Local health needs were the reason for many biotech companies in India to be formed. However, since then, with the strong growth of pharmaceutical market, and their ability to produce cheap generic alternatives to many drugs, India has the potential to become the global hub for biotech products. India’s biotech industry grew by nearly 40% last year and is now second only to the United States in its number of FDA-approved drug manufacturing plants. India boasts more than $700 million in annual revenues from its biotechnology industry.
Over the last decade consumption of Human and Animal Health care products Agricultural products and Industrial products increased substantially in India. There is also opportunity for India in the areas of Pharmacogenomics, Monoclonal antibody technologies, protein engineering technology, and DNA sequencing, though biopharma remains the biggest sector accounting for nearly 70% of the total revenues in 2007-08.
This said, The bioagriculture sector is the fastest growing with high sales of BT cotton. Agricultural trade between the U.S. and India reached a record $1.4 billion in 2006, which excludes fish and forest products, it added. India’s major agricultural exports to the U.S. include cashew, sugar, spices, essential oils, processed horticultural products, rice, tea and castor oil.
The Genetic Engineering Approval Committee monitors all Indian imports of biotech food and agricultural products as a stipulation of India’s trade policy, which was set un in the Environmental Protection Act of 1986. Soybean oil derived from Roundup Ready soybeans is the only biotech product approved for commercial import by India thus far.
Some Indian firms use service contracts with overseas firms to fund their operations, such as Wyeth.
- Panacea Biotech
- Wipro Healthsciences
- Biocon, Bangalore, is a research-driven company which ranks in the top twenty globally.
- Biological E, Hyderabad
- Bharath Biotech, Hyderabad
- Shantha Biotechnics Ltd. is the first Indian company to launch a r-DNA vaccine in India. Astra Zeneca, Bangalore
Last updated: November 21st, 2013
