PENANG ON BIOTECH DRIVE Penang, often referred to as the "Silicon Island of the East", is embarking on a biotechnology drive in a bid to attract investment and research activities. The move attempts to leverage on the biotechnology demand which is projected to spin an industry worth US$1.76 trillion (RM6.7 trillion) by 2010, sources were quoted. The 176-hectare plot of land at the Bukit Minyak Industrial Park has already attracted three biotechnology projects with a total investment estimated at US$70 million. The biggest of these is Londonlisted firm GeneMedix Plc, which last year signed a letter of intent with the Penang Development Corporation (PDC) to produce human insulin to meet the expected rise in demand from diabetes patients across Asia. The investment is US$35 million. The two other projects are a US$20 million contract manufacturing plant to produce compounds used in cancer-fighting drugs and a US$15 million contract research firm specialising in pre-clinical trials.