Biotechnology Market India's Biotechnology Market to Grow by 20 Percent, Insiders Say
Industry insiders expect a bright future for India's biotechnology industry. The Economic Times quotes Biocon chairman Kiran Mazumdar-Shaw who expects an annual growth of about 20 percent.
Bangalore/India – Good news from India's biotech industry: according to the Indian Economic Times the sector expects a more than robust 20 per cent per year growth, driven by the growing demand for biopharmaceuticals, biosimilars and vaccines. The paper also expects a good perspective for biofuels in India, quoting Kiran Mazumdar-Shaw, chairman of Biocon. Mazumdar-Shaw sees the beginning of an age where biotechnology provides solutions to challenges like food scarcity, energy deficit, environmental problems and medical demands, the Economic Times says.
Today, the Indian biotech economy has a market volume of roughly US $ 3.5 billion. India is already a major producer of Bt cotton, bio-pharmaceuticals and bio-similars. But also industrial enzymes and tissue culture-based cultivation saw good growths in India, Mazumdar-Shaw told the press. Nevertheless regulatory delays, import–export difficulties and restrictions or a lack of venture capital could affect the performance of the biotech industry.