The small players are making a mark in the bio technology segment by virtue of their innovative strategies.
The Indian and the global biotech businesses witnessed a decline in 2008-09 during the recession, both the domestic and global markets bounced back strongly in the financial year. In 2009-10, the Indian bio-technology industry registered a staggering 52 per cent growth by generating revenues worth USD 4 billion with significant contribution from SMEs.
Some players in the field say that it is true, small biotech players have been striving to record high growth and many new companies are venturing into this segment every year but last fiscal’s success looks inflated due to sharp drop in revenues in 2008-09. The Indian bio technology sector is booming and it is likely to overtake other leading sectors. With various segments like organic food and fuel coming under the scope of bio-technology the industry is expanding rapidly. With the government taking necessary initiatives like implementation of the small innovation research initiative scheme, the SMEs are benefiting.