Biotechnology - Highlights 2O16
8 Months agoThe sector provides support to more than 300 start-ups and is poised to become a USD 100 Billion industry by 2025.
Key government initiatives:
- Service tax exemption on services provided by Biotechnology Industry Research Assistance Council (BIRAC) approved incubators to start-ups.
- A flat 10% rate of tax on income from worldwide commercialization of patents that are developed and registered in India.
- Ministry of Biotechnology has adopted the Open Access Policy since FY 2015. The objective of this policy is to improve access to the published results of research funded by government agencies, and to increase the dissemination and exchange of research results.
- India is amongst the top 12 biotech destinations in the world, ranking third in Asia-Pacific region
- Indian bio-economy grew to USD 7 Billion in FY 2015, up from USD 5 Billion in FY 2014
- The sector provides support to more than 300 start-ups through 15 BIRAC approved incubators
- With fast-paced growth, the industry is expected to increase in size to USD 100 billion by 2025, driven by a range of factors such as growing demand, intensive R&D activities and strong government initiatives.
- The bio-pharmaceutical segment accounted for the largest share of the biotech industry, with 62.0 % of total revenues in FY15.
Sources: Department of Biotechnology, ASSOCHAM, Frost & Sullivan, IBEF and TechSci Research