Updated on 1 October 2012
ABLE-DBT report: Indian Biotechnology - The Roadmap to the Next Decade and Beyond
Bangalore: "A dynamic and vibrant biotechnology industry would be one of the main engines of innovation in India and will establish the country as a global destination for innovation with economic spillover effects such as creation of a large biotechnology manufacturing industry, high technology skilled jobs and supporting an ancillary industry that feeds the innovation engine," summed up a report commissioned by Indian government's federal Department of Biotechnology (DBT) and prepared by the Association of Biotechnology Led Enterprises (ABLE).
The 2025 industry revenue number has been extrapolated from the 2012 BioSpectrum-ABLE Biotech Industry Survey, which revealed that the sector had a compounded annual growth rate (CAGR) of 24 percent since 2003. With some more support from the government with more favourable policies, the industry could grow at a CAGR of 30 percent or more in the next decade. This will nudge it past the $100 billion mark by 2025, predicts the report.
"The potential for India to be a global innovation hub, especially in biotechnology, exists. The Indian biotech industry has also shown that when proper support systems exist, they can deliver scaled up innovative products that are affordable and are of high quality," says Dr Satya Dash, who authored the report, 'Indian Biotechnology: The Roadmap to the Next Decade and Beyond', early this year as the chief operating officer of ABLE.
Dr M K Bhan, secretary, DBT, added that, "The government has established several innovative industry focused schemes, such as SBIRI, BIPP and the Ignition Grant. These programs are helping the industry to proactively incorporate innovation as the driving force for R&D, enabling the industry to build capacity for future growth and are creating platforms for positive collaborations between industry and academia for translational biology."
Of course, this is not going to happen if the business as usual scenario continues. An institutional and structural framework has to be built to help the country achieve its potential as a break out nationa for biotechnology innovation.