Biotech sector to grow 20% in foreseeable future

India's biotech sector is expected to grow at a robust 20% per annum in the near future, given the growing demand for biopharmaceuticals, biosimilars and vaccines, says a veteran in the field.

Biofuels would also offer a huge growth opportunity in biotech, the Chairman and Managing Director of Biocon, the country's largest biotech company by revenue, Kiran Mazumdar-Shaw told PTI here.

"We are entering the era of bioeconomy, where biotechnology can provide powerful solutions to some of the grave challenges that we face today: food scarcity, energy deficit, environmental damage, unmet medical needs and industrial pollution," she said.

Mazumdar-Shaw said the size of the country's biotech sector had reached $3.5 billion in 2010 and is poised for robust growth in all segments of biotechnology.

"India is already a world leader in vaccine production, Bt Cotton and bio-pharmaceuticals, especially bio-similars," she said. "India is also a large producer of industrial enzymes for green technologies & bioremediation. We also have critical mass in tissue culture-based cultivation."

However, Mazumdar-Shaw also referred to regulatory delays, import-export delays and restrictions, lack of venture funding and the listing norms that are unfavourable to innovation-led biotech companies.

"The inherent risk associated with gestational time lines involved in developing biotech products is a huge deterrent for investors. Example, Bt Brinjal", she pointed out.

Asked about her vision for Bangalore-headquartered Biocon, Mazumdar-Shaw, who has been named among TIME magazine's 100 most influential people in the world, said: "I am committed to pursuing our strategy of delivering affordable drugs for global markets that make a difference to healthcare."