India among leaders in biotech: E&Y

India is among the five emerging biotech leaders in the Asia Pacific region, according to an Ernst & Young global report on the sector. Singapore, Taiwan, Japan and Korea are the others on the list.

At present, India is ranked third in the region based on the number of companies. Around 96 biotech firms are based in India. Australia has 228 biotech companies and China, including Hong Kong, has 136 firms.

As per the report, India is expected to generate $5 billion in revenues and create more than one million biotech jobs over the next five years.

This growth is expected to come on the back of increased partnering activity, transition to a product-driven model, growth in biogenerics market and government initiatives to encourage investment and expansion.

"India's position as a biotech player is assuming importance as we build critical mass in terms of skills and capabilities. An analysis of the year's events indicate that business models are maturing and product commercialisation capabilities are improving," Rajiv Memani, CEO and Country Managing Partner of E&Y, Rajiv Memani said.

The report has also highlighted that partnering activity between industry and academia and foreign collaborations by Indian companies have received a major boost.

These alliances involve contract, product focused model, technology transfer and research and development. Companies are now accelerating efforts to get bio-equivalent versions of patented, recombinant proteins onto the market before the window closes in 2005.