Malaysia Biotechnology Alliance of Research Centre to be set up to empower biotechnology ecosystem - PM Ismail Sabri

KUALA LUMPUR: The government will set up a Malaysia Biotechnology Alliance of Research Centre which aims, among others, to determine the strategic direction and empower the biotechnology ecosystem towards a significant return on value (RoV), common good and people's wellbeing.

Prime Minister Datuk Seri Ismail Sabri Yaakob said the alliance which will involve all institutions and biotechnology-based research institutes would also have an expert advisory body to steer the national agenda in a more focused way based on the country's strengths.

This includes taking an in-depth look at the richness of the country's biodiversity that could empower the three biotechnology sectors as enshrined in the National Biotechnology Policy 2.0 (DBN 2.0).

"Apart from that, MOSTI (Ministry of Science, Technology and Innovation) through the Malaysia Science Endowment will collaborate with industry players, local and international bodies to create an alternative biotechnology fund," he said at the launch of DBN 2.0 at the Kuala Lumpur World Trade Centre here today.

Meanwhile, Ismail also called on all quarters to play a more active role in strengthening and empowering the country's biotechnology ecosystem in line with the transformation of strategy and policy governance identified in DBN 2.0.

He said the Malaysian Bioeconomu Development Corporation Sdn Bhd should act as an industry facilitator and improve the Bionexus Bill of Guarantees which includes the privileges of Bionexus status so as to be more competitive at the global level and capable of offering attractive incentives.

"Local venture capital (VC) companies, as well as government-linked companies, are also encouraged to invest in local biotechnology companies to ensure the growth and development of the country's biotechnology can penetrate the international market.

"Commercial banks are also requested to facilitate financing for local biotechnology companies that are competitive, including by taking into account the value of intellectual property rights as a valuable asset," he said.

At the event, Ismail Sabri also announced an allocation of RM5 million for the Bio-based Accelerator (BBA) programme to boost the development of local companies in the biotechnology industry.

The Prime Minister also announced a RM2 million allocation for the organising of 2023 BioMalaysia and hoped that event will be held successfully with the participation of industry players, as well as local and foreign investors.

-- BERNAMA