Biotechnology is the fastest growing and knowledge-training based sector in India and the world. This industry is expected to play a central role in shaping the economy of countries like India Biotechnology entrepreneurship is unique, as it is the effect of the sum of all the initiatives and activities which are important to build an enterprise by the amalgam of scientific and business disciplines. The role of the entrepreneur leader is to take an organization forward and create momentum and opportunity. The working potential and ethics are the core value of a leader which ultimately influence the long-term success of the company. The Biotech entrepreneur is also a risk-taking person, who can manage the unknown-unknowns, and having skills for problem-solving.
Potential in Biotech Industry
Indian Biotechnology industry registered over 5.0 billion USD in revenue during the year 2017-18, which makes India as a major player in this sector. More than 500 companies in India are actively engaging in Biotech-industry with having a share of 3% in the global biotechnology market. Among the various sectors, Biopharmaceuticals and services constitute around 80-85% share of the Indian market. During the year 2009-10, Bio agriculture recorded the highest growth rate because of the high demand for insect-resistant cotton (Bt cotton), and today is one of the major sectors with great opportunity and future. The biotech industry in India has seen several ups and downs, and now it is in a stable condition. It is said that biotech product formulation and ground research come from academia, and for this academic excellence is a much-needed thing.
Although the need for academic excellence is highly anticipated, the need for the hour is to provide safe, affordable, and trustworthy healthcare solutions, which can save the lives of millions of poor people in India. Here the role of Bioentrepreneurs comes, as the whole work needs a perfectly streamlined domain as it is a major challenge that India is currently facing. Moreover, every bio entrepreneur must understand the roots of the biotechnology sector which is a cluster of extensive research, diverse collaboration, good infrastructure, technology, and commercialization capital and come up with a novel or alternative business model to achieve success.
Dept of Biotechnology,
IILM-College of Engineering and Technology