An Overview of the Biotechnology Industry

Biotechnology is regarded as a field with plenty of potential and latent promise in the Indian context primarily because India possesses the intellectual prowess to be able to handle the immense research which it demands and entails. India has always been at the forefront of research initiatives and the fact that harnessing biotechnology would result in job creation for millions in form of R&D and skill sets in a cost effective manner makes it an attractive package.

The biotech industry of India comprises of red, green, white and health sub-sections of the industry and its core competence exists in the following aspects:

The Indian biotechnology industry has achieved a lot for which to claim credit within a relatively short period of time. Some of the success stories are mentioned as follows:

Having broken the shell of national research, the Indian biotech industry has risen to the status wherein it is one of the major providers of biotech information to buyers belonging to any part of the world. With as many as 190 large biotech companies and hundreds of smaller ones engaged in active research India has emerged as a force to reckon with in this field with an expected turnover of Rs.4, 40, 000 crores in 2020. The firms forming a part of the Indian biotech industry could be classified in the following manner:

The biotech industry in India received cognizance in the country for the first time during the 1980sā€™ and was principally the domain of large national or international drug firms. It was in 1986 that the Department of Biotechnology was established by the Government of India as under the purview of Ministry of Science and Technology. Since then the number of firms engaged in this industry was 400 in 1995 and more than 850 as of now, the end of the first decade of the twenty-first century.