India’s biotech sector registered 20% growth in 2008 and is set to grow rapidly in future owing to its huge workforce and high expertise in the concerned sector.
According to an industry survey, India’s relatively young biotech industry witnessed a healthy growth rate of nearly 20% in 2008. The Association of Biotech Led Enterprises has claimed that the growth was fast, but not as fast as 30% to which the industry is accustomed, as reported by FierceBiotech.
Although the present contribution of the Indian biotechnology market to the global market is just around 2%, it is on the verge of seeing boom in coming decade. "Going by the current trend and the new biotech policy of the central government, the sector is poised to generate $13-$16 Billion by 2015. The revenue could go higher if innovative products in the pipeline get regulatory approval on time”, states N. Suresh of BioSpectrum, a biotech firm.
In India, biotechnology has risen up from merely a discipline in the college textbooks to a profit-making business. The success of the biotech sector has enabled several developed countries, such as the US, Canada and the European nations, to see sustained economic growth. India is also fast evolving as a key player in biotech related investments and activities.
Moreover, the biopharma sector is likely to witness rapid growth in the next five years. While bioservices will keep on gaining considerable interest, earnings from the bio-generic exports to the regulated markets appear fully prepared for a quantum leap.
At present, an increasing number of Indian biotechnology companies are offering R&D (Research and Development) services to pharma companies across the world. These firms are providing quality services in drug discovery and validation processes in the fields of genomics (study of gene sequences), proteomics (study of proteins), pathway analysis (study of effect of radioactive or toxic substances on humans) and translational research (investigating and experimenting on patients and volunteers).
According to a Research Analyst at RNCOS, “Indian biotech sector is fast emerging as a key player at the global platform, with comprehensive expertise in producing innovative and generic drugs as well as vaccines at a lower cost than its Western counterparts. Moreover, driven by its vast and skilled workforce, India is expected to bring about a revolution in the global biotech industry in more-or-less similar fashion that it did in the IT industry.”
Related Market Research Reports:
Asia Pacific Biotechnology Market (2008-2012)
Booming Biotech Market in India
US Biotech Market Analysis
