NILAI (Oct 29): Inno Bio Ventures Sdn Bhd, a wholly-owned company of Ministry of Finance and affiliated with the Ministry of Energy, Science, Technology, Environment and Climate Change, is moving forward to become a local biologic medical drugs manufacturer in Malaysia.

Its chairman Tan Sri Abdul Rahman Mamat said biosimilar products, which are generic versions of active substances of originator drugs that have been approved in the markets, are cheaper by 30% to 40% than the originator drugs.

"From the point of quality, safety and efficacy, it is highly similarly compared to the originator drug with a lower cost," he said in his keynote speech at the opening ceremony of the Biosimilar Carnival 2018 today.

Rahman added that with Malaysia's domestic production, economies of scale and export potential, it is possible for more competitive price to be offered to local patients with chronic diseases such as cancer, arthritis, Crohn's disease, and psoriasis.

"The availability of more affordable biologic medicines (biosimilars) translates into significant savings of government expenditure in the long run.

"We are ready to embark in commercialisation stage for local and global consumption. This will result in reduction of imports and explore exports to other countries," he said.