The new era of growth has begun for the biotechnology industry in India. Crucial sectors such as pharmaceuticals, agriculture, industry, services, and information technology hold the potential to transform the Indian economy and drive the country’s growth. The biotechnology industry is recognized as one of the key drivers for India’s economy targeting $5 Trillion by 2024. India is among the top 12 destinations for biotechnology across the globe, with approximately a 3% share in the global biotechnology industry. As a result of the government’s effort and support over the years, the Indian biotechnology industry is expected to grow at a CAGR of 8.5%, which shows the potential to ensure significant economic growth and development to the citizens of the country. The Indian biotechnology industry encompasses 2,700+ Biotech start-ups and it expects to grow up to 10,000 by 2024. There are more than 2,500+ Biotech companies in India. The biotechnology industry growth is driven by extensive investment in R&D promoting new drugs and vaccines, disease-resistant crops, and enzymatic manufacturing processes along with increased R&D expenditure fosters new industry product development, which in turn boosts industry revenue.
A Full Report of Indian Biotechnology Industry is Available at: https://marketinsight.in/industry-reports/biotechnology-industry-growth-in-india
The Indian biotechnology market is composed of five major sectors that include bio-pharmaceutical, bio-services, bio-Agriculture, bio-industrial, and bioinformatics. Each sector contributes significantly to the biotechnology industry. The Indian biotechnology industry is complexly unified such that there is constant interaction between all these segments. For instance, the production of biofertilizers is a result of output from both the bio-agriculture segment and the bio-industrial segment. Similarly, the product that Bio-IT provides is heavily dependent on the research and analysis of products generated by the other segments.
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Bio-Pharmaceutical Segment
The bio-pharmaceutical segment consists of products that are therapeutic or preventative medicines that are derived from materials naturally present in living organisms, using recombinant DNA (rDNA) technology. Biotechnology finds potential application in the healthcare sector, owing to the increasing prevalence of chronic and infectious diseases across the globe. This results in the increasing biotechnology research and government funding for the R&D of potential medicines, devices, and diagnostic tools, for accurate diagnosis and treatment of the condition. Biotechnology is gradually considered by the pharmaceutical industry as a promising field to discover and develop products that may generate high revenues and profits. The bio-pharmaceutical segment accounted for the largest revenue share of 64% in the Indian biotechnology industry in 2016. The Indian biopharmaceutical industry encompasses more than 300 companies is growing at a 12% growth rate.
Currently, biopharmaceuticals are one of the fastest-growing biotechnology segments in India. Several pharmaceutical companies have been stepping out towards the development of personalized medicine, novel therapeutics for COVID-19, cancer, and other disorders, and accurate and reliable diagnostic tools for several conditions. This has led to the growth of the biopharma sector. The significant biopharmaceutical clusters of India are located in Haridwar, Sikkim, Hyderabad, Vishakhapatnam, Chennai, Pondicherry, Mysore, Mumbai, Ahmedabad, and Delhi NCR. Serum Institute of India (Pune), GlaxoSmithKline Pharmaceuticals (Mumbai), Sanofi India (Mumbai), Reliance Life Science (Mumbai), and Intas Pharmaceuticals, Ltd. (Ahmedabad) are the top 5 companies in the Indian biopharmaceutical industry.
Global Biotechnology Industry
Biotechnology involves tools that are used to adopt and modify various biological organisms, products, processes, and systems, and develop processes that are eco-efficient and profitable, unlike conventional chemical technologies. Pre COVID-19, the global biotechnology market was estimated to be around $436.4 billion in 2019, growing at a CAGR of 6.1% during the forecast period. The market is mainly driven by increasing R&D projects in the biopharmaceutical domain and rising funding in the biotechnology industry. The biopharmaceutical companies are investing heavily in the R&D projects, attributed to advances and discoveries. From genomics to personalized medicines, all the recent advancement has created significant scope in developing unique treatment options for various chronic diseases including cancer, and other infectious diseases. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), the US biopharmaceutical companies invested an estimated $102 billion in R&D in 2018. There are around 8,000 medicines under clinical trials across the globe, owing to the robust investment and funding in R&D projects.
Impact of Covid-19 on Biotechnology Industry
For centuries, the pandemics or global outbreaks of infectious diseases (with no known vaccines) have been responsible for millions of fatalities. Four influenza pandemics that include (H1N1 Spanish Flu (1918), the H2N2 Asian Flu (1957), the H3N2 Hong Kong Flu (1968), and the H1N1 Swine Flu (2009) have been recorded in the past hundred years. The Spanish Flu, a pandemic of 1918, was the most severe disease responsible for 50 to 100 million fatalities. A pandemic is a global concern that can be triggered either naturally or deliberately into the population, it is important to understand the natural mutation of viruses as compared to the deliberate use of pathogens as a weapon. Biotechnology has enabled to understand the different viruses and develop solutions ranging from diagnostic assays and therapeutics to prophylactic vaccines.
The outbreak of the COVID-19 was reported in December 2019, in mainland China, within months it reached across the globe. Initially, China was the epicenter of the COVID-19 in January 2020, however, Europe was affirmed as the new epicenter in mid-March (2020), as the number of positive cases and fatalities exceeded that of China’s. Recently, in August 2020, the US has taken over all the countries, in terms of positive COVID-19 cases that soared to 6 million, and mortalities that exceeded 180,000; becoming the worst-hit economy due to the COVID-19 pandemic. The total number of global confirmed cases of COVID-19 exceeded 23 million, while the number of global mortalities exceeded 800,000 until August 2020. Such a sudden outbreak of the COVID-19 has burdened the global biopharmaceutical players to develop vaccines and effective treatment options. The continuous research in the field of infectious diseases and vaccines is fueling the demand for biotechnology such as DNA sequencing, and cell-based assay.
Further, to fight against the COVID-19 pandemic, the biotechnology market players are also supporting to rebuild the pipeline and ensure that the most promising and innovative diagnostics and therapeutics reach out to people in need during the time of this crisis. In July 2020, more than 20 leading biopharmaceutical companies announced the launch of the AMR Action Fund, a partnership that aims to bring 2-4 new antibiotics to patients by 2030. These treatments are urgently needed to address the rapid rise of antibiotic-resistant infections – also called antimicrobial resistance or AMR. The companies have raised so far nearly $1 billion new funding to support clinical research of innovative new antibiotics that are addressing the most resistant bacteria and life-threatening infections. Such funding to promote innovative healthcare products has significantly contributed to market growth. Owing to the rising funding and advancement in the biotechnology domain by the government and private players have developed various diagnostic and therapeutic solutions to fight against the COVID-19 pandemic.
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