India is at an Excellent Position in Biotechnology Industry | Frost & Sullivan discusses the transition to bio-economy
A recent white paper from Frost & Sullivan, India Ripe for Biotech Industry Growth, finds a fertile ecosystem will enable India to enter the biologics market, which is expected to reach $314.8 billion at a compound annual growth rate (CAGR) of 8.4 percent.
The country has the essential ingredients for success, including:
• Top-ranked universities discovering and developing new technologies
• The formation of new companies
• The expansion of established companies
• Introduction of new products in the market
• A capable workforce
• An improving quality of life
Currently, India is among the top 12 biotechnology destinations in the world and ranks third in the Asia-Pacific region. Despite the economic downturn in 2013 to 2014, the industry has experienced rapid growth due to increasing foreign investments, supportive government policies, increasing exports and a skilled workforce. India’s biotechnology industry is in a great position to transition to bio-economy. This will allow India to re-establish cornerstones defining the competitiveness of existing sectors, providing them with a favorable setting to operate and grow.
“India has world-class strengths in chemical, biological and environmental sciences
alongside a remarkable process engineering community. These equip the Indian research community to provide the foundation, understanding and breakthroughs to advance large-scale opportunities,” said Frost & Sullivan Partner and Transformational Health Senior Vice PresidentReenita Das. “The industry is expected to witness a growth rate of over 20 percent in the biotechnology sector and presents lucrative investment opportunities for global companies.”“Indian biotechnology expertise promotes the creation of new businesses from pharmaceutical research, medical technology, healthcare IT and healthcare service innovations,” noted Das. “In addition, India’s excellent clinical trials and manufacturing infrastructure, as well as its position with Trade-Related Aspects of Intellectual Property Rights (TRIPS), provided the industry an opportunity to thrive.”
The creation of competitive products and services as well as legislation will direct the paradigm shift from biotechnology to bio-economy. It is vital that new policy actions support the growth of a sustainable bio-economy.
Furthermore, it is essential to address the critical issues:
• Establish a simplified and efficient business process to encourage large-scale foreign direct investment.
• Re-evaluate biodiversity laws seriously impacting entrepreneurial efforts to create new industries and jobs locally.
