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Explain why India is considered a land of opportunities in the field of biotechnology. Also, discuss India's preparedness to become a leading bio-manufacturing hub.
Different key factors have combined to assign India the tag of land of opportunity in the biotechnological sector. It hosts an excellent, diverse pool of scientific talent, with a large number of biotechnology and pharmacy graduates and post-graduates. It is this well-educated workforce that forms aRead more
Different key factors have combined to assign India the tag of land of opportunity in the biotechnological sector. It hosts an excellent, diverse pool of scientific talent, with a large number of biotechnology and pharmacy graduates and post-graduates. It is this well-educated workforce that forms a very important asset for any nation aspiring to lead in biotechnology innovation.
The other key factor is India’s low-cost R&D. It was the relatively low cost of scientific research compared to Western countries that has made India an abode not only for its domestic biotech companies but also for international biotech firms. In addition, a well-built pharmaceutical industry provides good ground in which biotechnological-development can thrive, with a focus on mainly biosimilars and generics.
India’s regulatory environment is gradually getting more and more conducive to biotechnological growth. The government has put in place policies aimed at fast-tracking approval processes for biotech products, slashing time-to-market and encouraging innovation. Initiatives such as the Biotechnology Industry Research Assistance Council funding and mentorship are a great help to startups and SMEs alike in setting up a vibrant biotech ecosystem.
Apart from that, India is also emerging as a key biomanufacturing destination due to its developed manufacturing infrastructure and experience in large-scale manufacturing. It produces quality biotech products at affordable prices, thus making it an important supply chain partner in the world market. The COVID-19 pandemic reinforced this fact once again as India emerged as one of the top vaccine producers among other biotech products supplied across the globe.
Its geographical location also provides India with logistical advantages in terms of distribution to developed and emerging markets. If the investment in infrastructure is carried forward and biotechnology continues to evolve, then it can help establish India as one of the global leaders in biomanufacturing and an important contributor to the international biotech industry.
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