Indian biotech companies should come forward to make major investments in the sector if they have to reap the benefits of biotech revolution that is changing the phase of modern medicines, said Dr Manju Sharma, secretary, Department of Biotechnology (DBT).
Addressing a session on ''applications of biotechnology in pharmaceuticals, agriculture and food-processing'' organized as part of India Chem 2002 here she asked the industry to take more risks to tap the enormous market potential of biotech products in the country. Pointing out that FDI in Indian biotech industry has shown considerable growth in recent times, she wanted the growth to be reflected in domestic companies also.
According to Dr Sharma, the foreign direct investment in biotech industry has touched 147.75 crore in 2002. The increase in the consumption pattern of biotech products was reflected in the volume of sales during the recent years, she said.
While the worth of biotech products consumed in 1997 was US $ 1789 million, it grew to US $ 2986 million in 2000. DBT is expecting to see it increased to US $ 3236 million by 2005, she said. The figures include all biotech products including animal and human healthcare products.
Dr Sharma wanted the industry to join hands with the industry and initiate more collaborative ventures in biotech research. She pointed out that DBT is moving ahead in a very focused manner to meet the growing needs of Indian biotech sector.
Dr Rakesh Bhatnagar, chairman, Centre for Biotechnology (CBT) who spoke next explained the seven year long DBT funded research which resulted in the development an indigenous anthrax vaccine candidate recently.
The third speaker Rama Subramaniam, MD, Thinkgen Bioinformatics made a presentation on "a collaborative research - a bio-informatics prespective". He talked about a model developed by his company that can be used for high performance computing in healthcare, pharma and biotech sectors.
The last speaker, Pedram Dehdari, Ensymm, Germany explained the need for technology transfer and consultancy among Indian companies to develop proper links with scientists and research institutions all over the world.