Hyderabad, Dec 3 (IANS): Britain will be the principal country partner for the 11th edition of BioAsia scheduled to be held here in February 2014.

Britain, which is home to leading pharmaceutical companies like Glaxo Smithkline and AstraZeneca, is looking to forge closer ties with India which is considered to be a growing power in life sciences industry, said a statement issued by the organizers.

BioAsia 2014, scheduled to be held here from Feb 17 to 19, is Asia's largest bio-business forum. The event will address aspects relating to the increasing disease burden, the need for more efficacious and affordable healthcare solutions, innovative products and operating models that could optimise R&D cost while increasing efficiencies, and innovative financing models.

"India and UK have lot to offer to each other in life sciences sector. Both the countries understand the importance of innovation in life sciences which is also our theme for BioAsia 2014," said Shakthi M. Nagappan, CEO, BioAsia.

"BioAsia has evolved over the past decade to present more opportunities to expand business and to enhance bilateral relationships. With the focus being on Innovation in the eleventh BioAsia, it makes it even more appropriate for the UK to partner," said British Deputy High Commissioner Andrew McAllister.

"UK and India have inherent strengths in life sciences and bringing them together will drive significant developments in the life sciences and healthcare sector," he added.

McAllister said they were making it more attractive for companies to invest in British innovation through the introduction of various schemes

"A number of Hyderabad-based Life Sciences and Pharmaceuticals companies have set up successful businesses in the UK and are growing. Examples include Dr. Reddy's, Aurobindo Pharma, Vivimed Labs Ltd and Nandan Biomatrix among others," said Andhra Pradesh's Principal Secretary (Industries) K.Pradeep Chandra.