Booming biotech market in India, now worth $2.4 billion, boosted by govt initiatives

16 April 2010

As a result of a large pool of scientific talent, world-class information technology industry, and vibrant pharmaceutical sector, the Indian biotech industry has stupendously grown over the past few years, according to a news report added to the offering of Research and Markets.

During the 2005-2009 fiscal years, the industry witnessed an impressive compound annual growth rate (CAGR) of around 26.5% and generated total revenue of 121.4 billion rupees ($2.4 billion) in 2009. Moreover, the industry has been able to survive successfully amid the global financial turmoil. Government initiatives, like set up of more biotech parks and encouragement to public-private-partnerships, provided cushion to the biotech industry against tough economic conditions of recession.

Expected to grow further

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