Biotechnology is the blend of biology and technology and is an applied science. It is concerned with a variety of subjects including biochemistry, genetics, microbiology, chemistry, and engineering. Biotechnology has a wide scope of application in agriculture, animal husbandry, development of medicines and vaccine, treatment of prolonged disease, pollution control, waste management, ecological conservation, energy production, and conservation and many more.
The global biotechnological market size was valued USD 399.4 billion in 2017 and is projected to increase at compound annual growth rate (CAGR) of 9.9% by 2024 to USD 777 billion.
Biotechnology and India
The Indian biotechnology sector is one of the fastest-growing knowledge-based sectors in India and is expected to play a key role in shaping India's rapidly developing economy. With numerous comparative advantages in terms of research and development (R&D) facilities, knowledge, skills, and cost-effectiveness, the biotechnology industry in India has immense potential to emerge as a global key player.
In 2017, the market share of India was estimated at USD 15.9 billion in 2017 and an ambitious target to reach USD 100 billion by 2025 was set.
The sector is isolated into five segment portions Bio-pharma, Bio-administrations, Bio-Agri, Bio-mechanical, and Bio-informatics. India's Serum Institute is the biggest Bio-pharma organization in the nation and is observed to have accounted for roughly 22% of the biopharma market. Bio-pharma is the largest contributing sector with about 62 per cent of the total revenue followed by bio-services with 18 per cent, bio-agri with 15 per cent, bio-industry with 4 per cent, and bio-informatics contributing 1 per cent.
The high demand for various biotech items has opened up space for foreign organizations to set up base in India.
Investing in biotech R&D has yielded preferable returns over the pharma-business. The quantity of biotech licenses has been consistently developing at a rate of 25 per cent yearly since 1995. There are at present more than 1,500 biomolecules experiencing clinical preliminaries.
The success of the clinical pipeline will prompt a remarkable number of new molecule launches, from a bunch a couple of years ago to 10 to 15 every year, as bio-pharma items get new endorsements from the US Food and Drug Administration in the future. A further steep increase is not out of the ordinary as various players get endorsement for the creation of bio-similars after 2015.
As biotechnology industry moves from scientific frontier to the business mainstream, the industry will be increasingly forced to confront the same challenges as any other business: maintaining competitiveness by ensuring affordability, quality, delivery, and performance.
With the country offering various relative points of interest as far as R&D facilities, skills, knowledge, and cost viability is concerned, the biotechnology business in India can possibly develop as a worldwide key player.
India has been observed to have captured around 8 per cent of the all-out worldwide generics market by volume, demonstrating a tremendous undiscovered open door in this sector. Outsourcing to India is anticipated to shoot up after the manufacturing of formulations. Hybrid seeds, including GM seeds, represent to new business openings in India dependent on yield improvement.
India as of now has a minor offer in the worldwide market for industrial enzymes compounds. Subsequently, there is an opportunity in focused R&D and knowledge-based development in the field of industrial enzymes, which can inventively replace contaminating compound procedures into eco-accommodating procedures that additionally convey ecological manageability. Another intriguing field of study is the zone of bio-markers and buddy diagnostics, which will empower to enhance the advantages of biotech drugs.