The industry is expected to experience significant growth amid favourable business conditions. By FY17, India's biotech industry is estimated to increase to US$ 11.6 billion from US$ 4.3 billion in FY12. Presently, India is ranked 12th in the world in biotech and third in Asia-Pacific. The sector is divided into five major segments - pharma, services, agri, industrial and informatics.
The bio-pharmaceutical segment accounted for the largest share of the biotech industry, with 64 per cent of total revenues in FY13, while the bio-services and bio-agri segments accounted for 18 per cent and 14 per cent respectively. Revenue from bio-pharma exports contributed more than 64.5 per cent to total export revenues in the biotech industry, with exports from this segment growing 25 per cent to US$ 1.4 billion in FY13.
In its 12th Five-Year Plan, the Government of India aims to spend US$ 3.7 billion on biotechnology compared to US$ 1.1 billion in the 11th Five-Year Plan. The Department of Biotechnology designed the National Biotechnology Development Strategy to strengthen the industry's human resources and infrastructure while promoting growth and trade.
India has the potential to become a major producer of transgenic rice and several Genetically Modified (GM) or engineered vegetables. Also, bioinformatics research is poised to become one of the fastest emerging markets in India.