India’s Bio-Tech Industry Grows by 17 Percent
Jun. 22 – The country’s bio-tech industry grew by 17 percent to US$3 billion during the 2009-10 financial year compared to the previous period, with the bio-pharma market contributing to the majority of growth.
According to a survey conducted by the Association of Biotechnology-led Enterprises and the BioSpectrum journal, the bio-pharma made up 60 percent of the industry’s growth followed by bio-services and bio-agri. Biotechnology companies located in western India were the industry’s top performers with revenues comprising 46 percent of total bio-tech market value. The survey projects that the industry will continue to grow with future annual growth forecasted to reach 20 percent.
Companies in southern India came in second contributing 39 percent to overall industry revenues and a seventh of total revenues coming from companies in the northern bio-cluster region.
Biocon, the country’s first biotechnology company, reported the largest revenue at Rs. 11.8 billion followed by Serum Institute of India with Rs. 8.5 billion and Panacea Biotec at Rs. 7 billion. Biocon Limited was established in 1978 as a joint venture between Biocon Biochemicals Ltd. of Ireland and local entrepreneur, Kiran Mazumdar-Shaw focusing on biopharmaceuticals, custom research and clinical research.
“Overall, there is a cautious optimism within the biotech industry and the recent government efforts to boost the infrastructure and support for various industry initiatives will bring succour for the industry,” said Narayan Suresh, group editor of BioSpectrum, in a statement.
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