Tuesday, June 14 2005 12:50 Hrs (IST) - World Time -

New York: Asserting that India offers unprecedented opportunities for entrepreneurs in biotechnology industry, Minister of State for Science and Technology Kapil Sibal has invited venture capitalists, experts in the field and non-resident Indians (NRIs) to invest their money and talent in this fast growing sector.

The Minister said several incentives and encouragement is being provided by the Government to promote biotechnology in health, agriculture and environment, among other fields.

It is for companies and individuals to take advantage of the opportunities, he told a select gathering of investors, academics and professionals in New York, adding major pharmaceutical companies are already entering into partnership with their Indian counterparts which provides world class manufacturing facilities.

He called on experts in the field and NRIs to invest their money and talent in the fast growing and potentially profitable sector.

India, he said, has an abundance of human capital and raw material available at far less the cost compared with the Western nations and new drugs and other products could be developed at less than one-third the money beings spent by major pharmaceutical outfits in the United States.

Besides, India itself provided a huge market for new drugs with its growing older population and the drugs developed there could be sold at premium in the western nations, he told a meeting jointly organized by India-America Chamber of Commerce and Indian Consulate in New York.