Indian biotech industry on the cusp of a new era, according to Biotechnology Industry Organization

India's biotechnology industry is on the cusp of entering a new era as it already has many of the necessities required to grow its bio economy such as a talented and enthusiastic scientific workforce, a top biotech industry leadership has said.

"In 2012, Indian industry and government leaders set an ambitious yet attainable goal of growing the nation's bio economy to more than $100 billion by 2025," Jim Greenwood, CEO Biotechnology Industry Organization (BIO) said yesterday. "BIO believes that the Indian biotechnology industry is on the cusp of entering a new era when it can provide significant economic growth and development to the people of India and around the world," he said.

It needs only to address some fundamental areas of policy and regulation, and take steps towards creating an environment that encourages, not discourages, investment by innovators. "Because we see the potential that can result from collaborating with our Indian partners, BIO and the Association of Biotechnology-Led Enterprises produced a comprehensive road map for the nation's biotechnology industry, in which we identify major areas that require Prime Minister Modi's attention," Greenwood said.

"Without developing a pro-innovation environment, the Indian biotechnology industry will not be able to achieve its high potential and the world will not benefit from what could be the Asia Pacific region's dominant biotech hub," he said.

Greenwood welcomed Prime Minister Narendra Modi's five-day visit to the United States which the Indian leader has described as a highly "successful and satisfactory trip".

BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the US and in more than 30 other nations.

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Indian biotech industry on the cusp of a new era, according to Biotechnology Industry Organization