India set to become biotech hub by 2015
Its share in the sector could touch the 40 billion dollar mark, the Science & Technology minister Kapil Sibal said.india Updated: Dec 12, 2006 16:25 IST
India is set to become the hub of global biotech industry and the country's share in the sector could touch 40 billion dollar mark by 2015, Science and Technology Minister Kapil Sibal has said.
"Twenty-five billion dollars is too small a figure. We will grow at a much faster pace and can reach 40 billion dollars. I don't put anything less than that," he said at a panel discussion here last night.
The industry's revenues from the sector stood at over 1.4 billion dollars during the fiscal 2005-06.
India would be the centre stage of biotech industry not necessarily in terms of numbers but in terms of the position it would enjoy. Multinational companies are now looking toward India for investments, Sibal said.
Detailing the steps being taken by the government, he said a medical devices regulatory framework has been finalised just 10 days ago and clinical trials would be strengthened.