Updated on 25 April 2013
One simple reason for such high patent filings in this sector and high turnaround of innovations is relatively lower investments and negligible gestation periods, as compared to life sciences area where innovations require long gestation period and very high amount of investments. However, let us look at the number of patent filing in this industry in India:
It is clearly evident that in our country, life sciences sectors (including biotechnology, pharmacy/ chemistry and medical devices) have done enormously better than fast moving sectors like hi-tech. This indicates the importance of life sciences sector in India, growing dominance of India companies and interest of various MNCs in Indian market. Furthermore, looking at the strengthening patent portfolios in life sciences industry in India, it is evident that the country is going to be a deciding ground for life sciences industry in the future and will lead to a lot of opportunities and value creation for Indian professionals engaged in this sector.