The Malaysian government is boosting its biotechnology sector by introducing privileges for biotech companies. It has set up a venture capital fund for promoting investments in the country. Companies getting the Bionexus status would be eligible for privileges mentioned in the nine point Bionexus Bill of Guarantee.
Under the privileges companies would be getting freedom of ownership, access to shared lab and production facilities and a ten year tax exemption on company profits. This status is meant to boost the development of the biotechnology sector in the country.
Biotechnology is regarded as being in infancy in Southeast Asia and these funds would enable investors to gain knowledge in the biotechnology business. The country is regarding the capital fund, Bionexus and Inno Biologics manufacturing facility as the foundation for development of Malaysian biotechnology industry.
