 "Kiran Mazumdar-Shaw")
Biocon chief Kiran Mazumdar-Shaw today said it will take an investment worth $5 billion in biotechnology to realise the target of making it a $100 billion sector by 2025.
"Today, biotechnology is a $11 billion sector, growing at a compounded annual growth rate of 20 per cent. We also are aspiring to be a $100 billion sector by 2025," Mazumdar-Shaw said.
Though this seems a "fairly daunting task", she said, adding that "by investing in human capital and in the sector alone in terms of infrastructure and other research initiatives, I think we can actually deliver on this aspiration."
"We have estimated that it will take a $5 billion investment in biotechnology or life sciences to deliver on this potential of realising $100 billion as a sector."
Mazumdar-Shaw, also the Chairperson of Karnataka Vision Group on Biotechnology, was speaking at the inauguration of 16th edition of 'Bangalore India Bio 1016' here.
The event was also attended by Union Science and Technology Minister Harsh Vardhan and Secretary in department of biotechnology K Vijay Raghavan, among others.
Stating that India's investment in science and technology is at suboptimal level, she called on the government to invest more.
"Amongst all the countries who invest in science and technology we are at a suboptimal level, we actually have here, Korea which actually leads the way in investing in science and technology and I think India needs to basically up its game in science and technology through greater investment," she said.
"We request you (Harsh Vardhan) to push the government to make sure that our investment in science and technology only grows and increases, because this is the future of India, this is what will give us demographic dividend from our scientists," she added.
The three-day long "Bangalore India Bio" will be covering various spectrum of activities including multi track conferences, international trade show, key note talks, poster sessions, bio invest, global biotech conclave, among others.
She said to dominate in the field such as biotechnology and information technology what is paramount is human capital, which will actually shape India's science and technology prowess in the world.
Pointing out that today India boasts of 7,00,000 post graduates and 15,000 Phd's across science and technology, Mazumdar-Shaw said in biotechnology alone there were 15,000 graduates and postgraduates specialised in the area.
"If we are to basically convert this rich talent pool into meaningful and productive GDP growth, I think it is very important that we actually see how various sectors in life sciences and science and technology have grown," she said.
On bio-pharma, she said it was over 50 per cent of the $11 billion pie that had been created and within that also agri-biotech sector can become a huge strength for this country.
"It can provide us with food security just as bio-pharma can provide us with health security," she said.
Pointing out that biotech sector in India has attained global scale when it comes to vaccine production, insulin production and biosimilar production, Mazumdar-Shaw said, "India has made a very strong presence in the area of synthetically derived generic drugs, and I think this can be replicated and even augmented when it comes to biosimilars."
She said today India's vaccine industry is the largest by way of volume and one in three vaccines have made in India stamp on it, and in many sectors one in two vaccines is actually made in India.
"This is something we can replicate in the area of biosimilars..." she added.
Noting that incubators are extremely important, Mazumdar-Shaw requested Ministry of Science and Technology to encourage and invest in incubators in all universities and state government level.
"Because this is going to be the future of start-ups and encouraging these start-ups to innovate and create and scale in this particular sector," she added.
Stressing on for collaboration in biotechnology sector, the Biocon chief said "it is extremely important for companies in India to collaborate with companies overseas, this is something we have recognised for a long time because it is with partnership and collaboration we can speed up innovation.
