The year 2010, which represents the period under review for this annual report, as well as the culmination of the first phase of National Biotechnology Policy is the main typography element of the front page. The impact of the Malaysian National Biotechnology Policy is to provide a comprehensive plan with clear targets and measurements.
About Biotechnology
The National Biotechnology Policy
The Biotechnology Master Plan
About the company
BiotechCorp
The National Biotechnology Policy (NBP) is the blueprint for the development of Malaysia's biotechnology industry. YBhg Tan Sri Datuk Dr. Ahmad Zaharudin Idrus has been instrumental in developing Malaysia's science and technology agenda.
Calendar of Events
- 24 BioEducation Symposium 2010
- March 14 BeST Meet the Industry Road Show
- 6 BioChicago 2010
- 21 World Pharmaceutical (China) Summit 2010 Novotel Shanghai Atlantis, China
- BioPartnering 2010 Sheraton Imperial Hotel, Malaysia
- 4 Bangalore India Bio 2010 Hotel Lalit Ashok, Bangalore, India
- 21 BioFunding Conference 2010 Le Meridien Kuala Lumpur, Malaysia
- National BeST Business Plan Competition 2010 Sheraton Imperial Kuala Lumpur, Malaysia
- Biotechnology Entrepreneurship Special Training (BeST) Programme Graduation Ceremony 2010
- Launch of MyBIO Carnival 2010 Pusat Sains Negara, Bukit Kiara, Malaysia
- 2010 Frost & Sullivan Growth, Innovation & Leadership Awards (GIL Award) John Jacob Ballroom, St Regis Singapore
- Exchange of Documents with Biocon Putrajaya International Convention Centre, Malaysia
- November 1 Biotechnology International Advisory Panel (BioIAP) Meeting 2010 Kuala Lumpur Convention Centre, Malaysia
- 14 BioCareer 2010 Kuala Lumpur Convention Centre, Malaysia
It also served as a platform for the exchange of knowledge, experience and opinions of experts on the development of biotechnology industries. The event, with the theme "Emerging Innovative Careers in Biotechnology", was aimed at supporting the government's initiatives to reduce unemployment and increase innovative careers in.
Fostering a Conducive Landscape for Biotechnology Evolution
As Malaysian Biotechnology Corporation Sdn Bhd (BiotechCorp) strives for industry growth via the National Biotechnology Policy (NBP), the legal and regulatory function exists to ensure that checks and balances are in place and the creation of an optimal regulatory environment that encourages further growth for industry in line with Thrust 7 of the NBP, which emphasizes the importance of establishing a solid and supportive regulatory framework for the development of biotechnology. Establishing a supportive legislative framework and environment that takes into account the nation's development aspirations and encourages innovation while ensuring public safety. The course provides a comprehensive overview of the life science industry, entrepreneurship and venture financing.
87.5% of BNP's services/equipment/capacity are used by the life sciences industry related to biotechnology.
Spearheading Industry Development Agricultural Biotechnology
Sdn Bhd The company is involved in the mass cultivation of microalgae mainly Hematococcus pluvalis for the production of. This Rawang-Selangor-based BioNexus company is involved in the commercialization of tissue culture products and its related R&D activities. The BioNexus company is involved in the research, development, production and commercialization of pest compost based biofertilizer products for agricultural applications.
This Negeri Sembilan-based BioNexus company is involved in the research, development, production and commercialization of microbial biofertilizers.
Client Engagement
It was granted BioNexus status on 8 December 2010 with a total approved investment of RM0.2 million. The Malaysian entity, Glycosbio Asia Sdn Bhd was granted BioNexus Status on 28 October 2010 with a total approved investment of RM53 million. It was awarded BioNexus status in 2009 and has signed a construction, lease and transfer agreement with Malaysian Bio-XCell Sdn Bhd for a total approved investment of RM133 million.
34;The government's efforts to build and create enabling ecosystems for the industry are bearing fruit as Malaysia is now a major destination for global biotechnology opportunities." - YBhg Dato' Iskandar Mizal Mahmood, CEO, Malaysian Biotechnology Corporation Sdn Bhd.
A Testament of Excellence: Growth in Industry Leadership Award 2010 by
Global Acknowledgements: The Foreign Investors’ Perspectives
Frost & Sullivan's letter to BiotechCorp about the award said: “The Malaysian Biotechnology Corporation has played a key role in enabling the growth of the biotechnology industry in Malaysia. Frost & Sullivan Group Vice President, Pharmaceuticals/Biotech Rhenu Bhuller said the 37% growth of BioNexus companies in 2009 reflects the success of the program in driving the growth of small and medium biotech companies in Malaysia. The support of Bio-XCell Park and the location of the country that has palm oil, the main supplier of our product, we find an attractive platform for the operation of the Metex factory here.”
The BioNexus Status demonstrates the benefits of a collaborative effort between private enterprise and the strategic goals of the Malaysian government.
Raising the Bar for Industry Growth
Bio-XCell - Asia’s New Regional Biotechnology Hub
In May 2010, BiotechCorp held the global launch of the Bio-XCell initiative in BioChicago, United States (US). Global appeal - In the first six months of its global launch, Bio-XCell secured three major customers. In October 2010, Bio-XCell welcomed its first investor from the healthcare biotechnology sector – Biocon Ltd in India.
