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07 AUGUST, 2017 (MAINS)

TODAYS ANSWER WRITING CHALLENGE FROM GS-III

 

Q1. Indian biotech industry witnessed a growth of 57.14 per cent in 2016; the total industry size stood at US$ 11 billion by FY16 and is estimated to reach US$ 11.6 billion by FY17. The industries are benefiting from biotechnology advances. Give examples of various industries to explain this statement. (200 words)

 

Please write the answer in comments section

  • Osho Korde

    The biotech industry is expected to experience significant growth amid favourable business conditions. Increasing government expenditure is likely to augment growth in biotechnology industry.

    Biocon’s position in the Indian market during FY15–16
    • Biocon received an award Greentech Environment Gold Award for Excellence in Environment Management
    • Pharmexcil Gold Patent Award
    • Golden Peacock Award for CSR
    • Biocon Foundation is recognized for Outstanding
    • Contribution to Public Health by WHO India

    Examples of various industries to explain:
    • 2016: 8th Biotechnology Industry Research Assistance Council (BIRAC) announced 8th call for proposals related to inventions & ideas under Biotechnology Ignition Grant (BIG) Scheme.
    • 2016: The Regional Centre for Biotechnology Bill, 2016 was passed by Lok Sabha to impart training and education under guidance of United Nations Educational, Scientific & Cultural Organization (UNESCO).
    • 2016: India’s National Intellectual Property Rights policy was launched.
    • 2017: Ministry of Health, Malaysia, awarded, Biocon, a contract worth US$68.43 million to supply recombinant human insulin formulations for a duration of 3 years
    • 2017: Syngene, the contract research arm of Biocon, has decided to invest USD200 million in capital expenditure till fiscal 2019.
    • 2016: 1st generic formulation, Rosuvastatin Tablets was granted European approval & is estimated to be launched in FY17 with company benefitting from an expected revenue of USD1.2 billion.

    Fast-paced growth is likely to continue; the industry is expected to increase in size to USD11.6 billion by 2017, driven by a range of factors such as growing demand, intensive R&D activities and strong government initiatives.