Indian biotech exec predicts a $10B industry boom
One of the leading figures in India's biotech industry says that the field is positioned to more than double in size over the next five years as more companies in the subcontinent tap in on the potential for opportunities in clinical trials, manufacturing and more. And she adds that India is well positioned to profit from the shift in R&D and trial work from Europe and the U.S. to Asia.
Biocon chief Kiran Mazumdar-Shaw predicts that biotechnology will grow to a $5 billion business in the subcontinent by next year and then double to $10 billion by 2015. And she adds that the industry has achieved a "critical mass" that has positioned biotech to achieve exponential growth.
"India is today becoming the vaccine capital of the world," explains Mazumdar-Shaw. "Bio-manufacturing offers a huge potential and already there are indications that many global contract manufacturers announced they will be shifting their base from Europe to Asia. I think India will be one of the beneficiaries of that particular strategy."
Over the past few years, China and India have both been wooing major biopharma organizations interested in taking a share of the growing Asian market for new therapies. But while India has been hampered by a bitter feud over IP rights, China has been signaling that it is determined to clear the path for rapid development. And recently China has been winning over some key players.
- here's the story from the Hindustan Times