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India is among the top 12 destinations for biotechnology worldwide. The industry comprises around 5,000 biotech companies, with 4,240 being start-ups and 760 being core biotech companies, with the number of startups expected to touch 10,000 by 2024.
India has 665 FDA-approved plants in the US; 44% of the global abbreviated new drug applications (ANDA) and more than 1,400 manufacturing plants, which are compliant with WHO’s requirements. The country is also the world’s third-largest producer of recombinant Hepatitis B vaccine, and second-largest producer of BT cotton (genetically modified pest resistant plant cotton).
From 2015-2020, India’s biotechnology industry grew rapidly, doubling from US$ 30.2 billion to US$ 70.2 billion in five years. As of 2021, India’s biotech industry clocks in about US$ 12 billion in annual revenue. The Indian biotechnology industry, which stood at US$ 63 billion in 2019, is expected to reach US$ 150 billion by 2025. By 2025, the contribution of the Indian biotechnology industry to the global biotechnology market is expected to grow to 19%. In the Indian biotechnology market, biopharmaceuticals is the largest segment, accounting for a 62% share in 2020. The Indian biologics market is forecasted to reach US$ 12 billion by 2025, at a CAGR of 22%.
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References / Read More: https://www.ibef.org/industry/biotechnology-india; FDA: Food and Drug Administration; Known Primary Source: DPT-BIRAC, Association of Biotechnology Led Enterprises (ABLE).
Disclaimer: This information has been collected through secondary sources, primarily from IBEF. "The views, information or opinions expressed in the article are solely those of the secondary sources from which the material is collected and do not necessarily represent those of 'Applied Researches' and its employees. ‘Applied Researches’ is not responsible for any error in factual information mentioned in the article."