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The Indian government had identified Biotechnology as a thrust sector when it set up the Biotech Department (DBT) in 1986 as a Model Agency for policy making. The consumption of Biotech products in India, which was Rs. 7154 cr in 2000 is expected to grow up to Rs. 14560cr in 2005. Thus India offers excellent scope for investment in Biotech.
Government backed Venture Capital funding of about Rs 300cr has been estimated for Biotech in 2002-03. SIDBI and ICICI have committed about 35 percent and balance 30 percent, which will come from state financial institution. The Tamilnadu Government has announced an ambitious plan to develop Enterprise zone or Bio-valleys to exploit state Bio-resource. Four biotech parts and a Bio informatics and Genome Centre will be established under the scheme. The Academic bodies, Anna University, Madurai Kamaraj University and M.S.Swaminathan research foundation are pioneer in Biotech research centres in the state of Tamilnadu and is expected to contribute towards Biotech development.
Thus keeping the above factors in mind a conference with the joint effort of Indo-American Chamber of Commerce and TIDCO was held on 4th of May at “The Park Hotel” where experts in Biotechnology field gathered their views on different topics like Biotech products, Biotech food, seed technology, Biotech in future. M.D of TIDCO also announced the opening of a Biotechnology park in Chennai, "TICEL”, by early 2004, which would give ample opportunity for new entrants in the field of biotechnology to set up their business as well as it would help in promoting entrepreneurial ventures in the field. M.Raja & Benny.S
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Copyright
2010, Chennai Interactive
Business Services (P) Ltd. |
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The Indian Biotech sector, although nascent and accounts for a mere 2 percent of the global Biotech market, has great potential to scale up much further. There are close to 200 registered Biotech companies in India and more than 50 percent of them are located in South India.
The American Biotech Industry is more advanced with more than 350 Biotech drugs, product and vaccines under clinical trial targeted towards more than 200 disease, the environment friendly biotech products make it possible to clean up hazardous waste and there are 1457 Biotech companies in U.S.
