Indian biotech industry seen growing $10 billion-strong by 2020
03 Jun 2010
India's biotech industry bounced to high growth in fiscal 2009-10 to gross revenues of $4 billion (Rs18,500 crore, up a whopping 52 per cent on the previous fiscal).
Karnataka Biotech Vision chairperson Kiran Mazumdar-Shaw said yesterday in Bangalore that as against an 18 per cent decline in 2008-09, the biotech industry grew remarkably well in 2009-10 and it was on track to achieve $5 billion this fiscal (2010-11).
The equipment and ancillary segment contributed around $1 billion while the industry covering bio-pharma and agri-biotech, grossed $3 billion (Rs14,400 crore).
Bangalore, the country's biotech hub, accounted for 27 per cent or $810 million (Rs3,888 crore), with exports contributing $750 million (Rs3,650 crore).
"New challenges such as global warming, energy, health and food security offer huge opportunities for the biotech industry," Shaw said at the inaugural session of 'Bangalore India Bio 2010' summit.
As conventional and western models were not working there was a need for greater investment in research and development to create niche technologies and address new challenges, Shaw said.
"India has emerged as an attractive market for the global pharma sector, as evident from increasing investment flows into the country. We offer huge cost advantages with high value of services," Shaw, chairman of India's leading biotech firm Biocon, said.