With economic growth and addition of biotechnology to its portfolio, India is rapidly becoming a global player in the life sciences and healthcare space. Educating and achieving scientific excellence demands a really high level of R&D. Now that the government is investing more resources in research and medical facilities and infrastructure, from educational institutes to hospitals, use of lab equipment, reagents or medical devices are growing rapidly. This will drive the growth of biosupplier market in the country.
India’s life sciences and healthcare industry has changed dramatically in the last decade, moving from import dependency to self-sufficiency, and this has created demand for innovative new technologies. Fueling this growth has been increasing demand from biosuppliers who are challenged to provide innovative and productive solutions that not only support India, but also enable them to compete globally.
Other notable trends in the past few years have been an intensive focus on R&D within pharmaceutical, biotech and healthcare as well as demand from the government sector (mainly R&D institutes). “This has led to new investments in high-end analytical instruments and consumables to support everything from food safety and drug discovery to precision medicine,” said Amit Chopra, Managing Director – India and Middle East, Thermo Fisher Scientific while commenting on trends in biosuppliers market with respect to life sciences and healthcare industry in India.
Biosuppliers are witnessing unprecedented growth opportunities in India due to high growth in the Biopharma and healthcare market. Pharmaceuticals, life sciences and healthcare companies are experiencing a wave of competing challenges currently.
Sharing her views on trends in biosuppliers Dr Deepanwita Chattopadhyay, Chairman & CEO, IKP Knowledge Park said “We have started producing the reagents in the country but a large amount is still being imported. I am seeing people getting into the reagents and suppliers business. It’s also about acceptance. The market depends also on buyers and not just sellers. If academic institutions and companies buy the Indian product and if they can establish the confidence then only their share in the market will increase. I think this process has already been started and slowly picking up.”
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