BioVoice News June 2016 Issue 2 Volume 1 - Page 16

cover story Biotechnology expected to pick its pace again! A good beginning always helps in sealing a strong foundation but the time has come when India has to realize the true potential of its resources and take the sector to its threshold of excellence R BY RAHUL KOUL (INPUTS FROM SAYONI RAUTELA) ecently Prime Minister Mr Narendra Modi unveiled the "Make in India" campaign, with an aim to turn the country into a global manufacturing hub. Biotechnology Sector is one of the sectors which has identified by government among 25 sectors that will be covered under the Make In India plan. The Make in India campaign aims at turning the country into a global manufacturing hub by smoothening business processes and attracting foreign companies to set up factories in India and invest in the country's infrastructure. According to a Special Report prepared by the Association of Biotechnology-Led Enterprises (ABLE), the India’s fast-growing BioEconomy has crossed the $35.1 billion in 2015. The report was released on the inaugural day of the 16 BioVoiceNews | June 2016 BIO International Conference at Moscone Convention Center in San Francisco on June 7. The Indian biotechnology sector is divided into five major segments; bio-pharma, bio-services, bio-agri, bio-industrial and bioinformatics. The biopharmaceutical sector accounts for the largest share of the biotech industry with a share of 64% in total revenues in 2015, followed by bio-services (18%), bioagri (14%), bio-industrial (3%) and bioinformatics (1%). The sector has seen high growth with a CAGR in excess of 20 percent and the key drivers for growth in the biotech sector are increasing investments, outsourcing activities, exports and the government's focus on the sector. The Department of Biotechnology has established biotech parks in various parts of the country to facilitate product