| Summary: | PENANG ON BIOTECH DRIVE
Penang, often referred to as the "Silicon Island of the East",
is embarking on a biotechnology drive in a bid to attract
investment and research activities. The move attempts to
leverage on the biotechnology demand which is projected
to spin an industry worth US$1.76 trillion (RM6.7 trillion)
by 2010, sources were quoted. The 176-hectare plot of land
at the Bukit Minyak Industrial Park has already attracted
three biotechnology projects with a total investment
estimated at US$70 million. The biggest of these is Londonlisted
firm GeneMedix Plc, which last year signed a letter of
intent with the Penang Development Corporation (PDC) to
produce human insulin to meet the expected rise in demand
from diabetes patients across Asia. The investment is US$35
million. The two other projects are a US$20 million contract
manufacturing plant to produce compounds used in
cancer-fighting drugs and a US$15 million contract research
firm specialising in pre-clinical trials.
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