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India: Biotech Industry Hit US$ 2 Billion Mark in
2006-07
Revenues from Biotechnology industry in India
hit US$ 2 Billion mark during 2006-07, double form just US$ 1 Billion in
2004-05, as per the information disclosed at the Bio event held in
Bangalore on June 7, 2007.
The industry is heading in the right direction for meeting its goal
of US$ 5 Billion mark by the year 2010, Biocon India's CMD Kiran
Mazumdar Shaw said in her introductory remarks at the opening ceremony
of Biotech event "bio 2007", as reported by RED HERRING on June 7, 2007.
However, the state and federal science & technology ministers are
ambitiously targeting at the sales of around US$ 40 Billion by the year
2015.
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According to Shaw, challenges still exist for the industry. "India
needs a strong focus on discovery research and has to replace its
generics and services mindset by innovation," said she, indicating the
precautious attitude of industrialists in the country, who unlike the
VCs in US, do not back risk ridden biotechnology innovation.
Consequently, initial funding is tricky for the biotech industry in
India, added Shaw.
The "biotechnology industry is a global industry and is exemplified
by what is happening in countries like China, India, and Cuba. We will
soon see a reverse flow of medical discovery from these regions to the
West," Sir David Lane said. Lane is a scientist well known for the
discovery of cancer gene, and the executive director with the Institute
of Molecular & Cell Biology in Singapore. RED HERRING published Lane's
statement on June 7, 2007.
In its recently published report "Asia Pacific Biotechnology Market
(2007-2010)" RNCOS has found, "India has enormous potential to emerge as
one of the key players in the global arena by the year 2010. Generatin g
around US$ 800 Million in revenues during the year 2003-04, the fledging
industry, in spite of all obstacles, could manage to reach US$ 1.45
Billion during 2005-06. It's poised for leveraging its technical
expertise and scientific skills for making a global impact via a robust
innovation led platform."
Key issues and facts analyzed in the report include: an overview of
Bioclusters in the Asia-Pacific Biotechnology industry, course of market
growth for the next five years, issues confronted by the Asia-Pacific
Biotechnology industry, etc.
About RNCOS E-Services Pvt Ltd.:
RNCOS, incorporated in the year 2002, is an industry research firm.
It has a team of industry experts who analyze data collected from
credible sources. They provide industry insights and analysis that helps
corporations to take timely and accurate business decision in today's
globally competitive environment.
For more information visit:
http://www.rncos.com/Report/IM520.htm
Current Industry News:
http://www.rncos.com/blog
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