US excited with Indian pharma opportunities
By agencies   |   Friday, 11 February 2005, 20:30 IST
Printer Print Email Email
NEW DELHI: US is excited about the wide range of opportunities in India's biotechnology industry, especially in the field of drug development, a visiting US delegation today said. "We recognize that given rising life expectancies and increased incidence of lifestyle diseases such as high blood pressure and diabetes, India has a large potential for pharmaceutical products," said C. Nigel Thompson, head of the US Executive Life Sciences Mission. The mission is in India to tap opportunities in India for cooperation between the two countries. "We will come back in April or May, but we are working on the entire area (of biotechnology) to improve the overall investment climate in India," Thompson said. A study by Ernst and Young last year identified biotechnology as the next big wave in India and for outsourced research and development in the area of drug development, biotechnology and chemicals. "Our priority for this mission is to continue to build private sector and academic connections that will lead to a dramatic increase in US-India life sciences collaboration in 2005-06," Thompson said. "We view the Indian life sciences sector not only as a market but also as a potential supplier and partner." In the next five years the Indian biotechnology industry is set to grow worth $5 billion and create over one million jobs.

siliconindia