Indian Biotech sector seeks 10 percent global share
By agencies   |   Thursday, 10 February 2005, 20:30 IST
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NEW DELHI: The Indian Biotech sector is eyeing 10 percent of the global market share within the next five years from the current 2 percent, Dr. M.K. Bhan, Secretary, Department of Biotechnology today said. He said the industry research showed the sector could employ at least a million skilled people by 2010 and generate annual revenues of $5 billion from the present annual revenue of $705mn. "The government too is keen to put in money into the sector but also encourage competition," Bhan said adding the government is planning to start biotechnology research institutes on the lines of the IITs and 30 new biotech parks. Some of these institutes will offer specialized courses in stem cell research, counted as having the most potential. Industry leaders say with an appropriate policy, India can become a major global player and companies say that's just the beginning. If the government helps them, they can make biotech India's next big export story. "We need more global interest for our innovation and not just because we're cheap and fast," Prof. Inder Verma of Salk Institute, USA said.

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