The biotechnology industry is booming with greater rate of growth. The biotech sector has registered growth of more than 35 percent for a fourth consecutive year According to the biotech experts, this is a good sign of bright future of the field of medical innovation and research. The data was presented during the Bangalore Bio event that is an annual biotech conference and exhibition held every year.
Dr. Kiran Mazumdar Shaw, chairperson and MD of Biocon that happens to be India’s largest biotech company, said that the Indian biotech industry has crossed the $2 billion mark of annual revenue in the financial year 2006-07. She said further that the industry would hopefully achieve the target of $5 billion in revenue by the year 2010.
At the same time, the Union minister and the state minister have said that the sector may touch the $40 billion in sales by 2015 at this growth rate. However, Kiran Shaw said that still there are so many hurdles in the path of development in this sector. There is a need to focus strongly on discovery research and innovations in generics and services mindset.
The sector has attracted good investments as well to that propelled the overall growth rate. The investment was about $490 million in 2006-07 that was more than $360 million of the year 2004-05.
Now, the biotech companies atre planning to issue public orders. A survey jointly conducted by Biospectrum magazine and the Association of Biotech Led Enterprises revealed that at least 10 biotech companies would issue IPOs by 2010. The number of companies would go up to 400.
Sir David Lane, executive director of the Institute of Molecular and Cell Biology in Singapore said that the biotech growth in Asia-pacific region would outplace the global growth rate soon.
He said:
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.
Recently, The IMS health had published a survey report that had said that The Indian pharmaceutical industry is the fastest growing market in the world. The boom in biotech sector would also help the pharmaceutical industry to grow with great pace.
