Biotechnology is globally recognized as a rapidly emerging and far-reaching technology. It is aptly described as the “technology of hope” . But in Indian scenario, this field has failed in delivering what it promised in terms of employment. Way back from 2000, the word ‘Biotech’ has been used and been projected as technology of future, but looking at 2017 we have not reached any big milestones leaving aside some top names like Biocon, Dr Reddys, Bharat Biotech, Shantha Biotech. The employment opportunities are still desolate.
Revenue and growth but says a different story. As per recent records Biotechnology industry contributes 10-12% to the growth of the country every year. India is among the top 12 biotech destinations in the world and ranks third in the Asia-Pacific region. India has the second-highest number of US Food and Drug Administration (USFDA)–approved plants, after the USA and is the largest producer of recombinant Hepatitis B vaccine. The industry is projected to touch a target of 100$ billion by 2025 according to Association of Biotechnology Led Enterprises (ABLE). At this stage we have over 600 companies with Compound Annual Growth Rate (CAGR)pitched at 20%.
The first two paragraphs contradicts. The first one is the voice of thousands of students who took up Biotechnology as their course of study and second paragraph gives the numbers from Biotech industry. It’s very much needed to understand why two groups assess the same situation differently. My effort here is to bring attention to those points.
Biotechnology Industry is a Blanket term