Biotech can grow to $40 bn industry by 2015
The Indian biotech industry whcih ended fiscal 2005-06 with just over $1.40 billion, could potentially grow to $ 40 bn by 2015. Union Minister for science and technology Kapil Sibal feels that the estimate is 'possible' since India will be the centrestage of biotech in the world in future.
The ministry is planning some intiatives to give a fillip to the BT industry. These include creation of a global technology acquisition fund to help companies acquire firms overseas, opening up the education sector while setting up centres of excellence in about 20-40 universities to train faculty etc. However, K.K. Narayanan, president of the Association of Biotechnology Led Enterprises (ABLE) and MD of Metahelix Life Sciences put the Indian biotech industry at a more conservative estimate of $ 20-25 bn by 2015.
Presently, the BT sector is growing at a rate of 39-40%. However, the industry needs to move up the value chain through innovation and product development.
Source: The Economic Times
The ministry is planning some intiatives to give a fillip to the BT industry. These include creation of a global technology acquisition fund to help companies acquire firms overseas, opening up the education sector while setting up centres of excellence in about 20-40 universities to train faculty etc. However, K.K. Narayanan, president of the Association of Biotechnology Led Enterprises (ABLE) and MD of Metahelix Life Sciences put the Indian biotech industry at a more conservative estimate of $ 20-25 bn by 2015.
Presently, the BT sector is growing at a rate of 39-40%. However, the industry needs to move up the value chain through innovation and product development.
Source: The Economic Times
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