Malaysia Welcomes US Biotechnology Firms
Posted on: Thursday, 4 November 2004, 21:00 CST
MALAYSIA has the potential to house US biotechnology companies' offshore
base to develop medicine.
Science, Technology and Innovation Minister Datuk Dr Jamaludin Mohd
Jarjis said Malaysia offers a reasonably lower operating cost for the
purpose.
He said the cost to develop medicinal drugs can run up to between
US$500 million (US$1 = RM3.80) and US$1 billion when it eventually
receives the US Food and Drug Administration's (FDA) approval.
The FDA is a US authority which approves medicine fit for consumption.
"Pre-clinical trials like animal testing can be carried out here at
lower costs," Jamaludin said in Kuala Lumpur after witnessing a twinning
agreement signing ceremony between TPM Academy and US-based California
State Polytechnics University (CalPoly) yesterday.
Jamaludin also said that Malaysia could be a platform for these
biotechnology companies to make and retail their medicine on a commercial
basis within the Asia-Pacific market.
"Malaysia has one of the largest reservoirs of biodiversity assets in
the world that has yet to be tapped.
"Through joint researches with CalPoly, new drugs can be developed and
benchmarked against Asian standards in Malaysia.
"After the animal testing and clinical trials, the drugs can then be
sent for FDA's approval, and this should be a much affordable way of
making medicine," he said.
Source: Business Times; Kuala Lumpur
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