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Frost & Sullivan Awarded Duopharma Biotech with the 2022 Malaysian Company of the Year Award

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Duopharma Biotech is the first pharmaceutical company to offer biosimilar products in the Malaysian market.

SAN ANTONIO, July 27, 2023 /PRNewswire/ — Frost & Sullivan recently researched the Malaysian biosimilars industry and, based on its findings, recognizes Duopharma Biotech Berhad (Duopharma Biotech) with the 2022 Malaysian Company of the Year Award. Duopharma Biotech delivers accessible and affordable healthcare to the Malaysian population by leveraging biosimilars, which are scientifically approved alternatives to drugs derived from biological sources.

Biosimilars typically cost between $100 million and $200 million to develop, while original drugs cost around $2.6 billion and take over a decade of testing. Consequently, biosimilar drugs are more affordable for Malaysian patients and are a cost-effective alternative to original drugs.

Healthcare professionals and patients benefit from Duopharma Biotech’s products because its biosimilars are an excellent choice for managing diabetes, cancer, and renal anemia. For medications to remain affordable, the company commercialize a wide range of biosimilars, such as Zuhera and Krabeva for cancer treatment and ERYSAA®, a biosimilar of Epoetin Alfa, for dialysis patients. These products position Duopharma Biotech as a leading supplier of biosimilars in Malaysia and in the Association of Southeast Asian Nations (ASEAN). Erysaa has also been successfully registered and commercialised in the Philippines.

“One of Duopharma Biotech’s competitive advantages in ASEAN is its uniquely diverse product portfolio, which allows it to compete with other market participants. Duopharma Biotech has launched biosimilars Zuhera and Krabeva for the Cancer Care Franchise as well as Insugen and Basalog One for the Diabetes Care Franchise. In addition, Duopharma Biotech’s first biosimilar ERYSAA® received its Halal certificate from the Korea Muslim Federation (KMF) in 2020 and 2021. It is the world’s first Halal-certified biosimilar used for dialysis patients,” said Dr. Maeirah Ashaie, Best Practices Research Consultant at Frost & Sullivan.

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An increase in sales in 2021 supports the popularity and competitiveness of Duopharma Biotech biosimilars in the market. ERYSAA®‘s performance was impressive since its sales increased by 52%, with dialysis centers and hospitals prescribing ERYSAA® for patients in approximately 49% of cases.

This exceptional financial performance is due to Duopharma Biotech’s commitment to delivering high-quality products and services that exceed customers’ expectations and meet local and international regulatory requirements. Throughout the quality policy, the company is fully committed to understanding and meeting customer needs with superior customer service.

“Duopharma Biotech’s quality policy outlines its commitment to building trust by offering products and services that satisfy customers’ expectations and comply with local and overseas regulatory and quality requirements. The quality policy requires Duopharma Biotech to understand and fulfill customer requirements, provide a high standard of service to internal and external customers, continuously engage and delight customers and stakeholders, and improve processes, products, and services continuously,” noted Ashaie.

Each year, Frost & Sullivan presents a Company of the Year award to the organization demonstrating excellence in growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in customer value and market penetration.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

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About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Tammy Chan
[email protected] 

About Duopharma

Duopharma Biotech Group (“Duopharma Biotech” or “the Company”) began with the establishment of Duopharma (M) Sendirian Berhad in 1978. Duopharma Biotech was incorporated in 2000 and is today one of Malaysia’s leading pharmaceutical companies listed on the Main Market of Bursa Malaysia Berhad.

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Duopharma Biotech has core competencies in the pharmaceutical industry inclusive of Manufacturing, Research & Development, and Commercialization & Marketing of over 300 generic drugs such as Crystorvas, Prelica, and Omesec as well as Consumer Healthcare (“CHC”) products including CHAMPS®, FLAVETTES®, PROVITON®, and Uphamol, which are well-recognized and accepted by consumers in Malaysia, regionally and globally. The Company has also diversified into the biosimilars space with technology and commercialization collaborations with credible and strong international partners. ERYSAA®, Basalog One®, and Zuhera are a few commercialized biosimilar brands.

Headquartered in Kuala Lumpur, Malaysia, Duopharma Biotech owns and operates three manufacturing plants in Klang, Bangi, and Glenmarie, Selangor. Duopharma Biotech also has subsidiary companies in the Philippines, Singapore and Indonesia.

Website: www.duopharmabiotech.com

Logo – https://mma.prnewswire.com/media/2160953/Duopharma_Biotech_Berhad_Biosimilars_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/frost–sullivan-awarded-duopharma-biotech-with-the-2022-malaysian-company-of-the-year-award-301886072.html

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Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Blockchain

Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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