KUALA LUMPUR: Biotechnology and bio-based firms are urged to step up cooperation via the Quintuple Helix strategy to make sure Malaysia stays globally aggressive.
The Quintuple Helix hyperlinks data, innovation and setting, an strategy that’s considered as being according to sustainable growth and social ecology.
Science, Know-how and Innovation Minister Chang Lih Kang stated such collaboration would improve native technological capability, thereby positioning Malaysia among the many prime 30 economies within the World Innovation Index by 2025.
Talking at a doc trade and product launch at Nationwide Bioeconomy Showcase 2024 right now and reflecting on collaborative efforts by varied events and revolutionary merchandise exhibited, Chang expressed confidence that the biotechnology sector is on monitor to realize the Nationwide Biotechnology Coverage (DBN) 2.0 targets.
Chang stated DBN 2.0 goals to develop 30% BioNexus-status firms globally and 70% regionally, the place 16 Malaysian biotechnology firms have been listed on inventory exchanges in Malaysia, Taiwan, Nasdaq, Hong Kong and Australia.
“With robust help from Mosti (the ministry) and in collaboration with its company, Malaysian Bioeconomy Growth Company (Bioeconomy Corp), efforts shall be intensified to advertise Quintuple Helix cooperation amongst biotechnology business gamers, thereby serving to extra biotechnology firms obtain success each regionally and internationally,” he stated.
The Quintuple Helix is fashioned with the cooperation of 5 sides – the federal government, academia, business, group and analysis, which seems as a strategic strategy from Mosti to enlarge the biotechnology ecosystem.
“The 5 sides talked about couldn’t work in a silo and Mosti and Bioeconomy Corp have regarded to implement the quintuple helix strategy for all sides to remain linked, in enlarging the biotechnology system,” he added..
Chang officiated the doc trade and product launch ceremony by BioNexus and Bio-based Accelerator (BBA) firms on the World Commerce Centre Kuala Lumpur yesterday.
The occasion witnessed the trade of 5 strategic collaboration paperwork and the launch of 5 biotechnology merchandise by BioNexus and BBA-status firms. A few of the merchandise have entered and a few shall be coming into the market, focusing on gross sales of practically RM400 million over the following three years.
Bioeconomy Corp CEO Mohd Khairul Fidzal Abdul Razak stated that between January and Might 2024, firms authorized underneath the BBA programme, BioNexus standing and high-impact firms generated whole income of RM1.5 billion.
“This demonstrates the excessive functionality of Malaysian biotechnology firms in driving financial growth regionally and globally. With Mosti’s help, Bioeconomy Company will proactively assist extra biotechnology firms penetrate wider markets and contribute RM2 billion to nationwide gross home product by the top of 2024.”
The strategic collaborations embody the manufacturing of the primary biofertiliser with carbon accounting by IBG Manufacturing and Xiamen College Malaysia, the development of a beauty and pharmaceutical hub by ATL Cosmetics and UM Pharmauji, a recycling and carbon avoidance undertaking by Bioloop and 99 Speedmart, healthcare options by Bioeconomy Corp and MedKad, and the launch of a biotechnology commercialisation fund programme by Bioeconomy Corp and Malaysian Industrial Growth Finance Bhd.