KUALA LUMPUR, 10 APRIL 2011 - A partnership between analyst firm Frost & Sullivan GIC Malaysia and the Malaysian Scientific Association [MSA] will help develop the scientific community in Malaysia.
During the signing of a memorandum of understanding (MoU), Frost & Sullivan Malaysia country head, Gopal R, said the two organisations would collaborate on business research as well as consult on science and technology with especial interest in the biotechnology sector. "We are honoured to be able to work together with the MSA, a leading professional science and technology non-government organisation established since 1955."
"We are very excited to be working together with Frost & Sullivan, an internationally reputed consulting company," said MSA president, Datuk Dr. Mohinder Singh. "This partnership is an ideal opportunity for MSA to highlight and offer the expertise of its pool of scientists for the benefit of industry and humanity."
Frost & Sullivan global vice president, pharmaceutical and biotechnology division, Rhenu Bhuller said innovation in science and technology would form an important base for a developed nation. "As the biotechnology industry requires strong expertise across different areas from research and development to sales and marketing, it is important to ensure that the sector has good talent. We hope that this collaboration will provide a network of experts that the industry could draw on."
"The biotechnology market takes a longer period to mature due to detailed processes and standards to be fulfilled," said Bhuller. "Countries like US & EU lead the industry with vast experience of more than three to four decades. For example, in California alone, there are about 2,000 companies, and a workforce of close to 300,000 dedicated to the industry. South Korea has 800 companies with a workforce of 63,000."
"The biotechnology industry in Malaysia today consists of about 200 companies, and a workforce of about 5,000, with revenues expected to grow at a compound annual growth rate (CAGR) of 15 per cent between 2009 and 2013," she said. "Healthcare revenues in the biotechnology sector will see the revenues and growth with a CAGR of 20 per cent (2009-2013), followed by agricultural biotechnology at 15 per cent and industrial biotechnology at 10 per cent."
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