Chennai, June 29: The total biotechnology market in India inclusive of all sectors is to touch 6.75 billion USD at a compound annual growth rate of 13.42 per cent, according to a latest Frost and Sullivan Study. The Indian biotechnology market was estimated at 2.5 billion USD in 2002.
"By 2005, India is expected to fully comply with the IPR (intellectual property regime), which is likely to boost R&D and throw open the doors hitherto locked for many fledgling biotech companies in India," the report says. The country's biotech industry was expected to be an important growth engine for the life sciences especially in human and agricultural sectors.
According to K Balaji, programme manager, Asia and Pacific Life Sciences Practice, Frost and Sullivan, lack of clear strategic vision, lack of focus on basic research and weak industry-academic linkages, however, are the key hurdles holding the Indian biotech industry. Areas such as genomics also means that the Indian biotech industry can shift its focus from dollar-intensive automated generation of sequences to intellect-driven experiments and analysis of raw sequence data, the study points out. Bureau Report