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Indian BioSuppliers market growing at 6% touches Rs 7950 crore
BioSpectrum Top 20 BioSupplier Survey
The biosciences revenue of the Indian BioSuppliers market touched Rs 7950 crore in 2018-19 registering a growth of 6 per cent over previous year’s figure of Rs 7500 crore. Although India is suffering the after-effects of new tax reform applications, a massive generic drug industry and sprouting biotech startups, especially in medical and drug discovery, contract research areas, will continue to sustain growth of the market.
There are over 100 leading companies in analytical instruments space in the country who are dominating the space supported by hundreds of distributors/ channel partners spread across the country. Besides there are hundreds of small and medium size companies who have been in the business in India catering to the different requirements in public and private sectors comprising of academia, pharma and biotech companies, contract/ clinical research organisations (CROs) etc.
India still depending on the import of all kinds of analytical instruments as it is still unable to develop and manufacture these kind of high end precision equipment unlike in case of vaccines, biosimilars and blood products. However Indian companies are very much active in supplying lab consumables, kits, reagents, lab equipment, cell culture media and lab chemicals.