The Malaysian Biotech Corporation (BiotechCorp) says it remains focused on maintaining its bionexus companies' performance in the global market as Malaysia enters the third phase of the National Biotechnology Policy (NBP) next year. The NBP, introduced in 2005, aims to turn the biotechnology sector into one of the country's key economic drivers, with its implementation in three five-year phases. Remaining at the top is one of the biggest challenges faced by a bionexus company, BiotechCorp Board of Directors member Datuk Dr Abd Hapiz Abdullah said, adding the corporation has embarked on a monitoring and mentoring programme to help them sustain, if not grow, from their current level.
"With such programmes, every year we can see the development of our bionexus companies," he told Bernama on the sidelines of the International Bio Convention (BIO) 2015 held here on June 15-18.
The event covered topics relevant to the biotechnology industry, including healthcare, intellectual property, environmental issues and business development.
Hapiz said as having too many bionexus companies at one time is not a good idea, BiotechCorp prefers to focus on certain bionexus companies and make sure they achieve their ultimate target.
"Each of the bionexus companies we brought to BIO 2015 has its own unique specialty that we feel can be promoted and commercialised in a good way.
"So by meeting a lot of other players in the market, and with help from BiotechCorp and Larta Institute, the networking is established," he said.
As some bionexus companies tend to lose confidence if they do not meet their growth target, they should carefully study the market they plan to venture into, he said.
"Every Malaysian bionexus company must make sure that they come up with niche products, and they also have to know their own strengths," he added.
BiotechCorp Chief Operating Officer Razwin Sulairee Hasnan Termizi echoed Hapiz's views, saying the Malaysian problem is fear of failure, and giving up when things don't go their way.
"In this IT and biotechnology business, we don't punish startups. In the biotech industry, failure is the norm, but when you fall, you get up again," he said.- Bernama