May reach $5 bn this fiscal
Indian biotechnology industry is expected to touch $5 billion this fiscal with a growth rate of over 20 per cent on the back of huge investment inflows from the West.
“Indian core biotechnology industry, along with ancillary units, have posted revenues of $4 billion in FY10 and is expected to reach $5 billion mark during the present fiscal,” Kiran Mazumdar-Shaw, CMD of Biocon, said on the sidelines of the inauguration of the Bangalore India Bio event here.
She also said that Karnataka would maintain its leadership position in the biotechnology field in future.
Karnataka, which plays host to 198 biotechnology companies of the 360 in the country, is expected to contribute 50 per cent of the biotechnology revenues in future.
Shaw also said, the state had seen Rs 1,500 crore of investments last fiscal with addition of 11 more companies to its present list.
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Bangalore India Bio is an event to evaluate the loopholes with an eye on new opportunities as India is fast emerging as a low cost destination for biotechnology research and manufacturing, she added.
The event, inaugurated today, has participation from 20 countries with 750 delegates and is expected to provide a platform for more western collaboration.
Karnataka, which accounts for 26 per cent of the country’s biotechnology revenues, will continue in its efforts to provide facilitating environment for the growth of this industry, he added.
The state, which has planned BT finishing schools to train people with the necessary skillsets, also handed over letters of intent to Manipal Life Sciences and Dayanand Sagar Institute on the occasion.
Meanwhile, Samir K Brahmachari, director general of CSIR, said the Indian demographic advantage should be translated to fuel growth in biotechnology industry.
“Open source drug discovery and affordable drug development should be the key focus areas of the industry,” he added.
Biotechnology industry has witnessed a sound growth of around 15 per cent in the last decade with pharma vertical contributing most to this segment.
However, agri-biotechnology industry is facing tough times in the wake up lower acceptance and biotechnology led pharma industry has many regulatory issues to overcome in Europe, United Sates and other emerging economies.
“Indian biotechnology industry has many challenges to overcome to be a world leader. However, cost advantage, huge talent pool and more awareness will definitely put the country in a good stead,” Shanthu Santharam, executive director, ABLE said.