Biotechnology is the fast emerging sector in Indian Economy.
It is expected that this sector will play a major role in boosting Indian economy in upcoming years. If we talk of skills, knowledge, R&D (Research & Development) services & costs, then India stands apart in this sector. India’s institutional infrastructure provides the base to these powers to translate them into business opportunities. Thus, the Biotechnology sector in India is fast gaining international visibility & is largely traced for its new & innovative investment opportunities.
Indian biotechnology hub is likely to grow at an exponential rate. The biotechnology industry of India is estimated to have a size of US$ 1.3 Billion. The Biotech market comprises of bio-informatics, bio-agriculture, bio-industries and bio-healthcare, along with contract & clinical markets of research. Of the total biotech market, healthcare products enjoy a share of around 38%. The increasing population, requirement of daily diagnosis products & innovative medicines to fight against the diseases are growing to create more demand for drugs & biotechnology products.
This major expansion in biotechnology sector is working as an incentive for research scientists, executives in bio-industry & venture capitalists to get nearer and put forth their ideas that will triple the bio-products market. The most recent development is the IT application to the biotechnology field, plant genomes, food security, crop protection, transgenic crops & increased resistance to diseases of plants.
In coming years, the Indian biotechnology industry is slated to become India’s prime juncture for research & clinical & biological services. The Indian biotechnology industry is the 2nd largest kids’ vaccine maker. The Indian biotech industry exports these vaccines to more than 100 countries of the world.
For further information about Indian biotechnology, read RNCOS report “Indian Biotechnology Market Outlook (2006)”…