What challenges do startups face when they set up their office in biotech parks? Is there any different between government owned biotech park and private initiative? How difficult or easy to do business from biotech parks?
The establishment of biotech parks in the country is in line with the aim of providing cost benefits to industry and prepare the companies for global competition while bolstering the R&D and manufacturing activities in the sector. Cluster based approach offers an effective and sustainable ecosystem for enabling quality, and productivity in the industry at a single set-up. They create an ecosystem that nurtures collaboration and innovation with the combined efforts of academia, research institutes and companies at one place.
Success of biotech parks depends upon a lot of factors including availability of talent; related infrastructure such as testing facilities, critical services like IP and most importantly the industry ecosystem. While some parks in India have all these elements together, some are still in the process of development.
Start-ups require additional nurturing and access for which they require access to research and testing facilities; funding and experienced mentoring; and industry (including IP attorney and academia) and supplier ecosystem.
Given India's dominance in the sector globally; immense talent in the sector; and with favourable regulatory and policy changes, it is only a matter of time when BT parks will start showing the success they truly deserve.