Izmir, Turkey – October 21, 2016 – Inno Bio Ventures Sdn. Bhd. receives Best Technology Transfer Award from Technology Transfer and Exchange Network of the D8 organisation for Economic Cooperation countries or known as D8 TTEN. The award is jointly received with Inno Bio’s technology partner, Aryogen Pharmed Co., Iran.
Tan Sri Abd Rahman Mamat, Chairman of Inno Bio Ventures Sdn. Bhd. and Dr. Amir Farshchi, CEO of Aryogen Pharmed Co., received the award at the ceremony in conjunction with D8 Chambers of Commerce Meeting, held at Izmir, Turkey today.
“We are honoured of this recognition. I would like to thank the organiser for recognising our efforts to spur the healthcare industry and foster exchange of knowledge and technology transfer between Malaysia and Iran,” said Abd Rahman.
Tan Sri Abd Rahman also credited the stakeholders, partners and employees of Inno Bio and Aryogen for making the award possible. “The strong dedication and commitment toward innovation and teamwork between the two organisations, especially during the technology transfer process, has made this possible,” he added.
In April this year, ten experienced personnel from Inno Bio have successfully completed the one-month technology transfer. The technology transfer was conducted in Aryogen facility in Iran.
Biopharmaceutical is one of the strategic and lucrative industries to support the national economic growth. This collaboration between Inno Bio and Aryogen to produce the first Malaysian made biosimilars, will revolutionise healthcare industry by reducing the cost and increasing access to life-saving drugs”, he added.
The strategic business collaboration between Inno Bio and Aryogen was inked in December 2014 for the development, production and commercialisation of four biosimilar drugs:
- Rituximab, for the treatment of leukaemia
- Trastuzumab, for the treatment of breast cancer
- Factor VII, for the treatment of blood disorders
- Etanercept, for the treatment of rheumatoid arthritis
There is a huge gap for patients to access these biosimilar drugs given its high cost factor. It is a global issue that must be addressed immediately, in order to give more people the opportunity to get the best treatment for chronic diseases such as cancer, kidney, bone and so on.
The drugs selected under this partnership are proven successful in clinical development and had been registered and marketed by Aryogen in several countries. Inno Bio is responsible for the development, registration and commercialisation of the biosimilar products in Malaysia and the ASEAN market. This partnership will provide series of technology transfers, cGMP manufacturing in the existing Inno Bio biopharmaceutical facility in Putra Nilai, Malaysia.
With the ability to treat many life-threatening diseases, the importance of biosimilars is inevitable in improving the wellness of the population through better accessibility to effective drugs.
Market potential for ASEAN countries is projected to be in hundreds of millions U.S. Dolllars per year once the product is available in the market, beginning of year 2018.
We believe that the production of biosimilar drugs can be controlled and can be offered at 30% to 40% cheaper than the current market price if it is manufactured locally. After the product commercialisation, it will contribute to significant savings to government annual budget for life-threatening drugs.
In addition to the ASEAN market distribution, Inno Bio plans to strategically position Malaysia to be the manufacturer of these biosimilar drugs to other D8 countries, i.e Bangladesh, Egypt, Nigeria, Pakistan, Iran and Turkey in the near future.The initiative, along with other promoted high-tech industries by the government of Malaysia is projected to further contribute towards the government’s aspiration to achieve high-income nation by the year 2020.
The Best Technology Transfer Award is an initiative to honour and to encourage D8 member countries to have closer collaboration in the technology transfer process, enhance advanced technologies and move towards knowledge based economy. We hope this nobel initiative by D8 countries should also contribute in assisting companies to further expand towards addressing the humanitarian cause.