Biotech To Drive Knowledge-based Economy

From Jailani Hasan

RANAU, (Bernama) -- Biotechnology has been identified as an integral part of Malaysia's plan to accelerate the nation's transformation into an innovation-driven, knowledge-based economy, said Minister of Science, Technology and Innovation Datuk Dr Ewon Ebin.

Photo Credit:insightsabah.gov

He said the government had implemented the Bioeconomy Transformation Programme or BTP in its efforts to enhance and complement the National Biotechnology Policy.

"Through the BTP, the Malaysian government and leading industry players will work in tandem to set national goals for the application of biotechnology in agricultural production, industrial manufacturing and human health, put in place the structural conditions required and develop the necessary mechanisms to ensure that policy can flexibly adapt to new opportunities," he told Bernama here today.

He said through the implementation of 20 trigger projects, the BTP is set to maximise the undiscovered potential of the country's economy, placing Malaysia within the global biotechnology market projected at around USD$321 billion by 2015.

The minister said the OECD estimates the bioeconomy will contribute a global average of 2.7 per cent to GDP, add 10 to 14 new drugs per year over the next five years and be responsible for 10 per cent of chemical production by 2030.

"It has been cited quite often by biotechnology industry players during industry dialogues and engagements that the lack of funding support is one of the main reasons holding them back from developing and expanding their business further.

"For the industry to develop to a more advanced level, the involvement of private funding and investment is one key success factor," he said, adding the government will continue to play a lead role in facilitating an enabling environment for biotechnology to thrive in Malaysia.

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