| While investments in the sector rose 25.99 per cent to Rs 635 crore, projections indicate a 33.86 per cent growth (about Rs 850 crore) this fiscal. |
| The first ABLE-BioSpectrum Survey in 2003 had estimated the industry size to be Rs 1,840 crore which was later revised to Rs 2,345 crore. |
| Releasing the second report, Kiran Mazumdar Shaw, president of ABLE and chairman and managing director of Biocon Ltd, expressed confidence that the industry was well on track to touch the billion dollar mark this fiscal. |
| "The industry is gaining momentum. With revenues of over $700 million (Rs 3,265 crore) in 2003-04, the fledging biotech industry, despite all hurdles, is on the way to cross the psychological barrier of $1 billion in the current year. If the momentum continues, the industry will reach its goal of $5 billion in 2010," Ms Shaw said. |
| During the year, two leading biotech groups "" Serum and Biocon "" surpassed the Rs 500 crore mark and accounted for a third of the industry size. While Serum was the largest biotech group with revenues of Rs 555 crore, Biocon was a close second with Rs 549 crore. |
| On the basis of biotech sales during 2003-04, the BioSpectrum-ABLE top 20 Biotech Companies listed Biocon, Serum Institute of India, Panacea Biotec, Nicholas Piramal and Novo Nordisk as the top five companies in India. Other leading companies include Venkateshwara Hatcheries, Wockhardt, GlaxoSmithKline, Bharat Serums and Eli Lilly and Company. |
| When asked about the new biotech policy that is to be implemented by the Union government, Ms Shaw said that the N S Swaminathan Task Force and the Mashelkar Task Force have already drafted their recommendations. |
| "These recommendations are being examined before it can be taken to the Cabinet. Stakeholders in the industry have indicated that they are fairly satisfied with the reports as they suggest enough measures for both agri and pharma biotech," she added. |
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