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Thread: BioSingapore forms tie-up with Iskandar Malaysia bio-park

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    Default BioSingapore forms tie-up with Iskandar Malaysia bio-park

    [url]http://www.businesstimes.com.sg/archive/monday/premium/top-stories/biosingapore-forms-tie-iskandar-malaysia-bio-park-20131021[/url]

    Published October 21, 2013

    [B][SIZE="5"]BioSingapore forms tie-up with Iskandar Malaysia bio-park[/SIZE][/B]

    By malminderjit singh [email][email protected][/email]


    [SINGAPORE] Singapore biomanufacturing and life sciences companies may soon be heading for a new bio-park in Iskandar Malaysia as part of a collaboration between industry groups on both sides of the Causeway.

    BioSingapore is partnering Malaysian Bio-XCell Sdn Bhd - a joint venture between Malaysian BiotechCorp and UEM Sunrise Bhd - to promote cross-border alliances. The move could see Singapore biomanufacturing and life sciences companies set up shop in Malaysia's first biotechnology park, Bio-XCell.

    The collaboration proposal between the two entities, to be signed on Wednesday at the Bio-XCell Business Partnering and Open Day, will focus on the following specific initiatives: promotion of cross- border alliances between the life sciences and biomanufacturing communities in Bio-XCell and Singapore; facilitation and assistance in business expansion opportunities between clients/partners of Bio- XCell and members of BioSingapore; and promotion of biotechnology industry-related activities and events, including networking and training sessions, to clients/partners of Bio- XCell and members of Bio- Singapore as well as to relevant third parties.

    According to BioSingapore chairman Simranjit Singh, the collaboration will achieve great synergy for companies on both sides and by working together, the biotech sectors of Singapore and Malaysia could propel their industries to greater heights.

    He said: "Both Malaysia and Singapore have put great emphasis on developing the biomedical sciences industry as the next economic growth engine. The establishment of Bio-XCell in Iskandar and the world- class infrastructure found in Singapore - such as at the Biopolis and the Tuas Biomedical Park - can serve as a nexus for biomedical sciences companies to grow and thrive in this region.

    "Singapore's core strengths of R&D, technical services and intellectual property management, coupled with Malaysia's focus on biomanufacturing and logistics, could be a potent combination for biomedical companies. I believe this represents an excellent opportunity to replicate the successful model of Medicon Valley, in Denmark and Sweden, in Iskandar Malaysia and Singapore."

    The 160-acre Bio-XCell, located in Iskandar Malaysia's Nusajaya township, aims to attract companies through the BioNexus Status Company incentive scheme, to position itself and Malaysia as a biotechnology hub in the region.

    The scheme will allow Singapore companies investing and setting up in Bio-XCell to qualify for a 100 per cent tax exemption on statutory income for up to 10 years, tax exemption on dividends it distributes, double deduction on R&D expenditure and tax deduction for investors in these companies equivalent to the seed capital and early- stage financing they have invested, among some of the financial incentives.

    Bio-XCell will provide clients with a range of value- added benefits including comprehensive infrastructure, high-speed Internet access, park maintenance and security, as well as core facilities to nurture the ecosystem.

    Rizatuddin Ramli, CEO of Malaysian Bio-XCell, told BT that to date, Malaysian Bio-XCell has invested almost RM450 million (S$176 million) on infrastructure and construction of the park, which was completed in June this year.

    Four clients, with project investments worth RM1.4 billion, have already signed up since 2010.

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    Not a very positive development for Singapore and graduates in life science, but good for those vested in Iskandar.

    [B]About BioSingapore[/B]

    BioSingapore was established in May 2004 as an industry association for life sciences businesses in Singapore with the support of the Economic Development Board of Singapore.

    BioSingapore was formally launched on 12 October 2004 at Biomedical Asia 2004. The launch is seen as an important milestone in the development of Singapore' s biomedical sciences cluster. It is believed that this initiative will help local bioscience companies based in Singapore to engage key constituents, such as the financial community and will provide an open channel for regular interaction.

    [URL]http://www.biosingapore.org.sg/#/about-us/4551803994[/URL]

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