SYDNEY, Aug. 25 /PRNewswire/ -- Malaysia's plans for its biotechnology sector remain ambitious even with the recent global meltdown. By 2020 the government envisages this sector will employ up to 160,000 people and will contribute to 5% of Malaysia's GDP.
The current economic crisis and it's impact on the Malaysian economy has highlighted the need for Malaysia to focus on the development of a sector that is diverse and downturn resilient like the biotechnology sector, that can help support an economy during economic downturns. The rich biodiversity, multi-ethnic population, lower cost, regulatory support and financial incentives, such as tax incentives and funding schemes, are Malaysia's favorable attributes in promoting the country as a biotechnology hub.
"The biotechnology industry in Malaysia is expected to grow by revenue at an average rate of 15 percent per year (CAGR). Healthcare revenue will experience the highest growth with CAGR of 20 percent, followed by agriculture 15 percent and industrial 10 percent. By the year 2013 the industry is expected to generate RM45 Billion in revenue," says Frost & Sullivan's Global Vice President for Pharmaceuticals, Ms. Rhenu Bhuller.
Biotechnology is expected to drive the economic corridors in further developing the healthcare sector. Malaysia has launched 5 Regional Economic Growth Corridors; i.e.: the Northern Corridor Economic Region (NCER), East Coast Economic Region (ECER), Sarawak Corridor of Renewable Energy (SCORE), Sabah Development Corridor (SDC) and Iskandar Malaysia. The corridors aim to encourage companies seeking new growth opportunities in the area of healthcare biotechnology and its i
|SOURCE Frost & Sullivan|
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