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"I see within any turmoil great opportunities," he said.
Hibri, an American entrepreneur with Lebanese heritage, is the winner of Ernst & Young Entrepreneur of the Year 2009 Award in the Technology category in greater Washington. With great persistence and commitment, Hibri was able to successfully grow a pharmaceutical biotech facility that is worth hundreds of millions of dollars and was previously owned and run by the state of Michigan.
"Last year we had $180 million in sales with about $20 million of profitability, while this year we are expecting a sales volume of around $225 million," he said.
Emergent BioSolutions Inc. is a biopharmaceutical company focused on the development, manufacture and commercialization of vaccines and therapeutics that assist the body's immune system to prevent or treat disease. Emergent's marketed product, BioThrax (R) (Anthrax Vaccine Adsorbed), is the only vaccine licensed by the US Food and Drug Administration for the prevention of anthrax.
"We used to sell our vaccines to the US defense department to be used as an active immunization program for their soldiers on a routine basis," said Hibri.
Hibri believes that the biotech technology in Lebanon and in the Middle East in general is in an embryonic stage in which a lot of efforts are still needed to develop such an industry.
"Lebanon needs skilled labor and inexpensive and reliable power energy for it to succeed in the biotech industry," he said.
Hibri added that infrastructure is key for businesses to strive. "We need transportation and power infrastructures just to make sure that we have low cost energy, as well as roads that do not take you forever to go from one place to another," he said.
"Government support is also very much needed because most of the products that we are developing right now are supported by NGO's or the US government," he added.
He believes that the Lebanese government should develop regulations and laws that actually support this industry giving investors some tax breaks and other financial and tax incentives for them to be encouraged to invest in such biotech projects.
"I advise entrepreneurs to be careful in making investments, but also ready to take well calculated risks," he said.
To see more of the Daily Star, or to subscribe to the newspaper, go to http://www.dailystar.com.lb. Copyright (c) 2009, The Daily Star, Beirut, Lebanon Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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