KUALA LUMPUR (July 18): The Ministry of Science, Technology and Innovation (MOSTI) is targeting RM400 million in sales over the next three years from five biotechnology products launched by BioNexus and Bio-based Accelerator (BBA) companies on Thursday.

These products include bio-fertiliser from the by-products of pulp by Nextgreen Global Bhd, prebiotic and probiotic isotonic coconut juice by Culvita, cereal drinks with purple sweet potatoes, blueberries and freeze-dried powder of fermented soybean by GoodMorning Global as well as tablets containing three types of medical mushroom extracts by Ganofarm.

Its Minister, Chang Lih Kang, said the launch of these products would boost biotechnology companies while stimulating the nation’s economy, and hoped that more of such products would enter the country's markets.

"We hope that more companies will work with the Malaysian Bioeconomy Development Corporation Sdn Bhd and leverage the 2024 National Exhibition and Conference (NBiOSHOWCASE 2024) as a platform to expand their access to domestic and international markets," he told reporters after the document exchange and product launch ceremony at NBiOSHOWCASE 2024 here on Thursday.

Chang also witnessed the exchange of five cooperation documents between the biotechnology industry players at the ceremony and urged the companies to work together through a quintuple helix approach to ensure that the country remains competitive globally while enhancing local technology capacity.

"This approach involves close cooperation among the government, industry, academia and civil society, by focusing on environmental protection to drive the country's biotechnology-based economic growth.

"I believe we are on the right track to the goal of the National Biotechnology Policy 2.0, which is to develop 30 per cent of BioNexus status companies globally and the remaining 70% locally," he said.

He added that to date, 16 biotech companies were listed on the stock exchanges of Malaysia, Taiwan, Nasdaq, Hong Kong and Australia.

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