“India will become one of top 10 biotech markets''

India has a unique position with regard to biotechnology.

The industry is estimated to grow to $50 billion by 2020 and will be one of the top 10 markets in the world. This growth will be spurred by several factors, T. Madhan Mohan, Adviser, Department of Biotechnology, Ministry of Science and Technology, said here on Friday.

Delivering the graduation day address at PSGR Krishnammal College for Women, he said India was becoming one of the leading destinations for research and development in biotechnology.

“Early stage of funding of innovative R&D, especially those with the potential to reach the market remains an issue in India. However, the Department of Biotechnology is playing a crucial role in filling the funding gap in such projects,” Mr. Mohan said.

“India is emerging as a centre for conducting cutting edge stem cell and regenerative medicine work with more than 40 public and private funded organisations devoted to this area. Indian Bio-IT firms are helping several biotech and pharma companies in enabling drug discovery research,” Mr. Mohan said.

He was happy that many Indian healthcare organisations were global leaders in cost-effective and high quality healthcare delivery models.

They were “world leaders” in delivering high-end healthcare solutions at a cost that made it affordable to all.

India was one of the world's largest producers of paediatric vaccines and they were supplied to more than 150 countries and also to the World Health Organisation and UNICEF.

“India remains a price-sensitive market. It is a ‘living laboratory' in the sense that innovative healthcare products that become successful in this market have an immense potential to enter similarly placed economies such as Brazil, Argentina and rest of South America, most of Asia Pacific, and many countries in the African continent,” Mr. Mohan said.

India was also becoming a global hub for discovery research and product development for “affordable, high quality medicines and delivery models” and the factors that contributed to this were “active Government focus to boost biotech R&D, entrepreneurial dynamism, and availability of skilled manpower well versed in business and technical skills related to chemistry, biology, and IT”.

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