The market of bio-business constitutes over 25 per cent of global GDP and employs some 40 per cent of the world's labour force, said Dr Gurinder Shahi, chief executive officer and principal consultant, BioEnterprise Asia, Singapore.
Bio business basically relates to the commercial activities that are based on understanding of life sciences and life science processes such as biomedical, environmental, industrial and other related areas like bioinformatics, computational biology, bioengineering, nanobiotechnology etc.
Dr Shahi added, opportunities lie for Asia in the areas of mainstreaming traditional medicines, nutraceuticals, cosmeceuticals, diagnostics (infectious and tropical disease), medical informatics, health-IT, wellness and disease management, contract research and contract services including clinical trials and contract manufacturing in addition to areas such as molecular modeling and simulations, systems biology and life science education and human resource development.
He said, Asia has been a late entrant in the field, with USA entering into the sector in late 1970s, Canada in early 1990s, Europe in mid 1990s, Australia in late 1990s. Asia has the advantage of learning from the mistakes of the early entrants in bio-business, scientific/knowledge/technology base more mature and better validated, and the opportunity to partner and license re-existing technologies to jumpstart innovation.
He suggested strategic alliances and partnerships in the field saying that international technology players are actively seeking strategic alliance and partnership opportunities across the innovation and development pipeline particularly in the areas of collaboration for new product development, manufacturing alliances, clinical trials and product registration, marketing and distribution etc.
The Asia- Pacific region has begun to attract for investments for reasons such as existing health need for vaccines and biopharmaceuticals, large population base, rapidly expanding private markets, increasing skilled human resources, substantial opportunity for cost savings in product testing and development including the conduct of clinical trials, a growing range of world-class potential partners in the region for manufacturing and product distribution, he mentioned.
Asia is well placed to be a major player in building global value in the bio business arena through smart alliances and partnerships, Dr Shahi opined.