India is among the top 12 global biotech destinations today, and the third largest in Asia. The biotechnology industry in India has witnessed phenomenal growth in the last 4-5 years, going up from $1 billion in 2004-2005 to about $2.67 billion in 2008-2009, averaging an annual growth rate of 30-35% (double the industry's global growth rate). The Department of Biotechnology with the Indian Government expects it to touch about $5 billion by about 2010-2011 and has set a target of $25 billion by 2015.

Propelling India's phenomenal growth in this sector are factors such as a large and strong pool of qualified scientists and engineers, existing and upcoming research facilities and institutional networks. The country also has the most diverse species of flora and fauna that gives the added advantage for biotech companies to carry on their research and drug discovery effectively. Another important factor for the growth of the Indian biotech industry is strong and committed government support in the form of incentives given at both state and central levels.