The biotechnology domain is currently witnessing significant changes through innovations, continuous research, and technological advancements. The Indian biotechnology industry is rapidly growing. The current value is estimated to be around USD 70 billion (2020) and is projected to reach USD 150 billion by 2025. The COVID-19 pandemic and the development of several vaccines thereafter had increased the importance of the biotechnology sector, not only in India but throughout the world.
Biotechnology involves understanding the diseases, and their causative pathogens that help to initiate the development of treatments for the benefit of mankind. This industry is capital intensive, and millions of dollars are at stake while developing a new drug. Further, the research required to develop successfully commercialized products is more comprehensive as compared to pharmaceutical products. It is the reason why biotechnology-related formulations are expensive. Sometimes organizations have to bear severe losses due to lengthy researches or due to failure of the product during clinical trials.
Several areas in the biotechnology domain are believed to grow at a much rapid rate than the overall industry. Some of them are: