Published on : Feb 22, 2016
The Indian biotechnology sector is immensely innovative and is growing exponentially. This sector, owing to its immense development potential will keep on playing a role as a cutting edge hub of manufacturing. This sector, in particular, is amongst the most important sectors for improving the global profile of India and has also contributed in the development of the Indian economy. India is currently amongst the prime 12 biotech destinations globally and has emerged as the third biggest within the region of Asia Pacific.
Biopharma is the biggest sector and held a share a total revenue share of 64% in the biotech industry globally. The industry of biotechnology within India, includes 800 companies and is developing at an average 20 percent. The biotechnology sector in India is predicted to expand from the present US$ 5-7 bn to an average rate of approximately 20%. The biotech sector in India has been experiencing a lot of demand since the past 2 decades. Numerous global organizations have collaborated with a number of Indian companies owing to the strong generic biotechnology potential of India. The prime recent developments and investments within this sector are:
- The Centre of Commercialization of Antibodies and Biologics (CCAB) in Canada has collaborated with Zydus Cadila for manufacturing antibody-based cancer treatments.
- Shantha Biotechnics Private Limited is building a place for manufacturing insuman, which is an insulin product utilized for treating diabetes. In 2009, French pharmaceutical company named Sanofi SA took over Shantha Biotechnics via its vaccines division. Sanofi Pasteur SA has invested Rs 460 crores for building a facility which will produce 60 mn of insuman cartridges yearly, as stated by company executives.
- Syngene International and Bristol-Myers Squibb, the contract research biocon subsidiary, has announced a 5 year extension of drug development and discovery collaboration in India.
- The Bhabha Atomic Research Centre (BARC) via its Centre for Incubation of Technologies (BARCIT) has come up with a signed Memorandum of Understanding (MoU) with M/s Veena Industries in Nagpur for technology incubation for edible and biodegradable films food pharmaceutical and food packaging.
Thus, large number of such investments have propelled the biotechnology sector in India and the rising demand for numerous biotech products has also given rise in a number of foreign organizations investing in the biotech sector in India, hence boosting the overall sector.