Abstract

Biotechnology have touched every corner of the world laying major stress on applications to the environment, drugs, vaccines including a range of biopharmaceuticals, diagnostics, transgenic crops, improved tools for upgrading animal reproduction and quality, useful microbes and food ingredients. The term 'Biotechnology' is coined as amalgamation of biology with technology that includes disciplines like molecular modeling, genomic, bio – informatics, bio – simulation, clinical information and many more. Biotechnology (BT) – derived products worldwide include a range of pharmaceuticals and diagnostics, transgenic food and field crops with desired field and quality characteristics, improved tools for upgrading animal reproduction and quality, useful microbes and food ingredients. Contributing 2% of global biotech industry, Indian BT employs 20,000 resource persons. Though India has improved its potential to contribute more to this industry, but in spite of infrastructure, funds, manpower, it need to put more efforts on up-grading system by building funding options, venture capitalists, bio-networking, IP development. Government initiatives are harnessing its valuable potential to derive values from technology – led exports and export of technologies. This has enhanced intensively the networking of capabilities and facilities within the country. Biotechnology is in hands of developed countries with superior technology, intellectual scientists and good financials, etc that support the industry but in the current scenario India is becoming an attraction for foreign players – ranking 3rd after Japan and Korea in the Asia, considering foreign direct investments (FDIs) for biotechnology. Significant opportunities exist for the growth of biotechnology in the region, particularly in the agriculture and healthcare sectors due to the large existing and growing markets for food products and pharmaceuticals for the growing population.

Key words: Biotechnology, industry, opportunities, challenges, India.