KUALA LUMPUR, July 31 (Bernama) — Malaysian Biotechnology Corp (BiotechCorp) is bullish that the 224 BioNexus companies will post a collective revenue of over RM3 billion by the end of Phase 2 of its National Biotechnology Policy in 2015.
BioNexus Development Division Senior Vice-President Adrian Abdul Ghani said there were major improvements in the local industry this year and BiotechCorp was confident the collective revenue of these BioNexus companies would surpass its 2013 target of RM2 billion.
“BioNexus companies range from startups to matured companies, and within the years, we have seen an increasing amount of companies gradually moving up the chain from micro small-and-medium enterprises (SME) to small SMEs and also medium SMEs.
“This was reflected in the higher revenue of close to RM2 billion achieved last year,” he told a press conference on the forthcoming BioMalaysia and BioEconomy Asia Pacific 2013 conference and exhibition here Wednesday.
The event would be held on Oct 21-23 at the Persada Johor International Convention Centre in Johor Baharu.
Adrian highlighted that BiotechCorp had given the BioNexus status to 12 companies this year and there were several other companies that were in the being in the process of attaining the status.
Meanwhile, with funding allocation for local biotechnology startups by financial institutions still lacking, Malaysia Debt Ventures Bhd (MDV) has taken the initiative to come to the rescue of these companies.
Its Corporate Planning and Communications Vice-President, Amiruddin Kemat, said for the past five years, MDV funded 33 projects worth over RM350 million.
“Judging from the growth of the biomass and bioenergy segments, we are optimistic that the total approved projects in the sector can reach RM500 million by 2015,” he added.