South-African Biotech sector has been growing rapidly and has further been supported by the frenzy of building up biofuels.
Biotech sector has been growing rapidly and has further been supported by the frenzy of building up biofuels, need of addressing the threats of infectious diseases and of meeting the demand for health & wellness products.
As per the Professor of Witwatersrand Medical School, Production of novel goods was too less in South Africa. The country had a great history of both development and proficiency in conventional fields of biotechnology, however its researchers hadn't capitalized on the developments in genomic sciences and genomics till date.
In the developing countries, worldwide pharmaceutical industry was slow on investing in biotech sector, perhaps because of market factors. According to Cofounder and Chief Executive Officer of Synexa Life Sciences, biotechnology industry in South Africa still has a long way to go.
General partner of US-based Burril & Company's, Roger Wyse told, revenue of US$ 75 Billion a year was generated by over five thousand worldwide biotech companies. About 350 biotech related drugs were used in last stages of clinical trials and above 100 products were available in the US market. In biotech agricultural field, millions of hectares of land were used to produce products for biotech industry.
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