Healthcare and Biotech Industry in India
Healthcare and Biotech Industry- $372Billion Dollars! Yes, that is the projected growth of the healthcare industry of India for the year 2022. That is an astounding 2,64,31,53,00,00,000 rupees, but the catch is, as big as the projected growth is, there is as big an amount of investment that goes into the maintenance of health care facilities, infrastructure and production cost for medicines. The healthcare industry comprises of hospitals, medical devices, health insurance, clinical trials, medical equipment etc. The health industry is growing at such rapid pace owing to it being open to investment by both public and private players.
Another subset of the healthcare industry is the upcoming field of biotech, which is nothing but the use of biological and organic processes along with technology to produce medicines. Biotech stands for biological technology, which has been used by mankind since ancient times to breed animals and produce a better quality of food.
In today’s time, bio-technology is a full-fledged industry that mainly indulges in research, development, and production of an array of commercial products which are focused primarily on medical and agricultural applications.
The laws governing the healthcare and biotech industry is a combination of IP laws and Commercial laws. For example, Patent law is the cornerstone of the pharmaceutical and medical technology industry, and trademark laws are essential for distinguishing brands and quality of medical equipment and medicines. Whereas, almost all commercial laws govern the functioning of this industry in some way or another owing to its highly commercial and investment intensive operation.