Bio-XCell expects to begin welcoming tenants to the property in the fourth quarter of 2011, while the Central Hub expects to be fully operational by mid-2012.
Pushing the Limits Team
Texas-based GlycosBio Inc will use Bio-XCell as the site of its proprietary platform technology to produce technical ethanol using crude glycerin from palm oil. In addition to the fully customizable platinum scheme, Bio-XCell provides standard shells with approximately 1 acre of land with approximately 20,000 square feet of built-up area. In addition, Bio-XCell will provide value-added utilities from the Central Utility Plant, such as steam, chilled water and wastewater management.
In addition to manufacturing space, Bio-XCell would be equipped with value-added services to support the business and lifestyle requirements of its tenants in a central hub.
A Frost & Sullivan Report
RMK - 9
Period
NBP (Capacity Building)
At the end of the financial year, the performance and financial results of the Company are presented to the Board for approval. The Internal Audit Department (IA) is independent of the Company's activities and operations. The policy of the Republic of Moldova refers to the basis for the development and implementation of the second phase.
The company has not paid or declared any dividend since the end of the previous financial year.
Financial
The Company is primarily engaged in acting as a dedicated and professional one-stop agency for the government in the development of biotechnology industry in the country, while the main activities of the subsidiaries are as detailed in Note 9 to the Financial Statements. In the opinion of the directors, the results of operations of the Group and of the Company during the financial year have not been materially affected by any item, transaction or event of a material and unusual nature. The directors recommend no dividend payment in respect of the current financial year.
No material transfers to or from reserves or provisions took place during the financial year.
Statements
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The financial statements of the Group and the Company have been prepared in accordance with the provisions of the Companies Act 1965 and the Malaysian Reporting Standards for Private Entities.
SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting
The financial statements of the Group and the Company have been prepared according to the historical cost convention. The Group and the Company use the indirect method in preparing the cash flow statements. Rental incentives received are recognized in the income statement as an integral part of the total rental payments made.
Awards that reimburse the Company for the cost of an asset are recognized on a systematic basis in the income statements over the useful life of the asset.
STAFF COSTS
Salaries, allowances and social security contributions are recognized as an expense in the year in which the related services are provided by the company's employees. Revenue from services rendered is recognized in the income statement less discounts when the services are rendered. Interest income is recognized in the income statement when there is reasonable assurance that it will be received.
Payments made under operating leases are recognized in the income statement on a straight-line basis over the term of the lease.
PROPERTY, PLANT AND EQUIPMENT
INVESTMENT IN SUBSIDIARIES
Technology patent and license acquisitions are part of the 9th Malaysia Plan (“RMK-9”) under the Biotechnology Acquisition Programme. Completion of various technologies is based on the fulfillment of specific conditions as specified in the individual contract. An intangible asset is amortized using the straight-line method over the estimated useful life when the asset is available for use.
OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS Other receivables, deposits and prepayments consist of
CASH AND BANK BALANCES
Biotechnology Acquisition Program provides funding for the acquisition of enabling and platform technologies within the biotechnology industry. Biotechnology Entrepreneurship Training Program (“BeST”) is an intensive and structured training program for biotechnology graduates to equip themselves with the necessary knowledge and skills with the aim of providing a skilled workforce in the industry. BioNexus Partner Program (“BBP”) seeks to promote active collaboration between biotechnology companies and universities, research institutes, technology parks and incubators in the country by utilizing the facilities, infrastructure and capabilities available.
The Biotechnology Park project is an initiative approved under the government's second economic stimulus package to develop and operate a biotechnology park in Iskandar Malaysia, Johor known as 'Bio-XCell'. b) Non-development grants.
HIRE-PURCHASE PAYABLES
OTHER PAYABLES AND ACCRUALS
LEASE COMMITMENTS
CAPITAL COMMITMENTS
Capital liabilities of the Group and the Company will be recognized in the financial statements when the goods or construction are delivered or completed in accordance with the contract to which it relates. BHD., solemnly and sincerely declare that the financial statements of the Group and the Company, which include balance sheets as of December 31, 2010, as well as profit and loss statements, statements of changes in equity capital and cash flow statements for the then ended year, as well as a summary of significant accounting policies and other explanatory information as set out on pages 118 to 143 are in my opinion correct and I make this solemn declaration that I conscientiously believe it to be true and under the statutory provisions of the Declarations Act, 1960. Signed on behalf of the Board of Directors pursuant to by resolution of the directors.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors.
Editorial
Not pictured: Adrian Abdul Ghani - Vice President, Regulatory Affairs Haslina Hamidan - Manager, Brand Shahreel Riza Idris - Manager, Financial Transaction Aida Shafinaz Allias - Vice President, Industry.
Team for
Annual Report
Adrian Abdul Ghani - Vice President, Regulating Sake Haslina Hamidan - Director, Trademark Aida Shafinaz Allias - Vice President, Nywerheid.
Our evolution as a people lies in the indomitable human spirit, one that
Biotechnology enables this evolution
Our evolution as a people lies in the indomitable human spirit, one that indomitable human spirit, one that.
IN BIOTECHNOLOGY
Local People, Global Performance
