After taking a nasty hit during the global financial crisis sparked in 2008, India's biotech industry has regained its footing and is once again seeing fast-paced growth. Government officials say that the industry grew 33 percent in this past fiscal year, hitting $4 billion in total revenue. And while that figure pales in comparison to the industry's $180 billion global tally, it's expected to swell to $10 billion in 2015.
Karnataka IT and BT principal secretary M.N. Vidyashankar told the Economic Times that biotech exports will lead the way to that much bigger number. And certain regions like Karnataka--and Bangalore in particular--will be at the forefront. Interestingly, Frost & Sullivan submitted a report on biotechnology outlining rapid growth for the global biotech industry, which its analysts expect will hit $433 billion in collective revenue by 2015.
"Bangalore has emerged as an innovative hub of India. Sustainable and affordable solutions can be funded in the biotech sector. Indian companies need to ensure capacity expansion and attract talent to meet the manpower shortage," said Biocon chairperson Kiran Mazumdar-Shaw, an industry leader in the country.
- here's the story from the Economic Times