BioNexus is a special status awarded to qualified international and Malaysian biotechnology companies.
The status bestows fiscal incentives, grants and other guarantees to assist growth. This status is awarded to qualified companies undertaking biotechnology activities.
BioNexus 3.0 Framework: Continuous changes
Throughout the previous 2 phases of the National Biotechnology Policy (NBP), BioNexus Status was reviewed and improved several times in ensuring the content and operational practices remained relevant to the development of the biotechnology industry.
Certified under ISO 9001:2008, the quality operational procedure (“QOP”) for BioNexus Status application was reviewed and improved several times amongst others to cater to major changes relating to the implementation of BioNexus 3.0 Framework replacing BioNexus 2.0 Framework. Under the BioNexus 3.0 Framework, new standard operating procedures have been introduced to reduce the QOP timeline from the previously set forty-two (42) working days to thirty (30) working days.
A new comprehensive BioNexus application form has also been introduced, replacing the need to submit the business plan from the applicant. Available online at Bioeconomy Corp’s website, the applicant is required to submit the online Registration of Interest before downloading the BioNexus Application Form.
The continuous evolution of BioNexus 3.0 Framework is a recognition and commitment from the Government to ensure the growth of the biotechnology industry and to strengthen the BioNexus Status brand.
The BioNexus 3.0 Framework is in line with Base Erosion and Profit Shifting (“BEPS”) Action Plan under the Organisation for Economic Co-operation and Development (“OECD”). Malaysia’s commitment to implementing the BEPS Action Plan, OECD is, amongst others, marked with the completion and implementation of the BioNexus 3.0 Framework.
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