India is amongst the top 12 biotech destinations in the world. The market size of Indian biotechnology industry was US$ 4.3 billion during FY12 and is expected to grow to US$ 11.6 billion by 2017.
The sector is divided in to five major segments- pharma, services, agri, industrial and informatics. The bio-pharmaceutical sector accounted for the largest chunk of the biotech industry, with a share of 62 per cent in total revenues in FY12. Bio-pharma export revenues contribute more than 63 per cent to total export revenues of the biotech sector; the segment registered a growth of 12.2 per cent in FY12 to touch US$ 1.3 billion.
India's large population is a huge market for biotech products and services. Rising investments from domestic and foreign players, 100 per cent foreign direct investment (FDI) through automatic route for manufacturers of drugs and pharmaceuticals and a low cost and skilled labour force are some of the growth drivers.
As per National Biotechnology Development Strategy (NBDS), a proposal has been made to set up National Biotechnology Regulatory Authority (NBRA) to provide a single-window clearance mechanism for all bio-safety clearances of products to create efficiencies and streamline the drug approval process.