The demand for clinical trials in India has boomed in recent years as drug developers look for less expensive ways to test their drug candidates. The interest from abroad has pushed India's biotech industry over the $2 billion annual revenue mark, according to a report released at the annual Bangalore Bio event. This represents a growth rate of 35 percent for a fourth consecutive year, and India's biotech industry is on track to hit $5 billion in annual revenue by 2010. However, Dr. Kiran Mazumdar Shaw, chairwoman and managing director of Biocon, notes that there's room for improvement in India's biotech industry. "India needs a strong focus on discovery research and has to replace its generics and services mindset by innovation," she noted.
- check out this Red Herring report for more