Manipal invests RM20m in stem cell lab in Malaysia

 

INDIA'S Manipal Education and Medical Group has invested RM20 million in a stem cell research faci-lity here to tap the local stem cell therapy market, estimated to be worth US$157 million (RM568.34 million).

Through its wholly-owned subsidiary, Stempeutics Research Malaysia Sdn Bhd, the Manipal Group has set up a world-class lab at Technology Park Malaysia to develop cell-based therapeutics using human adult stem cells taken from the bone marrow.

"Our presence here will allow us to come up with a drug based on stem cells to cure diseases such as diabetes, develop a cell-based platform for testing drugs and develop the local human capital," said Stempeutics Research Malaysia president BN Manohar at the opening of the centre on Thurs-day.

Manohar said Malaysia was a conducive country to carry out fundamental and clinical research, especially since competition was low as it was not focusing on cord blood stem cell banking services.

The global stem cell therapy business will amount to some US$20 billion (RM72.4 billion) by 2010 while the local stem cell the-rapy sector increases 12 per cent annually.

Deputy Science, Technology and Innovation Minister Fadillah Yusof said the government recognises biotechnology as providing significant growth opportunities here, having committed RM13.7 billion in Budget 2009 to enhance the healthcare sector.

He added that Stempeutics will work with several local medical centres, including the Universiti Kebangsaan Malaysia Hospital, Institute for Medical Research Malaysia and KPJ Healthcare Bhd.

Malaysian Biotechnology Corp Sdn Bhd (BiotechCorp) and Manipal Group first formalised their partnership at the Boston BIO International Convention in May last year. The latter became the first international company in stem cells research and therapeutics to be awarded a BioNexus status in October 2007.

"Our role is to help them set up (the lab) in Malaysia and look for suitable sites. We play the developmental role," said BiotechCorp chief executive officer Datuk Iskandar Mizal Mahmood.

There are 80 BioNexus-status companies locally, out of which 25 have foreign shareholding. Six are fully-owned by foreign companies. Currently, approved investments from the 80 BioNexus-status companies stand at RM1.3 billion.