India has bright future in biotech industry and it possesses the potential to transform into one of the biggest global biotech players by 2010.
"Indian Biotechnology Market Outlook (2006)", a RNCOS report, states that India possesses the potential to transform into one of the biggest global biotech players by 2010. India's biotech industry is poised for growth due to low cost treatment, government initiatives and medical expertise. In near future, global biotech companies will set up their bases in India to make it a hub for clinical trials, new product development or outsource their contract manufacturing services.
Market reports reveals that Indian biotechnology industry recorded a growth of over 35% for the fourth year in a row. This is another indication that in future, medical innovation will be concentrated in countries in the developing world, according to the news published on Red Herring.
Red Herring news reported a prediction by Dr. Kiran Mazumdar Shaw, chairwoman and managing director of Biocon, the largest biotech company in India, of the ability of India's biotech industry to reach its target of $5 Billion revenue by 2010, following its annual revenue for the year ended March 31, 2007 having surpassed $2 Billion. The federal and state science and technology ministers have set an even more ambitious target of $40 Billion sales by 2015.
In a joint survey, Biospectrum magazine together with the Association of Biotech Led Enterprises expected almost 10 biotech companies to go public by 2010 while the total number of companies would rise to 400 from the current 340 during the same period.
The pharmaceutical industry is undergoing a phase of active growth, more so in China and India. Foreign pharmaceutical companies have been pouring in investment across the region while domestic manufacturers are going through expansion to keep up with the growing demand in addition to stepping up service offerings to keep pace with global off-shoring pace.
Rapid transformation is underway in India with improving regulatory infrastructure, higher standards of bio-manufacturing, greater capabilities in clinical development, increasing R&D collaborations with US and European companies and growing acceptance of Indian clinical data by USFDA/EMEA and other international organizations.
Industry experts think that the role of India in the biotechnology sector is varied. Apart from its strong knowledge base and skilled manpower, India is increasingly being preferred for manufacturing operations and highly sophisticated biotechnology research programs. The initiatives being taken by the Indian government are further propelling Indian biotechnology to ascend to new heights.
Related Market Research Reports:
Booming Biotech Market in India
Asia Pacific Biotechnology Market (2008-2012)
US Biotech Market Analysis
