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Three Indian biotech firms have plans to set up research and development centres at the Frankfurt Innovation Centre for Biotechnology.
"We are in final stages of discussions with three Indian firms to set up base at FIZ. Two are from Bangalore and the other from Pune," FIZ managing director and CEO Christian Garbe told reporters in Bangalore on Monday.
He did not name the firms, but said an agreement was likely to be signed in October during the visit of prime (chief) minister of German state of Hesse, Roland Koch.
The Indian biotech industry had abundant manpower and scientific talent, Garbe said, adding that pharma and biotech firms could utilise this low-cost scientific manpower to roll out products faster.
FIZ officials, who are marketing the centre as the ideal point to enter the huge European market, said FIZ could act as a catalyst for India in realising its goal of generating $5 billion in revenues from the biotech sector by 2010.
In this regard, the FIZ recently signed an MoU with the Karnataka Biotechnology Development Council and the International Technology Cooperation Network.
Besides focusing on small and medium firms, Garbe said, FIZ could be a catalyst for Indian firms to enter the high spending European market.