India,
one of the most progressive nations of today’s scenario, in spite of its
doddery economic background is growing rapidly in many spheres. Of them being
the biotechnology sector of the industry. The biotechnology sector continues to
grow steadily as the firms are thoughtful enough to utilise the country’s
expertise and competitive costs. But, in this journey to grow as a global
power, the nation is also facing numerous challenges, most importantly the
regulatory issues, which need to be overcome if the industry aims at utilising
the potential.
According
to the consultancy Ernst & Young, previous year, India’s biotechnology
industry as worth US$4.3billion and is expected to reach $11.6billion by 2017.
In
this context, BioAsia’s (an annual conference of the biotechnology sector)
cheif executive, Mr. Shakthi Nagappan has said that the Biotech. Sector still
remains aloof of the economic recession and a phenomenal growth is expected in
this sector in the coming years.
The
pharmaceutical sphere heavily dominates this industry in India which accounts
for almost 60% of the total revenues. Other major sectors include services,
agriculture, industrial and informatics. The country’s large population is a
huge market for the growing Biotech industry and its products and services.
According to the Brand Equity Foundation, India’s skilled labour and low cost,
rising investments from Indian and foreign investors, foreign direct
investments for manufacturers of drugs and pharma and other factors are the
major driving forces of the growing industry.
Mr.
Nagappan also said that India is one of the leading names in the development of
novel vaccines and drugs and has an important role in other facets as well.
India ranks third, after China and South Korea, in biotechnology revenues, but
the nation is lot better in terms of investments in this sector. India’s
skilled labour force and low labour costs is a potential attraction for making
it as a biotech hub.
Though
the country boats of the massive scope of development, especially in the
agricultural biotech sector, there are hurdles as well like the effects of the
genetically modified crops. Although we are a Super power in the agricultural
sphere, yet there are issues related to the regulations in this technology.
Biotechnology has a great role to play in meeting the ever-rising food demands,
population explosion, food securitisation and climatic changes too. Still,
there is a considerate improvement in agricultural biotechnology. There have
been investments at large scales and numerous technologies are under the
semi-developed stage.
In
this facet, the major challenge is to quantify the safety levels of the G.M. crops
and it is thus, very essential that we do not stop the technological progress,
rather consider all pros and cons and then move forward.
Another
problem arose due to the recent order by the Supreme Court to suspend all the
clinical trials for novel drugs performed by the various pharma companies. But researchers
are hopeful that such hurdles can be easily surpassed with time, since there
are significant efforts being made which include instituting incentive
structures which will surely help in the accelerating the development.
Proposals
have been made to establish a regulatory authority in this sector to scrutinize
and then approve various biotechnology products and to orient the drug approval
process as well. The five year program of 2012-2017 also constitutes one of the
major initiatives towards innovation and development of biotechnology.
India
still needs to enhance the quality and number of biotechnology graduates in order
to correspond to the industrial demands, so as to contribute to Asia’s
lucrative growing market. India needs to work harder in order to compete with
China, Korea, Singapore and Malaysia as well in various aspects like
investments from MNCs, infrastructure, tax and duty exemptions and easy
regulatory protocols.
We
have a considerate path to go, but we will surely reach to the zenith in the
near future.
Source : BioAsia
