Assessing the enormous growth potential of biotechnology in India, INC research organization has decided to tie-up with GVK biosciences to tap the growing market.
On March 22, 2007, Triangle clinical research organization INC Research announced that they have tied up with GVK Biosciences (Gurgaon-India) in a JV (joint venture) to present clinical trial services in India. Both the companies hold a 50:50 equity stake in the venture to form INC GVK BIO Private Limited, as published by Bizjournals.
“This joint venture in India adds significant value to our global services offering, as it combines INC Research’s global drug development experience and therapeutic foresight with the depth of regional expertise and strong clinical research experience of an organization like GVK,” stated Jim Ogle, chief executive officer, INC Research. “This partnership enables both companies to further expand their global reach and supports our growth plan into areas of clinical demand by our customers,” as published in Triangle.dbusinessnews.
As per INC Research, India has a rich scientific pool and is technically strong. Moreover, Indian government is also promoting several projects for biotechnology development. Biotechnology is fast gaining importance in India & Asia-Pacific region with several university departments, research institutions and corporate sector firms employed in biotech research proceedings.
Also, increasingly research institutes and pharma companies from the western countries are outsourcing research work to India, as infrastructural and operational costs incurred here are relatively less. Although India is a small player in world biotech market today but it si showing all signs of emerging as a leading country in this sector.
India has formulated a sound regulatory framework to deal with analysis, monitoring, and launch of genetically engineered organisms. India has above 106 Bio safety committees, which ensure the progress of biotech in India.
As per industry experts, Biotech product consumption in India will quadruple in next decade. The human and animal sector of industry is growing by at least 20%. Indian biotech market is projected to grow to US $4.5 billion by year 2010.
A research analyst at RNCOS said, India possess vast market potential for Custom Laboratory Services and biotechnology services. In India, that consists of diverse groups and population, biotech has bright future. Business would be in billion dollars owing to reason that INC Research develop drugs based on polymorphism databases of the Indian population.
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