The Indian biotechnology sector is one of the fastest growing knowledge-based sectors in India and is expected to play a key role in shaping India's rapidly developing economy. Currently, India holds two per cent share of global market. With numerous comparative advantages in terms of R&D facilities, knowledge, skills, and cost effectiveness, the biotechnology industry in India has immense potential to emerge as a global key player.
The Indian biotech market was estimated at US$ 2.80 billion in 2007–08 and is likely grow at a compound annual growth rate (CAGR) of 30 per cent.Going by a forecast in 'Bio Reality in India: Report 2008', by international real estate consultants Cushman & Wakefield, the industry is expected to cross the US$ 5 billion-mark through its products as well as services by 2010. By this time, it is estimated to occupy 140 million square feet of industrial area.
According to a report by the Confederation of Indian Industry (CII) and consultancy firm KPMG, the Indian biotechnology sector is likely to become a US$ 5 billion industry by 2010. The report stated, "India is ranked among the top 12 biotech destinations in the world and is the third biggest in Asia-Pacific in terms of the number of biotech companies." The sector has been attracting major investments, which have been growing at the rate of about 38 per cent for the last three years, and had touched US$ 560 million in 2006–07.
Leading institutes such as the All India Institutes of Medical Sciences (AIIMS) and Centre for Cellular and Molecular Biology (CCMB) have made noteworthy contributions to this industry. Further according to the findings, going by the current trend and the new biotech policy of the central government, the sector is poised to generate US$ 13–16 billion by 2015.
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