Indian BioTech industry to reach $10 bn mark by 2015

The Indian biotechnology sector is expected to touch the $10 billion mark by 2015 on the back of emerging opportunities across various verticals, namely biopharma, agri-biotechnology, industrial biotechnology among others.

Presently, the biotechnology sector in the country is estimated to be around $4 billion of which around 40 per cent is contributed by Karnataka.

“Bangalore hosts 52 per cent of the core biotechnology companies in the country and around five top biotech companies are in the city. It shows the favourable ecosystem for biotechnology industry in the state. We will make further efforts to boost growth of the industry,” B S Yeddyurappa, chief minister, said after inaugurating Bangalore India Bio 2011, here today.

He also said that the state was about to open four biotechnology parks in various parts of the state.

Presently, the state is in the process of promoting biotech finishing schools to create skilled workforce for the industry.

“Around 12 finishing schools will start their next academic session in a few months, which will impart the required skill to the students,” he said. Global biotechnology industry, which is now estimated to be around $140 billion, is slowly looking towards emerging economies like India, Brazil, China among others to drive further growth in the industry.

“The whole world is looking towards emerging economies for providing solutions to global health and other problems. As India has the necessary talent pool, cost advantage along with entrepreneurial drive, we should take the benefit of this emerging opportunity,” Kiran Mazumdar-Shaw, CMD of Biocon said. She, however, said issues related to regulatory delays should be addressed to make country’s biotechnology industry competitive.

Meantime, other dignitaries asked for more holistic approach of biotechnology. “Biotechnology industry should take a holistic approach of this applied science to solve issues of health problems, productivity in agriculture and industrial usage,” Viswa Mohan Katoch, secretary to Government of India for Health Research said.

Referring to this matter, Dr M K Bhan, secretary of Department of Biotechnology, said that the Centre was taking active steps to link required fund for start-ups to conduct research.

“Biotechnology industry should also be more communicative to dispel the myth relating to the industry,” he added.

Presently, many genetically-modified crops are yet to be commercialised as there are concerns raised by certain sections of the society related to its safety aspects.

Bhan also said that the department had received necessary approvals for setting up the National Biotechnology Authority which was expected to come for Parliament approval in the next session.