KUALA LUMPUR: Biotechnology and bio-based companies are urged to step up cooperation through the Quintuple Helix approach to ensure Malaysia remains globally competitive.
The Quintuple Helix links knowledge, innovation and environment, an approach that is viewed as being in line with sustainable development and social ecology.
Science, Technology and Innovation Minister Chang Lih Kang said such collaboration would enhance local technological capacity, thereby positioning Malaysia among the top 30 economies in the Global Innovation Index by 2025.
Speaking at a document exchange and product launch at National Bioeconomy Showcase 2024 today and reflecting on collaborative efforts by various parties and innovative products exhibited, Chang expressed confidence that the biotechnology sector is on track to achieve the National Biotechnology Policy (DBN) 2.0 goals.
Chang said DBN 2.0 aims to develop 30% BioNexus-status companies globally and 70% locally, where 16 Malaysian biotechnology companies have been listed on stock exchanges in Malaysia, Taiwan, Nasdaq, Hong Kong and Australia.
“With strong support from Mosti (the ministry) and in collaboration with its agency, Malaysian Bioeconomy Development Corporation (Bioeconomy Corp), efforts will be intensified to promote Quintuple Helix cooperation among biotechnology industry players, thereby helping more biotechnology companies achieve success both locally and internationally,” he said.
The Quintuple Helix is formed with the cooperation of five sides – the government, academia, industry, community and research, which appears as a strategic approach from Mosti to enlarge the biotechnology ecosystem.
“The five sides mentioned could not work in a silo and Mosti and Bioeconomy Corp have looked to implement the quintuple helix approach for all sides to stay connected, in enlarging the biotechnology system,” he added..
Chang officiated the document exchange and product launch ceremony by BioNexus and Bio-based Accelerator (BBA) companies at the World Trade Centre Kuala Lumpur yesterday.
The event witnessed the exchange of five strategic collaboration documents and the launch of five biotechnology products by BioNexus and BBA-status companies. Some of the products have entered and some will be entering the market, targeting sales of nearly RM400 million over the next three years.
Bioeconomy Corp CEO Mohd Khairul Fidzal Abdul Razak said that between January and May 2024, companies approved under the BBA programme, BioNexus status and high-impact companies generated total revenue of RM1.5 billion.
“This demonstrates the high capability of Malaysian biotechnology companies in driving economic development locally and globally. With Mosti’s support, Bioeconomy Corporation will proactively help more biotechnology companies penetrate wider markets and contribute RM2 billion to national gross domestic product by the end of 2024.”
The strategic collaborations include the production of the first biofertiliser with carbon accounting by IBG Manufacturing and Xiamen University Malaysia, the construction of a cosmetic and pharmaceutical hub by ATL Cosmetics and UM Pharmauji, a recycling and carbon avoidance project by Bioloop and 99 Speedmart, healthcare solutions by Bioeconomy Corp and MedKad, and the launch of a biotechnology commercialisation fund programme by Bioeconomy Corp and Malaysian Industrial Development Finance Bhd.
