Comments
A ‘biotech strategy 2013’ paper is to be released in April, said K. Vijay Raghavan, Secretary, Department of Biotechnology (DBT).
Delivering the keynote address at the ‘Bangalore India Bio 2013,’ he said, “The country is at the threshold of key global developments. Keeping this in mind, the role industry and Government play is crucial.”
“For our abundant technical manpower, we need valuable expertise to strategise. Therefore the Department is planning to bring out a biotech strategy 2013 paper,” he said.
The Biotech Department is exploring the possibility of a four-pronged strategy that will involve the Government, industry, research institutes and global organisations to help the sector achieve its targeted revenues of $100 billion.
The Department is also planning to continue to support basic research and bring in the right linkages.
Vijay Raghavan said “the strategy paper will also look at how to increase collaborations and the ways to support and strengthen basic research being carried out in the country.”
Kiran Mazumdar Shaw, speaking on the industry, said “Policies and regulations drive investments. But what has happened here in India in the last few years is alarming. Due to lack of right policy frame work, it is driving out innovation and investment.”
“Agri-biotech is the biggest suffer and then followed by biopharma,” she added.
India should study funding models such as those used by the US’ National Institute of Health (NIH) and Singapore’s Tamasek in biotech innovation. Participating at Bangalore India Bio’s analysis on ‘Association of Biotech Led Enterprises (ABLE) report on Indian biotechnology: The roadmap to the next decade and beyond’, David Wetherall, President and COO, Burrill Healthcare Venture and Private Equity Funds, USA said India’s roadmap to make biotech $100-billion industry by 2025 is achievable.
The country, given its intellectual capital, should consider the NIH’s grant mechanism. In the US, NIH has given 46,000 grants of about $30 billion.
In Singapore, Tamasek, with just $1 billion, has created values to the extent of $200 billion. This has been done in a short period of time and has become the ninth largest sovereign fund. “India can emulate the same or evergreen funding or instead opt for a grant approach,” said Wetherall.
“By encouraging innovation and start ups, job creation will be steady – 5 to 20 jobs in each company,” he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.