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News >> Technology >>
India invites investments in biotech sector
By agencies
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Tuesday, 14 June 2005, 19:30 IST
NEW DELHI: Asserting that India offers unprecedented opportunities for entrepreneurs in biotechnology industry, Minister of State for Science and Technology Kapil Sibal has invited venture capitalists, experts in the field and Indians staying abroad to invest their money and talent in this fast growing sector.
The Minister said the government to promote biotechnology in health, agriculture and environment, among other fields, is providing several incentives and encouragement.
It is for companies and individuals to take advantage of the opportunities, he told a select gathering of investors academics and professionals here, adding major pharmaceutical companies are already entering into partnership with their Indian counterparts, which provide world class manufacturing facilities.
He called on experts in the field and Indians staying abroad to invest their money and talent in the fast growing and potentially profitable sector.
India, he said, has an abundance of human capital and raw material available at far less the cost compared with the Western nations and new drugs and other products could be developed at less than one-third the money beings spent by major pharmaceutical outfits in the U.S.
Besides, India itself provided a huge market for new drugs with its growing older population and the drugs developed there could be sold at premium in the western nations, he told a meeting jointly organized by India-America Chamber of Commerce and Indian Consulate here.