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Union Minister for Science and Technology and Earth Sciences Dr. Harsh Vardhan inaugurated the first phase of the Bio-Innovation Centre of the Rajiv Gandhi Centre for Biotechnology (RGCB) here on Sunday.
Speaking at the function, the minister said bio-technology is a sector growing at an annual rate of 30 percent, and added that India is set to become home to the world's third largest set-up in this field by 2025.
"I see ten years down the road a 100 billion dollar industry which will be the powerhouse of not only India's pharmaceutical sector, but will also be on a global scale. At this rate of growth, it looks likely to be bigger than the domestic pharmaceutical industry," Harsh Vardhan said.
"We are talking about building up clusters of growth which would be home to international societies of scientists of all types linked to biotechnology. Backed by the government's liberal FDI policy (100 percent for Greenfield and Brownfield), this is a win-win situation," he added.
Dr. Harsh Vardhan praised the government and people of Kerala for promoting a scientific temper and rationalism on a nationwide scale.
About the RGCB, he said, "You have set a high standard research and development in selected areas of bio-technology. The institute has made impressive advances in areas of disease biology and it has a good track record in creating trained competent human resource base in bio-technology."
The 50,000 square feet innovation centre has been set up with an outlay of Rs. 100 crore. This initiative would create an environment where knowledge generated through fundamental research in disease biology and molecular medicine gets translated to innovative new tools and products.
Kerala Chief Minister Oommen Chandy was also present on the occasion.