To provide affordable healthcare with innovative medicines and attain global leadership in R&D, India needs an investment of Rs 30,000 crore annually in next five years so that the biotech industry can grow to US $ 100 billion by 2025, say industry experts.
“Biotechnology and life sciences industries need a road map of growth, opportunity and fiscal responsibility for bio-economy. We strongly recommend transparent regulatory framework, bio-manufacturing infrastructure, investment in R&D and a very rational tax structure,” ABLE President PM Murali said.
Association of Biotechnology Led Enterprises (ABLE) is a not-for-profit national forum that represents the Indian biotechnology sector. India has all the ingredients to become a global leader in affordable healthcare and if there is an annual investment of Rs 24,000 to 30,000 crore in the next five years, the biotech industry can grow to US $ 100 billion by 2025, with a 25 per cent return on investment and set a growth rate of 30 per cent year on year, he said.
“With all the support, we as a nation can attain global leadership in providing affordable health care and innovative medicines, quality food and feed for all,” he added.
ABLE also recommended allocation of Rs 500 crore each year from the R&D cess accessible by the Technology Development Board to stimulate the bio tech sector, which includes human resource development, high end institutional development in bio tech, stimulating incubators, ignition grants, start-ups and small businesses.
It also suggested a tax-holiday for a period of 10 years for indigenously developed bio-pharma drugs and sought extension of 100 per cent tax-free status for biotechnology special economic zones (SEZs). ABLE also recommended that there should be a mandate that only India-manufactured drug products be eligible for weighted premium and tenders.