Association of Biotech Led Enterprises (ABLE) is disappointed with the lack of support for biotech sector in the Union Budget for 2006-07. | |
| ABLE in a statement said the Indian Biotech sector is on the threshold of significant growth opportunities. "The biggest being an opportunity to make India a global research and development (R&D) hub for biotech. We had made several recommendations to this effect to boost R&D and entrepreneurship in the sector but unfortunately none were considered," Able said. |
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| The biotech industry organisation had sought an extension to the 150 per cent weighted average tax deduction uos 35 (2AB) for R&D expenditure until 2015. With the advent of the WTO-TRIPS regime, R&D is the key to the future and survival of the Bio-pharma industry. |
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| "If the incentive is not made available beyond 2007, the investments in R&D are likely to decline, resulting in India?s dependency on external innovation and the country?s inability to cope with crises like the avian flu. If we do not urgently address this needs, we are likely to witness flight of intellectual capital to tax friendly regions of the world," said Able release. |
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| Biotech is an Intellectual Property driven industry and neglect of this long standing demand will be a dent on the ability of this sunrise sector to be globally competitive, the industry body stressed. |
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| Biotech is a capital intensive sector and given the limited funding available both from the Government and Venture Capital sector for R&D and innovation, the industry depends significantly on technology transfer and licensing arrangements for new technologies from global firms. |
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