India’s biotechnology sector is a burgeoning one, with more than 325 companies and some with revenues in the billions of dollars. According to the BioSpectrum-ABLE (Association of Biotechnology Led Enterprises) Biotech Industry Survey of 2011, the industry has grown by 21.5% in 2006-2011, surging to $4 billion.
Furthermore, India is the world’s largest manufacturer of vaccines and the growth of India vaccine makers arises from their ability to develop and produce high-quality vaccines with low manufacturing costs, which have been primarily marketed in the developing world. India’s vaccine market could grow from its current $250M to $1.7B by 2020, and could even reach $3.5B in a high-growth scenario.
In order to ensure future growth in this vibrant landscape, government and industry leaders in India must work together to create and develop public policies that will promote innovation, encourage collaboration and spur investment in the Indian biotechnology sector.
As BIO recognizes the potential for industry growth within India, we aim to create a collaborative environment to support and encourage this growth.
According to the recent BIO commissioned Taking Stock IP report, there is a growing body of evidence suggesting a positive link between economic development and growth, technology transfer, increased rates of innovation and the strengthening of intellectual property rights.
The biotechnology business model requires an environment that reduces the unpredictability in the commercial sector for approved and unapproved products. Specifically, ensuring that intellectual property is protected from unauthorized copying and use will encourage companies to take risks and make significant R&D investments.
BIO, the Confederation of Indian Industries and the Association for Biotechnology Led Enterprises co-hosted a US Indian Industry Bilateral discussion at the recent 2012 BIO International Convention. The event attracted 25 members of the U.S. and Indian industry, and focused on opportunities for collaboration between the US and Indian biotechnology industries, with an emphasis on research and development activities. India is fertile ground for biotechnology research and development with more than 100 R&D focused companies, significant intellectual resources, and the support of the Government of India.
We anticipate continuing the dialogue with both the Indian industry and government on September 12-13 at the BIO India International Conference in Mumbai.
Additionally, BIO will be co-leading a pre-conference advocacy mission with USIBC to New Delhi on September 10 and 11 and also participating in a joint event with the USPTO and the Indian Patent Office in Mumbai on September 14th. To learn more please visit here.
Through the BIO India International Conference, the BIO International Convention and ongoing advocacy efforts, BIO aims to help the industry flourish within India’s borders and help patients and citizens benefit from the promise of biotech.