ABLE roadmap to make biotech $100-billion industry by 2025

Bangalore: Association of Biotech Led Enterprises (ABLE), an industry body for Indian biotech sector, has chalked out a plan to make biotech a $100 billion industry by 2025.

“This is achievable if the biotech industry’s operating landscape becomes more innovation friendly spurred by government’s policies and nudge then the industry could possibly grow at 30 per cent CAGR,” ABLE said.

ABLE recently submitted a report ‘Indian Biotechnology: The Roadmap to the Next Decade and Beyond’ to the Union Department of Biotechnology.

Potential
Dr Satya Prakash Dash, former chief operating officer, ABLE, and author of the report, said, “The potential of India to be a global innovation hub especially in biotech exists. But it needs proper support systems which can help deliver scale up innovative products that are affordable and are of high quality.”

“However to scale up and increase the frequency of such innovations from India and make it a top destination for biotech, central government needs to formulate a workable strategy for the future growth of biotech for each of the segments as well as roadmap the evolving areas,” he added.

Over the last decade the biotech sector’s revenues have increased from $500 million in 2003 to $4 billion in 2011, growing at an average rate of 20 per cent year-on year.

“If a favourable business environment is created, the biotech and healthcare sectors combined will be able to grow at much faster pace of 25-30 per cent and have the potential to generate revenues of $100 billion by 2025,” ABLE explained.
ABLE has also asked for an institutional and structural framework to help the sector achieve its potential as a break out nation in biotech innovation.

Enablers
Listing out the enablers, ABLE said the government should create a strong, streamlined and transparent regulatory foundation that fosters innovation. Build infrastructure to build capacity for research and development and facilitate translation and commercialization potential. Facilitate technology access as well as market access for innovative products to achieve scale through public procurement.

Promote biotech entrepreneurship and provide a channel to access risk capital for all stages of biotech product lifecycle. And nucleate and foster networks and triple helix collaborations.