LIfe Sciences Growth Story in India

Overview of LIfe Sciences Growth Story in India:


Over the past decade, India has emerged as a global leader in the life science sector. The country boasts a vibrant and growing life sciences industry, driven by a rapidly expanding network of government and private sector investments, world-class educational and research institutions, and a thriving startup ecosystem. India is now home to the world's largest number of US FDA-approved generic drugs, and its biotech industry is expected to reach US$150 billion by 2025.


The Indian life sciences industry has benefited from increased government support, including a variety of public sector investments designed to spur growth in the sector. The Department of Biotechnology (DBT) has partnered with numerous public and private organizations to promote the development of research, innovation, and commercialization in India.


Additionally, private sector venture capital firms have played an major role in the development of the Indian life sciences industry, investing billions of dollars annually in startups and established companies alike. The country is now home to a number of world-renowned life sciences research institutes, such as the Indian Institute of Science (IISc), the National Centre for Biological Sciences (NCBS), and the Tata Institute of Fundamental Research (TIFR), which provide advanced research and educational opportunities for students and entrepreneurs alike.


This has opened up a wide range of opportunities for students, researchers, and entrepreneurs alike, paving the way for India to become a global leader in the life sciences sector.


Driving factors for growth of Life Science Industry in India:


1. Increasing Government Investment: Over the years, the Indian government has been investing heavily in the life science industry, primarily through initiatives such as establishing specialized technology parks and funding research and development.


2. Growing Biopharma Opportunities: The Indian biopharmaceutical industry is set to reach INR 2,891.70 Bn in FY 2023. India is now seen as a key player in the global biotechnology market, offering strong opportunities to invest and innovate.


3. Vast Pool of Talent and Low Manpower Costs:  Currently India boasts a huge number of young professionals, which is attracting multinational companies to set up their R&D centers and manufacturing units here. When compared to the USA, the manufacturing cost in India is 33% cheaper. 


4. Easing Regulatory Norms: The Indian government is creating a more favorable environment for the life science sector. It has eased regulations allowing for the optimal utilization of resources and further development of the sector.


5. Innovation and Collaboration: The life science sector in India is encouraging the development of innovative solutions by supporting the collaboration of industry, academia, and R&D centers.


6. Increasing Market Demand: The increasing demand for medical and healthcare services in India is driving growth in the life science sector. With the rise in population and changing lifestyle, the market demand is projected to rise further in the coming years.


For more details visit https://mpoweringlifescience.com/

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