India's "huge increase" in biotech budget awaited

India's Science and Technology Minister, Kapil Sibal, has told a life-science companies conference that, following a significant planned budget increase for biotechnology drug ventures, the government will be ready to enter into R&D partnerships with drugmakers.

Mr Shabil indicated that a formal announcement is due by the end of October, but that he expected a "huge, huge increase" in funding. The Economic Times of India, which reported the Minister's speech, noted that India's biotechnology market is currently worth about $2.0 billion and is expected to reach $5.0 billion by 2010.