The bio-technology industry has asked for a specific allocation in the upcoming budget 2012-13 for bio-technology finishing schools. It has also recommended the government for focusing more on R&D, apart from creating more infrastructures on bio-manufacturing.
Biocon, CMD, and member of National Innovation Council, Kiran Majumdar Shaw, said, “We have requested government to focus more on R&D and fund public private partnership models in the next five years. But the ancillary sector provides jobs ten times of what Biotechnology is providing. We think by the end of five years, we can double the size of market to $10 billion”.
She added, the industry body has requested the government to enable companies to get invest in the market. Shaw said, “Unlike IT sector, Biotechnology has been over regulated and is under stringent control. We have to ensure safety and be risk averse on one side, but also ensure that benefits flows from biotechnology sector”.
Shaw, said, Karnataka has pioneered the concept of finishing school and the forthcoming budget should make provision to start such schools in other regions. Karnataka set up a first of its kind, biotechnology finishing school in Bangalore last year.
“The pharma industry size which is $12 billion today is likely to grow to $55 billion by 2025, providing opportunity for both export and Indian domestic market. Even the healthcare sector will grow to about $250 billion by 2022, “ Shaw added.
Speaking about funding of start-ups and innovation, She said, “There is a need for a secondary stock exchange for innovations. It should be different from the normal one. This will help in getting funds for innovations for small companies.”
Source : mydigitalfc.com