SMEs stand to gain from biotechnology

Riding on the back of a strong pharmaceutical market in India, coupled with the presence of scientific manpower and clinical abilities, India’s biotechnology sector is all set to become a US$5 billion industry by 2011 and a US$10 billion industry by 2015. This is the view upheld by several industry players, including Kiran Mazumadar Shaw, chairman and managing director of a biotechnology major, Biocon Ltd.

Higher growth projections for the biotechnology sector will provide a fillip to several SMEs, which have a significant presence in the sector.

Growth ahead for biotech SMEs

Progress achieved over the last few years in diverse areas of biotechnology, including clinical trials, biofuels and enzymes, has opened up new avenues for the SMEs in the sector, helping them to establish their footprint both in domestic and international markets.

“Indian SME biotech firms have achieved tremendous progress, thereby emerging as a driving force in some segments, while surfacing as a strong competitor in a few areas. The rich pool of scientific manpower and technical workforce is also benefiting small biotech firms to make a mark in the global platform,” said Kunal Vora, vice president of the SHRM Biotechnologies, a mid-sized Kolkata-based organisation offering extensive consultancy services in the areas of biopharmaceuticals and biotechnology.

Pro-active policies undertaken by the government as well as the presence of a host of international standard research institutes have also contributed to the development of SME biotech companies. These factors are expected to spur the growth of Indian small biotech firms even during the coming years.

“The presence of a wide network of research laboratories, coupled with the fast growing manufacturing and clinical capabilities in India has strengthened the presence of small firms and is further expected to help biotech firms in achieving higher growth rate in the coming few years,” said a key industry official.

Furthermore, considering that India is becoming a vaccine capital, there are huge opportunities ahead for the country’s SME biotech companies.

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