1 Month agoDue to its immense growth potential, the Biotechnology and the Pharmaceuticals sectors are regarded as the two most significant sectors from the Make in India perspective.
Due to its immense growth potential, the Biotechnology and the Pharmaceuticals sectors are regarded as the two most significant sectors from the Make in India perspective. India already features among the top 12 biotechnology destinations in the world and ranks second in Asia. The sector is presently growing at a compound annual growth rate (CAGR) of 20%1 and is expected to reach USD 100 billion by 2025.2 Superior quality and technology coupled with the enormous variety of medicines makes India a leader in the pharma industry within the league of developing countries. The Indian pharmaceutical industry is the world’s third-largest in terms of volume and tenth largest by value. India’s generic drugs account for 20% of global exports in terms of volume, making it the largest provider of generic medicines globally. The sector has been a key contributor to the growth of the country’s economy, with exports accounting for about 50% of the total production. Additionally, the rapidly growing pharmaceutical industry is predicted to be the sixth-largest market globally by 2020, with its value reaching up to USD 55 billion.3
Some of the key factors driving these sectors are increasing investments from foreign companies, greater Research and Development (R & D) and infrastructure investments from public and private sectors. Additionally, factors such as India’s standing as an emerging market for contract research and manufacturing outsourcing and its increasing clinical capabilities in drug discovery are contributing to the growth of the sectors. The National Intellectual Property Rights (IPR) Policy launched by the government in May 2016 to promote innovation, R & D and entrepreneurship lays down processes to expedite IPR filings that are critical for the success of both the sectors.
Though both these industries have their presence across India, the highest concentration of biotechnology and pharmaceutical companies is in Karnataka. The presence of state-of- the-art laboratories for R & D, skilled manpower, the government’s investor-friendly policies and a favourable ecosystem for startups makes Karnataka the national leader in both these industries.4
The Make in India Conference, Bengaluru - ‘Karnataka Calling’, being hosted in Bengaluru features a session on ‘Biotechnology and Pharmaceuticals – Moving towards Global Competitiveness’. This session, planned on Day 1 of the conference i.e. 13th of February will focus discussions on the significance of R & D in these sectors and how India’s strengths in the sector can be boosted. The session also includes keynote addresses by eminent business personalities in the sector, including Kiran Mazumdar Shaw, Chairman and Managing Director, Biocon Ltd, and Annaswamy Vaidheesh, MD, Glaxo Smithkline Pharmaceuticals Ltd.5