Biotechnology in India is in Favor of Growth
In a recent report by Global Industry Analysts (GIA) on the future of biotech in India, analysts suggest that all indicators are clearly in favor of growth. In fact, India’s biotech sector is expected to expand dramatically over the next few years. According to the GIA report, “Biotechnology in India: An Indian Market Report”, analysts predict that by 2017 the Indian biotech sector will bring in a revenue of $11.7 billion.
Major factors influencing this predicted growth are an abundance of highly skilled professionals, lower costs, increased government support, and a large domestic market. A growing middle class, increasing focus on R&D, infrastructure investments by private and public sectors, a rising incidence in western lifestyle diseases, increased outsourcing of bio-manufacturing, and an emerging market for contract research are also important contributing factors.
Despite this, the Indian biotech industry continues to face several major challenges. According to GIA industry analysts, these challenges are related to a lack of ‘superior organized resources’ and an insufficient number of facilities equipped to conduct high level testing and research. In addition, there is a shortage of skilled personnel in certain medical specialties such as oncology, and there are not enough experts adequately knowledgeable in IP protection, technology transfer, clinical services, or early drug discovery and innovation.
Presently there are over 350 biotech companies actively operating in India. Although the most significant future growth is expected to occur in bio-agriculture, bio-pharmaceuticals presently account for a major portion of the biotech industry. The fact that bio-pharmaceuticals, bioinformatics, and bio-service exports are responsible for the industry’s largest revenues strongly reflects India’s current emphasis on international markets. Meanwhile, India’s domestic market, primarily made up of bio-industrial and bio-agricultural products, is expected to produce the largest future revenues.
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