India looks to push development of biotech startups

A senior Indian official says plans are underway to ramp up the biotechnology sector and add 1,500 startups in the next two to three years, according to a report in the Economic Times. "We presently have around 500 start-ups in the biotech sector. It is less in comparison with other sectors. We plan to scale it up to 1,500 to 2,000 in the next two to three years," Renu Swarup, senior adviser to the department of biotechnology and managing director of the Biotechnology Industry Research Assistance Council, said in the Economic Times report. This year, the government announced its "Start-up India, Stand up India" campaign to spur financing for startups and offer incentives for entrepreneurship and job creation, the report said. Currently, India's biotech industry is about 2% of the global biotech sector and ranked 12th in the world and third in the Asia-Pacific region, according to the report. But hopes are that it could reach $11.6 billion in size by 2017 from $4.3 billion in 2012, the Economic Times reported. Report