Today, 26th February 2020, New Delhi is celebrating its 34th Foundation Day at the National Institute of Immunology (NII), New Delhi. Despite the economic slump of 2013-14, Indian industries related to biotechnologies have seen a constant rise, factoring to increasing foreign investment, lucrative and supportive government policies, the surge in demand for the Indian products and a skilled workforce. Compassionate private sector policies coupled with the government measures have seen a rapid growth amounting to an annual growth rate of nearly 20%, thus making India among the top 12 biotechnology destinations in the world.
It is the increasing demand for biotechnology products and services throughout the world that has been the hinge for setting a determined target of US$150 billion by 2025. India’s biotechnology manufacturing is in a boundless position to changeover to bio-economy. This will allow India to re-establish foundations describing the effectiveness of prevailing segments, providing them with a promising setting to operate and grow. The nation has the crucial elements for success, including:
- Top-ranked academics discovering and developing new technologies
- The establishment of new corporations
- The development of recognized companies
- Introduction of new products in the market
- An accomplished workforce
- A refining value of life
Reenita Das, Sullivan Partner, and Transformational Health Senior Vice President explained Indian biotechnology experts promote the formation of new businesses from pharmaceutical research, medical technology, healthcare IT and healthcare service improvements. Additionally, India’s foreign trade policies and international relations help the biotechnology industry to grow and seek investors or traders globally.