In India, venture capital funding for biotech sector still remains in short supply, said Ms Terri Bresenham President & CEO of GE Healthcare India and Managing Director of Wipro GE Healthcare.
Speaking at the ‘Bangalore India Bio 2012,' Ms Bresenham said, “With our experience of developing low cost medical devices from India, there is tremendous opportunities our here.”
“But there is huge gap between entrepreneurial skill and future capabilities. This has to be addressed immediately by both government and private sector to build a healthy base,” she added.
Highlighting the global opportunities which India can grab in the Bio Similar space, Ms Bresenham said “here about 45 drugs worth $75 billion are to lose patent in the next eight years and again in bio-pharma $150 billion potential business opportunities by 2015.”
Manpower potential
India, with its huge manpower potential, can take a share of plasma business as well. According to Ms Bresenham, “at present there is small supply but has huge future potential. Here both jobs and economics go well for it's a clean sustainable industry.”
Mr Ron Somers, President, US India Business Council, in his address said some key issues are to be addressed by India for investments to flow into the biotech/life sciences sector.
Issues to be addressed
Listing out the issues, Mr Sommers said innovation needs to be strengthened and move up the value chain, absence of data protection, lack of clarity on incremental innovation, no medical device framework, market based pricing at risk, piracy, absence of patent linkage, need for regulatory harmonisation.
He further said, “With Karnataka's youthful demographics, its dizzying array of fine educational institutions, R&D taking place in virtually every industry and perfect climate, the only element requiring further attention is the need for world class infrastructure.”