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The global biotechnology market is expected to grow to nearly four times that of 2020 by 2030, with a compound annual growth rate of 16.7% in the Asia-Pacific region, which has led Johor Corporation (JCorp) to plan to establish a biotechnology center in Johor with an estimated total development value of RM980 million. The center is envisioned as Malaysia’s biotech “Silicon Valley” and aims to drive the country’s technological advancement.
JCorp’s real estate and infrastructure arm has signed a memorandum of cooperation with biotech giant ALPS Global Holding Bhd. The move is seen as a strategic move for Malaysia to tap into the growth potential of the biotech market. The biotechnology center will be located in Ibrahim Science and Technology City and will cover areas such as vaccine manufacturing, genomics, and regenerative medicine.
The center will become a comprehensive center for biotechnology and life sciences and will be constructed in three phases, including laboratories, vaccine production plants, clinical trial centers and medical tourism centers.
(Source: nst Image source: freepik)
