Materia Medica Malaysiana

Biotech thrust : Nine-point policy includes tax breaks

PUTRAJAYA: Malaysia has unveiled a national policy to give impetus to its biotechnology sector, providing tax breaks to attract private investments and setting up the Malaysian Biotechnology Corporation.
The National Biotechnology Policy announced by Prime Minister Datuk Seri Abdullah Ahmad Badawi yesterday encompasses three phases – capacity building (2005-2010), creating business out of science (2011-2015) and turning Malaysia into a global player (2016-2020).
The policy spells out nine thrusts, which include transforming and enhancing the value creation of the agricultural sector through biotechnology.
It also aims to capitalise on the strengths of biodiversity for commercial discoveries in health-related natural products.
The policy will encourage growth opportunities in the application of advanced bio-processing and bio-manufacturing technologies, and build human capital in biotechnology via education and training.
The other thrusts of the policy are to:
# APPLY competitive “lab to market” funding and incentives to promote participation by academia, the private sector and government-linked companies,
# ENSURE the country’s regulatory framework and procedures are in line with global standards and best practices,
# ESTABLISH a global marketing strategy to build brand recognition for Malaysian biotech products and applications, and benchmark progress; and,
# SET up a dedicated and professional implementation agency to oversee the development of the biotech industry.