BIO Congratulates India’s New Prime Minister on First Official Visit to the United States

Washington, D.C. (October 2, 2014) – The following statement may be attributed to BIO President and CEO Jim Greenwood:

“On behalf of the Biotechnology Industry Organization, I congratulate India’s new Prime Minister, Narendra Modi on his successful first official visit to the United States.

“In 2012, Indian industry and government leaders set an ambitious yet attainable goal of growing the nation’s bioeconomy to more than $100 billion by 2025.  BIO believes that the Indian biotechnology industry is on the cusp of entering a new era when it can provide significant economic growth and development to the people of India and around the world.

“India already has many of the necessary ingredients needed to grow its bioeconomy, such as a talented and enthusiastic scientific workforce. It needs only to address some fundamental areas of policy and regulation, and take steps towards creating an environment that encourages, not discourages, investment by innovators. 

“Because we see the potential that can result from collaborating with our Indian partners, BIO and the Association of Biotechnology-Led Enterprises produced a comprehensive road map for the nation’s biotechnology industry, in which we identify major areas that require Prime Minister Modi’s attention.

“Without developing a pro-innovation environment, the Indian biotechnology industry will not be able to achieve its high potential and the world will not benefit from what could be the Asia Pacific region’s dominant biotech hub.”