechnology and Life Science companies looking to enter the market or companies looking to expand their market presence and sales reach, relish the Malaysian market due to the unique and developed trade linkages it proffers.

As a signatory member of the Asean's Free Trade Area (FTA) agreement along with Japan, Korea, China, and New Zealand, Malaysia provides access to a regional market of over 500 million people. Also, the Islamic roots of the country help to access 'Halal' markets, especially in the Middle East.

The BioNexus Program

With the aid of Biotech Corp, the Malaysian government launched a program where it would recognize local and international biotechnology companies that would make them eligible for financial incentives and guarantees. This program has attracted foreign investments from Australia, China, Germany, Singapore, India, UK, and the US. Over 225 companies have been awarded the BioNexus status since 2013, with an approved total investment of MR 3.2 billion.

The Commercialization Phase

After a successful capacity building phase, Malaysia now has its focus on the construction of a strong foundation to create and commercialize the science to business. As part of the next stage, companies have already begun focusing on converting R&D ideas into products and services, creating more opportunities for profit.