India’s Biotechnology Sector on Growth Spree
India is the 3rd largest biotechnology destination in the Asia Pacific 12th in the entire world with market size of $ 70.2 Bn which is expected to reach $150 billion by 2025, at a CAGR of 16.4 per cent. The sector employs more than 1Mn+ skilled biotech workforce who are involved in making 200 plus biotech products. Since 2014, India’s biotechnology sector has witnessed a massive surge in startups with a whopping 38.1% (CAGR) growth.
The importance of India’s Biotechnology sector in the world market can be understood and envisaged with the fact that it is the frontrunner in the global supply of various essential vaccines such as DPT (diphtheria, pertussis, and tetanus), BCG (Bacillus Calmette–Guérin, primarily used against tuberculosis), and measles. More than 70 per cent of WHO’s approved vaccines all over the world come from India.
Today, Biotechnology has the most emerging career opportunities in India. It has a wide variety of career opportunities in research and industry. Some of the laboratories and institutes employing biotechnologists are the Centre for Cellular and Molecular Biology, National Botanical Institute, National Chemical Laboratory, Tata Energy Research Institute, and Central Aromatic Plants Institute.
The Indian National Research Foundation (NRF) has allocated funds for researches in this field. On the other hand, The German Research Foundation (DFG) is also keen to induce research activities in universities across India and is determined to train future scientists. While Serum Institute of India (SII), Panacea Biotech Ltd., and Biocon Ltd., are top domestic players, the industry has a vivid presence of many foreign players as well such as AstraZeneca, Bayer AG, and GlaxoSmithKline.