6 Months agoIndia – on the path to becoming a world-class bio manufacturing hub with increasing investments into human capital, infrastructure and R&D capabilities.
The Biotechnology sector is one of the sunrise sectors in India. The government is investing substantially for creating human capital and infrastructure with a special focus on R&D to develop India into a world class bio manufacturing hub. The sector in India, which is currently growing at 20% is expected to go up to USD 11.6 Billion by 2017. The focus is on making the Indian biotechnology sector reach USD 100 billion by 2025. Currently, India’s biotech industry holds 2% of the global market share and is the third largest in the Asia-Pacific region. The sector has immense potential to grow and provides plenty of opportunities to investors. The ‘National IPR policy’ announced by the Government of India in May 2016 while helping promote innovation, R&D and entrepreneurship, also lays down processes to expedite IPR filings, which is critical for the success of this sector.
Key achievements during the last two years are:
- Current Good Manufacturing Practices (CGMP) Plant inaugurated at CSIR-IIIM, Jammu in October 2016, has world-class infrastructure for the manufacture of phytopharmaceuticals.
- India’s first cellulosic ethanol technology demonstration plant developed through indigenous technology was inaugurated on April 22, 2016. Department of Industrial Policy and Promotion Department of Biotechnology
- A virtual centre was launched across five Indian Institutes of Technology, Mumbai, Kharagpur, Guwahati, Jodhpur, and Roorkee, on September 3, 2015, to develop advance technologies in the area of biofuels.
- 30 Bioincubators and Biotech Parks supported/established during April 2014 to Sep 2016
- First indigenously developed and manufactured Rotavirus vaccine 'Rotavac' launched by the Hon’ble Prime Minister on March 9, 2015.