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Lack of a proper regulatory framework is affecting the biotech industry, according to Ms Kiran Mazumdar Shaw, Chairperson, Karnataka vision group on biotechnology and CMD Biocon.
Speaking at the Bangalore India Bio 2012, Ms Shaw said India has made tremendous progress in developing new and generic drugs and has developed affordable vaccines.
Agriculture challenges have been addressed and the country has emerged as the net exporter of BT cotton, the success of which has resulted in sharp reduction in pesticide imports, making agriculture eco sustainable.
“With these results there has been an unrealistic expectation from us. But only a proper regulatory framework will help us realise these expectations. Regulatory system is quintessential in providing support for innovation in biotech,” she added.
Lack of a proper regulatory framework and other hurdles faced by the biotech industry is affecting its growth and the government will have to move fast to pave the way for fast growth of the sector.
The country has the potential to emerge as a leading biotech player in the world.
There is enormous opportunity in the biotech and energy sectors and this can bring down the dependence on fossil fuels, she said.
Ms Shaw said as an emerging bio economy, India held huge potential. Holistic ecosystem has to be created for the sector but it lacks funding from seed stage to proof of concept. Complete funding cycle is important and needs to be addressed immediately.
Karnataka's potential
According to BioSpecturm survey, Karnataka has 180 biotech companies of the 320 such companies in the country.
The State's revenue from the sector is Rs 2,969 crore and it has been registering annual growth of 25 per cent.
The Karnataka Chief Minister, Mr D.V. Sadananda Gowda, said the State, in the last decade, has taken several pro-active policy initiatives which has significantly contributed to the growth of this sector and has made rapid strides in biotech investments and revenues.
“The State accounts for around 26 per cent of biotech revenues of the country, particularly in terms of exports and being home to about 52 per cent of the core biotech companies,” he said.
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