The first Malaysian made biosimilars for local and ASEAN market
Putra Nilai – June 14, 2017 – Inno Bio Ventures Sdn. Bhd. (Inno Bio) of Malaysia and its strategic partner, Aryogen Pharmed Co. (Aryogen) of Iran inked an agreement on 7th of June at Aryogen Pharmed Facility in Tehran, Iran. This is to formalise the setting up of a joint venture partnership between the two companies.
The collaboration is for the development and production of biosimilar for life-threatening diseases such as breast cancer, leukemia, blood disorders and rheumatoid arthritis. For now, the partnership is focusing on four products, namely, Factor VII, Rituximab, Trastuzumab and Etanercept.
The unique synergy will focus on transfer of technology, exchange of personnel and experts in cGMP technology and facility, and in managing the business interests of its shareholders. To date, Factor VII has reached the final stages for registration with the Malaysia regulatory agency.
“Inno Bio is geared up in the development and commercialization of biosimilar products using its cGMP facilities, with support from Aryogen for both Malaysian and ASEAN markets. This is a major milestone achieved in the specific project assignment given by the government of Malaysia to Inno Bio.”, said Tan Sri Abd Rahman at the ceremony.
The agreement was signed by Inno Bio’s President/Chief Executive Officer, Mr Mohd Zaid Abdul Jalil and Aryogen’s Chairman, Dr Fereidoun Mahboudi. The ceremony was witnessed by the honorable Minister of International Trade and Industry, YB Dato’ Sri Mustapa Mohamed, who was attending a meeting with his counterpart in Iran.
Also present at the ceremony were Deputy Secretary General (Trade), Ministry of International Trade and Industry, Datuk Isham Ishak, Malaysian Ambassador to Iran, Dato’ Rustam Yahaya, Inno Bio’s Chairman, Tan Sri Abd Rahman Mamat, Aryogen’s Chief Executive Officer, Dr Amir Farshchi and Chairman, Joint Venture Company, Datuk Dr Ahmed Tasir Lope Pihie.
Malaysia recognises biosimilar as having high impact to the health economy. The number of cancer patients has increased tremendously year by year. With a growing demand of cancer drugs, a domestic production of biologic drugs at a sustainable and affordable cost is inevitable in providing better accessibility to these drugs. The price for biologic drugs can be controlled and can be offered at 30 % to 40 % lower than the originator’s drugs if it is produced locally.
“We projected, access to specific biologic drugs for treatment of targeted cancer in Malaysia and ASEAN countries will be significantly increased by 50% by year 2025. This is our commitment, to see more patients benefit from this partnership”, Tan Sri Abd Rahman added.
Inno Bio and Aryogen had been working together for almost five years now. Over those years both parties have developed an excellent understanding of each other, particularly in terms of its common vision and aspirations in addressing the healthcare challenges of both countries and the rest of the world at large.
About Inno Bio Ventures Sdn. Bhd.
Inno Bio Ventures Sdn. Bhd. (Inno Bio) is a company incorporated under the Ministry of Finance, was established in 2002 and closely affiliated with the Ministry of Science, Technology and Innovation (MOSTI). The establisment of its subsidiaries, such as Inno Biologics is a boost to the development of the biotechnology industry that meets the government inspiration to make biotechnology as one of the main contributors to the economic growth and Gross Domestic Product (GDP).
It is in line with the National Biotechnology Policy launched in 2005, which among other things, emphasizes the development of healthcare biotechnology, industrial biotechnology development, research and development and technology acquisition and development of human capital.