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To be competitive Indian pharmaceutical and biotechnology companies pursue both imitative and innovation-based strategies. Some undertake contractual clinical research from multinationals now that product patents have replaced process patenting. The barriers for innovation are the lack of funds and regulations. Government funding bodies have to reconcile the goals: science for society versus science for profit. The regulatory process (e.g., time taken for drug approvals) is in need of change. In recent years the industry has become more regionalized— states are proactive in promoting bioscience complexes through parks and institutes (e.g., Bangalore and Hyderabad). This has implications for clustered economic development. [ABSTRACT FROM AUTHOR]