Industry & Economy
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Health
Call for venture funding in diagnostics
Our Bureau
Bangalore
,
July 15
BIOTECH enterprises have generally berated venture capital funds for being indifferent or tight-fisted with them. Of the lot, diagnostics takes the cake for neglect over decades, but not any more.
As the biotech industry perks up globally, now is the time for VCs to start looking at the forgotten diagnostics segment as it is going to be the fastest-growing biotech segment, according to Mr Nitin Deshmukh, Head (Private Equity), Kotak Mahindra Bank. At a Bangalore Bio 2004 session, titled Bioinvest, Mr Deshmukh said diagnostics accounts for over $24 billion or four per cent of the total healthcare market and is growing at 20 per cent.
With the emergence of personalised medicine, VCs should consider investing in molecular diagnostics that is flourishing in therapies for cancer, cardiovascular problems and cystic fibrosis. This is estimated at $5.5 billion for 2005 and tipped to grow to $12 billion by 2010, according to Mr Deshmukh, who is also the Director-General of the Association of Biotech-Led Enterprises (ABLE), dubbed the Nasscom of the domestic biotech industry.
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