The Hindu : Business : Biotech industry revenue touches Rs. 8,300 cr.

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Friday, Jun 08, 2007
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Biotech industry revenue touches Rs. 8,300 cr.

Special Correspondent

Institutions on the lines of IITs mooted

BANGALORE: The Indian biotechnology industry has made rapid strides with its revenues touching Rs. 8,300 crore in 2006-07, an impressive growth of 30 per cent over the previous year's Rs. 6,485 crore.

Quoting from a recent survey conducted by the Association of Biotechnology-led Enterprises (ABLE) and Biospectrum, at the inaugural ceremony of the seventh edition of Bangalore Bio 2007 on Thursday, Karnataka BT Vision Group Chairperson, Kiran Mazumdar Shaw, observed that such a rapid growth showed that the BT sector was on track to meet the target of touching a revenue of $5 billion by 2010.

Giving the break-up of the revenue growth, she said the bio-agri segment within the BT sector had registered a growth rate of 50 per cent which was the highest growth rate in the world.

Services growth

Similarly, the bio-services segment has achieved 38 per cent growth. In term of revenue, the bio-pharma segment has touched Rs. 5,600 crore.

She said the Indian BT sector was well poised to carve a global niche for itself. Of late, there was an increasing acceptance of Indian clinical data by international regulators and the Indian BT sector was rapidly climbing up the drug development ladder. In addition to this, India was fast attaining global leadership in BT cotton cultivation, she pointed out.

Dr. Shaw mooted the idea of setting up educational institutions on the lines of IITs for development of quality manpower in the BT sector in addition to examining the possibility of emulating the model of STPI (Software Technology Parks of India) for encouraging BT companies.

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