India Bio-Tech Industry to Reach $10 bn by 2015
Emerging opportunities in India have lead analysts to believe that the biotechnology sector in India could be worth around $10 billion by 2015. New opportunities across various sectors including biopharma, agri-biotehnology and industrial biotechnology are expected to help the industry grow rapidly in the near future.
The biotechnology industry in India is currently estimated to be around $4 billion. The south west state of Karnataka contributes to 40% of this value and the state capital Bangalore is home to 52% of the core biotechnology companies in India, including 5 top biotech countries.
Speaking after inaugurating Bangalore India Bio 2011, B S Yeddyurappa, the chief minister of Karnataka has suggested that the area has a favorable ecosystem for biotechnology. He also said that the state ‘will make further efforts to boost growth of the industry’. Yeddyurappa also said that the state is to open four biotechnology parks and is also promoting biotech finishing schools in order to create a skilled workforce.
The global biotechnology industry, which is estimated to be around $140 billion, will need emerging economies like India to further grow the industry.