Bioeconomy Corp to commercialise up to 10 products

KUALA LUMPUR: Malaysian Bioeconomy Development Corporation Sdn Bhd (Bioeconomy Corp) is expected to commercialise five to 10 new research and development (R&D) products by year-end.

Bioeconomy Corp Acting chief executive officer Syed Agil Syed Hashim said the products would range from natural products to foods and beverages, as well as wellness items.

Under the Malaysia Commercialisation Year 2016, Bioeconomy Corp has contributed 11 products, he said after the launch of a range of products produced by Persona Kosmetik, a brand under Clara International Beauty Group, here yesterday.

Bioeconomy Corp, an unit under the Ministry of Science, Technology and Innovation ( Mosti), was formerly known as BiotechCorp.

Mosti has set a target of 360 new globally competitive products for commercialisation by 2020, with the shared Key Performance Indicator involves commitment from each agency engaged in R& D and technology development. Syed Agil said Bioeconomy Corp’s role was to strengthen and support BioNexus Status companies like Persona Kosmetik to become home-grown bio-based champions.

As at December 2016, Bioeconomy Corp had nurtured 278 BioNexus Status companies, of which 53 act as anchor companies in Bioeconomy Corp’s Bioeconomy Transformation Programme that focuses on sustainable, biobased developmental projects, he added.

“The 53 BioNexus Status companies had generated RM555 million in revenue and recorded RM532 million worth of realised investments, as at end of 2016.

“This highlights the great impact that bio-based companies can have in the cosmetics industry,” he said.

Syed Agil said Persona Kosmetik had also taken part in Bioeconomy Corp’s entrepreneurship programmes over the years, including the BioNext programme.

“Through a collaboration with SME Corporation Malaysia, the BioNext Programme is one of our initiatives to intensify commercialisation of bio-based companies towards creating global champions,” he said.

It is offered to high- potential BioNexus Status companies, particularly small and medium enterprises involved in the natural products sector.

Through a targeted approach, he said the programme was designed to nurture 20 selected companies this year to enhance their commercial potential and competitiveness towards broadening their global market reach. — Bernama