Biotechnology development in India is gaining pace and is expected to reach the value of $5 bn after three years. The sector is expected to boom as full-fledged industry supporting Indian economy.
Domestic biotechnology segment was $1.5 billion during 2005-06, is projected to reach $5 billion by the year 2010 with a CAGR value of 35%. Currently, there are above 300 biotechnology firms in India that work on varied facets of the value chain. The number will double in time period of three-four years, according to an Assocham release, in news published on The Times Of India.
''Bio pharma in 2005-06, the largest segment of biotech industry grew by 32 percent to exceed one billion dollars. Exports were at 763 million dollars, and accounted for 52 percent share of total industry's revenues. Bio pharma accounted for 75 percent of the total exports and 70 percent of domestic sales,'' Assocham president Venugopal N Dhoot said, in news published on Central chronicle.
Biotechnology sector is blooming in India, the biggest propeller for the enormous growth in this sector is considered to be the human capital of country. Pharmaceutical companies like Ranbaxy, Astrazenica, Sun-Pharma, Dr. Reddy’s Laboratories, Dabur, Torrent, Wauckhardt and others are diversifying their business by venturing into Biotechnology.
Moreover, Indian biotech organizations are trying to acquire contracted out drug production contracts and some companies like Wockhardt, Biocon, Shantha Biotechnics, DRL, and Panacea Biotech have started with fabricating generic version of biotechnology drugs. The emphasis is mainly on product classes like Human Insulin, EPO products, Interferons, and G-CSF.
Indian government is determined to establish an Animal Biotechnology Research Institute at Hyderabad, next to Biotech Park in Genome Valley, in association with Indian Council of Medical Research (ICMR) and the National Institute of Nutrition (NIN).
As per the research report “Indian Biotechnology Market Outlook (2006)” published by RNCOS, “India has the potential to develop into a major players in biotechnology sector in global arena by 2010. Government initiatives, low-cost treatment, and medicinal proficiency will spurt the Biotech Industry in India. As against five parks in 2005, the number of biotech parks will be 15 by 2008-2009 in country. Establishment of further biotech parks will propel the growth of biotech industry in India”.
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