India emerges as biotechnology center
Most of us would associate India with outsourcing or BPO, but quite quietly (or not so), the country and here, again Bangalore, is making its mark in the global biotechnology segment as well.
There are now 240 biotechnology firms in India, with 110 of them located in Karnataka and 97 in Bangalore (which is the capital of Karnataka). Bangalore already employs 9,000 people. It is said that the firms generated US$227 million for the year ended in March 2004.
ERnst & Young states that the sector will generate US$5 billion in revenues and create more than one million jobs over the next 5 years time. In addition, Karantaka's chief minister Dharam Singh says that they would set up a biotech park in 2006.
The article, does not analyse the impact of the recent change in government on the sector, however, it is clear that India tries to make its name in another area with strong future growth potential.
E&Y also said that India is one of the five emerging biotech centers in Asia Pacific but ranked third based on the number of biotech firms. This indicates that another cluster of development is emerging - and considering the importance of clusters to the development of industry sector and its complimenting benefits, that surely is good news for the country. It, however, makes it more difficult for countries that are late to the sector.
There are now 240 biotechnology firms in India, with 110 of them located in Karnataka and 97 in Bangalore (which is the capital of Karnataka). Bangalore already employs 9,000 people. It is said that the firms generated US$227 million for the year ended in March 2004.
ERnst & Young states that the sector will generate US$5 billion in revenues and create more than one million jobs over the next 5 years time. In addition, Karantaka's chief minister Dharam Singh says that they would set up a biotech park in 2006.
The article, does not analyse the impact of the recent change in government on the sector, however, it is clear that India tries to make its name in another area with strong future growth potential.
E&Y also said that India is one of the five emerging biotech centers in Asia Pacific but ranked third based on the number of biotech firms. This indicates that another cluster of development is emerging - and considering the importance of clusters to the development of industry sector and its complimenting benefits, that surely is good news for the country. It, however, makes it more difficult for countries that are late to the sector.
posted by Andreas @ 5:35 pm
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