Kuala Lumpur, 8 December 2016 – Seven BioNexus Status companies have successfully commercialised a total of 11 local research and development (R&D) bio-based products under the Malaysia Commercialisation Year 2016 (MCY ‘16) platform, with facilitation by Bioeconomy Corporation. The products commercialised by Bio Tree Biotechnology Sdn Bhd, Tropical Bioessence Sdn Bhd, Furley Bioextracts Sdn Bhd, Persona Kosmetik Sdn Bhd, Ligno Biotech Sdn Bhd, Algaetech International Sdn Bhd and Proliv Life Sciences Sdn Bhd are part of the 150 local R&D products commercialised under MCY ’16 and fall under the nutraceutical and cosmeceutical as well as health and medical sectors. Ligno Biotech won the consolation prize in MCY’s Commercial Deal Award for their product TIGERUS® TIGGY Cocoa Chewable Tablets, while Furley Bioextracts won the consolation prize for their product FemMist in the Researcher Entrepreneur Award category.
Acting Chief Executive Officer of Bioeconomy Corporation, Tuan Syed Agil Syed Hashim said that the achievement signifies the organisation’s commitment in driving BioNexus Status companies to mobilise bio-based products as sources of new economic growth for Malaysia.
“MCY ’16 provides the impetus for us to push the BioNexus Status companies in bringing their innovative R&D products to both local and international markets. We are glad to see that Bioeconomy Corporation’s entrepreneurship programmes have strengthened the commercial potential of the BioNexus Status companies and enhanced their competitiveness towards broadening their market reach. We hope to inspire more BioNexus Status companies to generate a higher number of market-driven products in the future and contribute towards increasing the commercialisation rate of Malaysia’s R&D innovations,” he said during a press conference at MCY ‘16 here today.
Syed Agil added that Bioeconomy Corporation will continue to support and nurture the BioNexus Status companies in commercialising their R&D products, which is critical in generating revenues for Malaysia’s bio-based industry. The BioNexus Status companies recorded revenues of RM822.7 million from the first two quarters of 2016, a 7% increase compared to the first two quarters of 2015 (RM764 million).
Furthermore, the corporation is also looking to foster the development of entrepreneurship in the bio-based industry through Global Entrepreneurship Community 2016 (GEC), which is held concurrently with MCY ’16. As part of GEC’s biotechnology cluster, Bioeconomy Corporation is assisting to strengthen and nurture entrepreneurs in transforming the sector and allowing for better outcome of new market-driven innovations through a cluster lab. Focusing on development of the R&D&C ecosystem and bio-based areas of agriculture, industrial and medical sectors, the biotechnology cluster lab allows Bioeconomy Corporation to exchange ideas and harness key strengths with entrepreneurs as well as industry players in solving real industry problems and further advance Malaysia’s bio-based industry.