BT business turnover surges up 35 pc: Biocon
Bangalore, June 7 (UNI) Notwithstanding the perceived lack of medical infrastructure, the business turnover in the biotechnology sector of the country crossed over 1.5 billion US Dollar during 2005-06, registering a 35 per cent growth over the previous year, BT major Biocon Ltd Chairperson and Managing Director Kiran Mazumdar-Shaw informed today.
Addressing a large gathering of scientists at Bangalore Bio-2006, the country's largest biotech show here, she said the country's BT sector, which had set a business target of five billion Dollar by 2010 and employment generation of an additional million jobs, was emerging as a global leader in the sector.
Ms Mazumdar-Shaw, also the Chairperson of the Karnataka Vision Group on Biotechnology, said that during the last two years, the country was witnessing increasing activities in the area of life sciences, and Research and Development collaborations with companies in Europe and the US. Clinical data generated in the country was getting wider acceptance abroad. India offered huge opportunities in developing high-value, low cost drugs and the multinational firms were attracted by the large pool of talent available in the country.
Expressing satisfaction over the performance of the BT industry in the country last year, she said that out of Rs 6,500 crore business done by the BT sector, Bio Pharma alone contributed Rs 4,708 crore. Karnataka, emerging as a leader at the national level, had alone contributed over 55 per cent of the total business of the country and 27 new BT related companies have set up units in the State out of the total 28 companies last year.
Ms Mazumdar-Shaw said that during 2005-06, Rs 1,650 crore was invested in the BT sector in the country, up by 36 per cent, as compared to Rs 1,255 crore during the previous year. One per cent of the total sales of bio products and services had been invested for R and D. Over 6,800 scientists were working in various biotech companies, engaged in the task of R and D and innovation of low cost, high value drugs and drug delivery system.
Asia was emerging as a major research hub and contract manufacturing of high value and low cost drugs. India could play a major role by grabbing opportunities, she said, opining that there was a need to beef up medical infrastructure and patent mechanism.
UNI MV GD RKN1622