According to a recently published report by Global Industry Analysts, India’s biotech sector has the potential to reach a market size of $11.6 billion by 2017. It is one of the largest and most advanced in the developing world, with an annual growth rate of 14%. Increased investment from foreign companies, private and public funding of R&D and infrastructure, and the boom in contract research and manufacturing have all contributed to its market growth.
India’s Potential Biotech Growth
Over the past few years, the Indian government has heavily invested in the country’s life science sector, i.e. approximately $650 million. In order to also attract foreign investors, a series of tax concessions and incentives were implemented that have contributed to increased private investment from foreign bio-pharmaceutical companies over the last decade. In addition, India has established the Biotechnology Industry Research Assistance Council (BIRAC), a government non-profit organization aimed at boosting India’s emerging biotech industry. Through BIRAC, the Indian government has set up several programs to promote innovation and collaboration, especially for small to medium-sized start ups and academic research centers in the country.
Another factor which has benefited the life science sector is the economy. India has largely been immune to the recent global economic recession. Not only has this helped to increase investment in the life sciences, but also off-shoring and outsourcing to India from developed countries, all of which have contributed to growth. As a result, India’s biotech companies and research centers are funded both by the country’s private sector as well as foreign private investors and companies abroad. According to recent reports, private equity investors have invested $268 million in India’s bio-science sector already this year.
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