Indian Biotech Industry To Touch US$ 5 Billion Mark By 2010

In India, the biotechnology industry is fast emerging. Over the last two decades, India has developed adequate infrastructure and trained manpower in modern as well as classical biotechnology. This is primarily due to active support of Department of Biotechnology (DBT), Government of India. Today, India has an edge over other nations due to the low cost of operations, skilled human resource base, large network of research laboratories and abundance of raw materials in the form of plant, animal and human genetic diversity.

Currently, the Indian biotech industry encompasses around 280 companies and is estimated to have generated revenue of over USD 1070 million (INR 4745 crore) in fiscal year 2004-05. This represents a significant registered growth rate of 37 per cent over the previous year.

Considering the inherent knowledge base and the strong enabling infrastructure in the country, it is estimated that the biotechnology market is expected to reach USD 5 billion by the year 2010.

The key growth drivers for the Indian biotech industry has been the low cost innovation, low cost manufacturing base, government support, established pharmaceutical industry, skilled human resources, convergence of technology, research and development and tie ups and collaborations etc. Some of the key growth areas within the Indian Biotech Industry include biogenerics, contract manufacturing, contract research, clinical trials, genomics, bio-informatics and diagnostics etc.

Biotechnology has found major applications in healthcare, agriculture, industry and environment related sectors. In healthcare sector, biotechnology has applications in areas such as diagnostics, medicines/ vaccines, gene therapy and monoclonal antibodies. The industrial application of biotechnology focuses on production of various types of industrial enzymes, Bio fuels and fermentation products where as the environmental applications of biotechnology include waste water management, bioremediation, biosensors and creation of germplasms.

(Ref : Chronicle Pharmabiz dated February 2, 2006)