Massive inflow of funds in biotechnology in the offing -- CII

Massive inflow of funds in biotechnology in the offing -- CII
PRESS TRUST OF INDIA

NEW DELHI, JULY 30: Confederation of Indian Industry (CII) on Sunday said a massive flow of venture funds into biotechnology would be witnessed in the next few years and suggested that Indian corporates take advantage of the "bio technology wave" to gain benefits.

"The initial stage of the biotechnology age has begun and this can be deduced from the fact that patents in biotechnology are already overtaking patents by internet firms," a CII study said predicting flow of venture funds into this lucrative sector.

The CII study identified petrochemicals, textiles, agriculture and food, metals and other commodities and chemical-based industries as key industries that would be directly affected by biotechnology.

"In fact, these traditional sectors would experience fundamental changes that would change the nature of doing business as a consequence of the developments in biotechnology," the statement said.

While biotechnology would certainly revolutionise medicine and the entire healthcare industry, which currently accounts for less than six per cent of global GDP, biotechnology is expected to directly affect 35 per cent and indirectly affect 100 per cent of global economy, it said.

"In fact, biotechnology is expected to double its contribution to GDP," CII said.