BoI approves B2.4bn in biotech incentives

BoI approves B2.4bn in biotech incentives

The Board of Investment (BoI) approved tax incentives for biotechnology projects worth 2.4 billion baht in the first quarter this year, aiming to use advanced technology to drive the national economy.

Last year companies applied for the tax privilege programme, submitting biotechnology investment projects for consideration worth more than 30 billion baht, a 233% increase from the value in 2019.

Companies that have been granted access to the BoI tax scheme this year operate businesses in medical and bioplastic fields, said BoI secretary-general Duangjai Asawachintachit.

Among them is Fruita Biomed Co, which received BoI approval for a project to produce Polyhydroxyalkanoate, or PHA, a bioplastic compound developed from organic waste. It aims to use PHA bioplastic to make a wide range of packaging products.

Genepeutic Bio Co, which was established by local investors and doctors from Ramathibodi Hospital in Bangkok, received approval for a project to develop and produce an innovative treatment for patients with acute lymphoblastic leukemia.

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