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 Industry & Economy - Bio-tech & Genetics


Clear-cut biotech policy needed: PHDCCI

Our Bureau

New Delhi , July 18

TO generate $5 billion revenues and over one million jobs in the biotech sector over next five years, India needs to have a clear-cut policy "fast" for the sector; and remove incoherence in its intellectual property rights (IPR) regime.

Even as India faces competition from the emerging biotech powers like China, the Philippines and Singapore, a PHD Chamber of Commerce and Industry (PHDCCI) Study on the biotech sector in India has called for a simplified regulatory mechanism.

The biotech sector employs over 10,000 people at present, which is expected to grow to 20,000 in the next three years. It accounts for a mere one per cent of the global market.

The study states that demand for Indian biotech products and services is expected to grow to $1.5 billion by 2007 and $4.5 billion by 2010, from $150 million in 2002, primarily in industrial biotech, vaccines, diagnostics and veterinary areas.

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