Indian biotech sector is growing at 37.42% and inching closer to $1.5 billion in revenues during FY06. The bio-pharma segment still dominates this sector with $1 billion in revenues.All segments like bio-pharma, bio-services, agri-bio, bio-informatics and industrial biotech have seen good overall growth, Kiran Mazumdar Shaw, chairperson of the Karnataka task force on biotechnology, said at the inaugural session of BangaloreBio 2006 today. Within this overall growth scenario, the western region dominates, generating 50% of Indian biotech revenues. The region also witnessed 50% growth to touch Rs 3,234 crore, followed by the southern region which grew 37% to touch Rs 2,367 crore and the northern region that grew 15% to reach Rs 920 crore in revenue. Karnataka has developed itself to become the biggest bio-cluster in India with 175 of the country's 320 companies having set up base here. In Bangalore alone, 158 companies have their base. "Of the 28 new companies set up in 2005-06, 27 have been based in Karnataka,"Shaw said.The bio-pharma segment witnessed 31.88% growth over last year to touch Rs 4,708 crore. This segment had clocked revenues of Rs 3,570 in 2004-05 and Rs 2,752 crore in 2003-04.Following the bio-pharma segment is bio-services growing at 69.29% with revenues of Rs 720 crore during 2005-06. Bio-services clocked revenues of Rs 425 crore in 2004-05 and Rs 275 crore in 2003-04.
