Biotechnology industry expected to grow into a three billion dollar industry by 2002

The biotech products market in India is expected to grow into a three billion dollar industry by 2002 according to a Rabo India finance report. The big leap is expected to triple the industry's size from its 1999 value of one billion dollars. Biogenerics, biopharmaceuticals, agriculture, food and nutrition sectors are all poised for the big leap, both nationally and internationally.

The report said the global industry was expected to grow by 17% into 40 billion by 2005 and added that India needed to invest resources in academic and industrial biotech sectors both in research and development as well as infrastructure to harness its potential.

The report projected a pyramidal structure for the sector with a few top biotech (Pharma-biotech) companies with fully integrated manufacturing entities being supported by large number of service providers.