If Information Technology marked India's debut into the global big league, biotechnology is being tipped to be the next big thing, which could help the country firmly establish itself on the global science and technology map. Going by the reports of industry and research bodies, the sector holds immense potential for India's economy. Already parallels are being drawn between IT and BT to gauge the latter's impact on the country's future growth. The country enjoys all the advantages, which made it a great technology story: A vast pool of skilled human capital, world-class infrastructure, and cost competitiveness. But amidst all those growth promises lie some key concerns. Funding remains a key problem while lack of a modern regulatory system could prove to be a major deterrent.

"The advances in the biological and other related material areas has given birth to a new economic engine.that will fuel and accelerate economic growth dramatically in this century."

India is on the threshold of a biotechnology revolution, which is set to be the new engine of growth for the economy. With the availability of a vast pool of scientific talent, presence of a world-class Information Technology (IT) industry, and a vibrant generic pharmaceutical sector, India is very much on its way to emerge as a force to reckon with in the global biotech arena.

The market for biotech products in India is at present valued at $2.5 bn, a fivefold increase since 1997. This is mainly because at present the biotech market focuses on low-end products like vaccines, not cutting-edge genomics or proteonomics. But this will hopefully change as the new start-ups take root. Growth estimates as estimated by the Confederation of Indian Industry, are simply mind-boggling; over the next five years, biotechnology can offer opportunities for fresh investment of Rs. 7 to Rs. 8 bn in India. This fresh investment, if realized, could result in a turnover of Rs. 9 to Rs. 10 bn during the next 5 to 7 years. This could contribute towards import substitution, augmentation of local production and introduction of some new products in the global market.

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