/24-7PressRelease/ - NEW DELHI, INDIA, July 13, 2007 - Revenues from Biotechnology industry in India hit US$ 2 Billion mark during 2006-07, double form just US$ 1 Billion in 2004-05, as per the information disclosed at the Bio event held in Bangalore on June 7, 2007.
The industry is heading in the right direction for meeting its goal of US$ 5 Billion mark by the year 2010, Biocon India's CMD Kiran Mazumdar Shaw said in her introductory remarks at the opening ceremony of Biotech event "bio 2007", as reported by RED HERRING on June 7, 2007. However, the state and federal science & technology ministers are ambitiously targeting at the sales of around US$ 40 Billion by the year 2015.
According to Shaw, challenges still exist for the industry. "India needs a strong focus on discovery research and has to replace its generics and services mindset by innovation," said she, indicating the precautious attitude of industrialists in the country, who unlike the VCs in US, do not back risk ridden biotechnology innovation. Consequently, initial funding is tricky for the biotech industry in India, added Shaw.
The "biotechnology industry is a global industry and is exemplified by what is happening in countries like China, India, and Cuba. We will soon see a reverse flow of medical discovery from these regions to the West," Sir David Lane said. Lane is a scientist well known for the discovery of cancer gene, and the executive director with the Institute of Molecular & Cell Biology in Singapore. RED HERRING published Lane's statement on June 7, 2007.
In its recently published report "Asia Pacific Biotechnology Market (2007-2010)" RNCOS has found, "India has enormous potential to emerge as one of the key players in the global arena by the year 2010. Generating around US$ 800 Million in revenues during the year 2003-04, the fledging industry, in spite of all obstacles, could manage to reach US$ 1.45 Billion during 2005-06. It's poised for leveraging its technical expertise and scientific skills for making a global impact via a robust innovation led platform."
Key issues and facts analyzed in the report include: an overview of Bioclusters in the Asia-Pacific Biotechnology industry, course of market growth for the next five years, issues confronted by the Asia-Pacific Biotechnology industry, etc.
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