After recording growth rates close to the 18 percent during the last five years, the industry slipped further to register 15.08 percent growth. This is the lowest growth that the industry recorded in the past 11 years. The overall bioscience industry, comprising of the biopharmaceuticals, diagnostics, clinical and contract research services, enzymes, bioagri, and bioinformatics, recorded `23,524 crore in sales in 2012-13.
The BioPharma, clinical trials and contract research sectors account for 82 percent market share today. The BioAgri sector, which has been growing over 20 percent during the last few years, has come crashing with only 5.2 percent growth. The reasons are obvious. There has been complete lull in promotion of transgenic research and regulatory support.
The industry is clearly at an inflection point. Though it missed the $5 billion target, it has not lost hope. It is striving for $100 billion revenues in 2025. Association of Biotechnology Led Enterprises (ABLE) has been making efforts to move towards achieving the number. Dr P M Murali, managing director and CEO, Evolva Biotech and president, ABLE, is optimistic that $100 billion is achievable if the gaps are filled in fast. Ad-hoc policies are not helpful and require more stringent lawmaking say industry stalwarts.