Mumbai May 3, 2008: Vedic Lifesciences concluded another round of meetings with officials from Malaysia Biotechnology Corporation (BiotechCorp) a division of the Malaysia Ministry of Science, Technology and Industry (MOSTI) and members of the industry who were part of a delegation that visited Vedic’s Mumbai site last month. The Malaysian delegation was led by Mr. Wan Mohammed Izzudin Sulaiman Vice President in charge of the Bionexus Program of the Malysian Government to promote Biotechnologies in the country. Companies are required to go through a rigorous qualification process to receive Bionexus status from the BiotechCorp following which they will be supported by research grants. Over 30 Malaysian Herbal and Biotech firms – established or startups – have already been awarded this status and are in the process of product development for the semi-regulated or pharma markets around the world.
Vedic Lifesciences is a Contract Research Organization that has served over a 100 companies all over the world having completed over 200 preclinical and 32 clinical studies for Botanical Drugs, Phytomedicine, Devices, Topical products and Dietary Supplements. Vedic is now working in close cooperation with the Malaysian government in order to help Malaysian industry develop their products through international quality research and gain access to global markets for the local herbs like the popular Cat’s Whiskers and Tongkat Ali. Biotechcorp is organizing partnerships with Malaysian companies for setting up local operations and build local expertise and at the same time also educating the Industry via its various initiatives like the Cluster Working groups for the needs of Clinical Trials, Standardization, Safety Studies, Regulatory submissions, etc. to get global acceptance. Malaysian companies so far have not been very aggressive overseas though the domestic market for Nutraceuticals and Functional Foods is sizeable and growing. Even the domestic market for herbal supplements is dominated by foreign brands as reported by Mr. Sulaiman in his presentation to the delegation in Mumbai.
Mr. Jayesh Chaudhary, Managing Director and CEO revealed that in the coming months, Vedic Lifesciences will be entering the Malaysian and other neighboring markets for Clinical Phase II & III studies either directly or through the joint venture route with local partners of similar strengths or interests.