ad the way in discovery research. Asia will provide leading hubs for clinical development and stem cell therapies. Diagnostics will drive personalized medicine," Shaw pointed out.

Inaugurating the three-day, sixth edition of the conference-cum-exhibition, Union Science and Technology Minister Kapil Sibal urged the biotech entrepreneurs to innovate and invest in developing drugs to cure serious diseases like malaria, HIV and AIDS, which affect the poor nations.

"While the drugs developed by the US deals with a different set of diseases, it does not give priority to the diseases afflicting the poor and poor nations.

"Since India is placed uniquely and is sitting on a gold mine of cost advantage and human resource pool, we can also be a natural ally for developed nations in drug discovery," Sibal told about 1,000 delegates participating in the mega event.

The US spends about $2 billion on single drug development, while the same drug can be developed in India for about $500 million.

Calling for public-private partnership, Sibal said the private sector should concentrate on developing new molecules for which the central government would extend all support.

Delivering the presidential address, Karnataka Chief Minister H.D. Kumaraswamy said that to maintain leadership in the biotech sector, the state government had announced two vital initiatives - setting up of venture capital funds for IT and BT sectors and a biotech park in Bangalore.

"The government will be proactive and encourage global firms to invest and reap benefits. The biotech sector is growing by 40-50 percent annually and to sustain this growth, we need to focus on creation of infrastructure for the sunrise industry," Kumaraswamy said.

(Source: IANS)
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