New Delhi: To provide affordable health care with innovative medicines and to attain global leadership in R&D, India needs an investment of Rs 30,000 crore annually in the next five years so that the Biotech Industry can grow to USD 100 billion by 2025, industry experts recommended.
"Biotechnology and life sciences industries need a road map of growth, opportunity and fiscal responsibility for bio-economy. We strongly recommend transparent regulatory framework, bio-manufacturing infrastructure, investment in R&D and a very rational tax structure," ABLE President PM Murali said.
Association of Biotechnology Led Enterprises (ABLE) is a not-for-profit national forum that represents the Indian Biotechnology sector.
India has all the ingredients to become a global leader in affordable health care and if there is with an annual investment of Rs 24,000 to 30,000 crore in the next five years the bio tech industry can grow to USD 100 billion by 2025, with a 25 per cent return on investment and set a growth rate of 30 per cent year on year, he pointed out.
"With all the support, we as a nation can attain global leadership in providing affordable health care and innovative medicines, quality food and feed for all," he added.
With an annual investment of Rs 24,000 to 30,000 crore in the next five years the Indian bio tech industry can grow to USD 100 billion
ABLE also recommended allocation of Rs 500 crore each year from the R&D cess accessible by the Technology Development Board to stimulate the bio tech sector, which includes human resource development, high end institutional development in bio tech, stimulating incubators, ignition grants, start-ups and small businesses.
It also suggested tax holiday for a period of 10 year for indigenously developed bio-pharma drugs and to extend 100 per cent tax free status for biotechnology special economic zones(SEZs).
ABLE also recommended that there should be a mandate that only Indian manufactured drug products be eligible for weighted premium and tenders.