According to the Ernst & Young Global Biotech Report 2006 (pdf, 1.91mb) presented a the BIO2006 Chicago Convention, the biotechnology sector in the Asia Pacific, particularly in India and China, has been growing faster than ever before.
Performance of the biotechnology sector in the Asia-Pacific region outpaces the rest of the world, with a scorching 46 percent increase in revenues and significant progress toward profitability. Government emphasis on biotech as a strategic priority and a focus on strategic niches is helping countries’ competitiveness. Foreign companies are increasingly drawn to the region with growing drug markets, economic liberalization, and stronger intellectual property protections.
The region is poised to become the major hub in producing generic biopharmaceutical drugs, stem cell research, and bioinformatics and clinical data management. Just recently, India announced plans to build 10 new biotech parks by 2010. Malaysia is also hoping to clinch a $600M deal with three international biotechnology companies, to carry-out contract manufacturing and research on diagnostic kit and vaccine production. Malaysia offers tax breaks and other incentives to potential investors, while Singapore’s strategy is to attract scientists to head the country’s research activities on molecular biology and biomedical research. According to analysts, Singapore’s biotech pipeline shows promise, which includes lead compunds for antibiotics, vaccines, and drugs for cancer, infectious and metabolic diseases.
Meanwhile, back in the US, the Ernst & Young report also noted that the biotechnology industry continues to rival traditional pharmaceutical companies, and has, in fact, surpassed them in terms of innovation and growth rate. No wonder that the different states are battling with each other to bag investments. In the ongoing BIO 2006 convention, nearly every state sponsored a booth, and 13 governors are in attendance.