Why is there so much activity in the field of biotechnology in our country? How has this activity benefitted the field of biopharma?
Answers
●●●●●Answer●●●●
Factors which are responsible for the growth is as follows:
R&D and new compositions: There has been a surge seen in biotechnology R&D and new composition formations in last 3 to 4 years. For example last year Biocon has developed Alzumab for the treatment of Psoriasis.
USFDA approvals: USFDA is approving new medicines at a much faster rate than they ever did, this is been done with the ambition to control some of the deadly diseases.
Biosimilar: There has been a surge noticed in this area as well, its organic similar of the inorganic medicines and it comes relatively cheaper.
Patents: A lots of patents are completing their 20 years of regime and henceforth the list of generic manufacturer will increase.
Merger and Acquisitions: As generic manufacturers are seeing an increase in their list. The big MNCs are also trying to get into generic market by means of M&A. Last few years have seen an increase in the M&A activities in Pharma sector.
International demands: USA healthcare programs need more and more generic medicines, generic medicines constitute 75% of their market which is expected to rise further. Similarly, India is seeing a huge demand from African countries.
Facts / Recent Changes:
biotechnology is one of the key sectors identified by the government as part of ‘Make in India'
target of $100 billion by 2025
National Biotechnology Development Strategy has provided a strategic roadmap for India’s emergence as a global biotech innovation hub.
Access to capital, quality infrastructure, high-end talent are some of the immediate needs of the sector
Importance of pharma sector:
In FY15 alone, pharma exports stood at $15 billion.
Similarly, the pharma sector has brought in over $13 billion in FDI in the past 15 years starting 2000.
It has also provided employment to over 10 million people.
The Indian pharma industry is today recognised as the ‘Pharmacy to the World’ as it is one of the lowest-cost producers of essential medicines globally, catering to nearly 30 per cent of the demand for generics drugs worldwide.
Impact of discontinuing tax breaks:
Tax breaks were discontinued for weighted tax deductions in R&D and SEZs
It will impact India's exports
Whilst phasing out tax concessions in order to bring down corporate tax rate is critical, it is also important for the finance ministry to evaluate the socio-economic impact made by the sectors that enjoy these special incentives. If the quantum of the tax revenue foregone is not substantial and yet it has resulted in tremendous socio-economic gain it must continue.
India accounted for nearly 70 per cent of all new offshore R&D centers established in 2015, making it the No. 1 choice for global technology-led R&D. Furthermore, $12.3 billion or 40 per cent of global engineering and R&D investments in 2015 flowed into India versus $9.7 billion into China. This is a formidable position which must be augmented and not weakened by any policy change.
Heyaa.
Answer:
There are many advantages of genetic engineering to agricultural biotechnology in agriculture: Increased crop productivity: Biotechnology has made possible to increase crop productivity by introducing such qualities as disease resistance and increased drought tolerance to the crops.