Biotechnology in India

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The biotechnology sector in India has shown significant growth, rising from USD 500 million in 1997 to an estimated USD 1 billion next year. Health-related products constitute 60% of this market, with agro and veterinary products making up 15%, and contract R&D, reagents, devices, and supplies accounting for the remaining 25%, including a 10% share from diagnostics. Despite this encouraging trend observed five years ago, the growth pattern remains unchanged. A report by McKinsey & Co highlights that India's pharmaceutical industry, encompassing domestic and export sales along with contract services, totals nearly USD 5 billion. The firm projects a fivefold growth potential, contingent upon the industry and government addressing significant challenges hindering further expansion. If this projection holds, the transformation seen in IT could inspire confidence in the high expectations surrounding biotechnology in the country. However, some stakeholders, including bureaucrats, retired scientists, and complacent politicians, may lack a true understanding of modern biotechnology. Nonetheless, there are promising signs of growth, exemplified by rapidly expanding biotech firms like Biocon Ltd and Shantha Biotech (P) Ltd.