Biotechnology industry in India is progressing. The revenues generated by the industry reached US$ 2 Billion in 2006-07, an increase of US$ 1 Billion over 2004-05 and US$ 1.5 Billion over 2005-06.
India’s significance in Biotechnology filed is diverse. Besides generating skilled manpower plus a knowledge base, the country is demonstrating to be a perfect location for manufacturing as well as high-level biotech research programmes. With the help of government initiatives, Indian Biotechnology industry is perched for a remarkable growth.
The biotechnology market in India possesses a growth rate of 36.5% annually. This growth rate is among the maximum in the globe. Even though the country currently holds a market share of barely 2% of worldwide revenues however, it has an immense potential to develop into a major player in the worldwide biotechnology market by the year 2010.
Global biotechnology players have demonstrated an increasing interest in collaborating with Indian companies. This was highlighted by the fact that chief executive officers of several global companies participated at the biotechnology event in Bangalore.
Industry observers are comparing biotech industry in India to a baby elephant. It’s still in its youth and possesses the potential to develop and acquire substantial space in the worldwide biotech business.
As per RNCOS’ recent report “Asia Pacific Biotechnology Market (2007-2010)”, Indian biotechnology market vis-à-vis the Asian and global markets, promises a great potential to become one of the most significant players in the global arena by 2010. India ranks among the top ten biotech hubs of the world and would join the elite club of top five biotech hubs by 2010 when its biotech Industry would reach US$ 5 Billion from US$ 1.45 Billion in 2005.
This research reports also addressed some other interesting issues for today’s global business environment like the role-played by the governments in Asia-Pacific in promoting their respective biotech industries, forces that are working in favor of the industry as well as opportunities offered by the industry.
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