Indian biotechnology industry has advanced over the last three decades to a mid-maturity stage. Today, it is among the top 12 biotech destinations in the world, 3rd in Asia Pacific and hosts about 2 per cent share of the global biotech industry. Growth drivers specific to biotech sector in India include cost-effective manufacturing capabilities, improved clinical capabilities and availability of a skilled pool of scientists and engineers.
The booming sector is further categorised into five major segments, including biopharmaceuticals, bio-services, bio-agriculture, bio-industrial and bioinformatics. The sector promises extraordinary potential in many emerging areas such as oncology, bio-similar development, development of vaccines and viral drugs, new drug developments, improved healthcare delivery systems and innovation in medical devices.
The Government of Andhra Pradesh has realised the potential of this sector in building a more advanced state. With its vast resources, the state can create a good environment for biotech companies. The state's advantage is its vast reservoir of human resources at a reasonable cost and centres of academic excellence in biosciences. A vibrant pharmaceutical industry and fast developing clinical capabilities, collectively point to a promising biotechnology sector and have placed the state favourably in the global market.
To elaborate further on beefing up the biotechnology sector of the state, Industries and Commerce Department, Government of Andhra Pradesh official stated, "Government with a view to enhance competitiveness of the sector to make Andhra Pradesh one of the most preferred destinations for biotech investments, Biotechnology Policy 2015-20 has been prepared after extensive consultations with stakeholders, industrial associations and industrial experts."
Under the policy, the government approved the following fiscal benefits covering the categories of (a) Non Fiscal Incentives (b) Fiscal Incentives for Biotech Manufacturing Industries (c) Mega Project (d) Special financial incentives for R&D (e) Life Science Knowledge Centre (f) Mega Life Science Park at Visakhapatnam (g) Mini Life Science Parks and (h) Incubation Centres.