Biotech sector cross two billion dollar mark

Bangalore, Jun 7: The Biotechnology Industry's turnover in India crossed the two billion dollar mark and is doubling every two years, Karnataka Vision Group Chairperson Kiran Mazumdar Shaw said today.

Speaking at the inaugural of the three day Bangalore Bio 2007, she said that the 30 per cent growth was in tune with the industry projection of reaching a five billion dollar mark by 2010.

She said last year the turnover of the sector was 1.45 billion dollars.

She said out of 340 biotech companies in the country, 183 were in Karnataka, of which 137 were in Bangalore. Biotech exports from Karnataka was around Rs 1000 crore.

She said Biopharma which registered a 65 per cent growth accounted for 1.4 billlion dollars followed by bio services and agribiotech which notched up a revenue of 250 million dollars.

She said out of a total investment of Rs.2200 crore in the sector last year, Bangalore alone attracted Rs.1000 crore.

She said out of the total Biotech turnover, Bangalore's contribution was 55 per cent.

Ms Shaw wanted the the private sector to play a more active role in venture capital funding oftech units which high risk oriented. She said the Biotech sector in the country had reached a critical mass and needed the support as in the case of the IT sector to promote new ventures. She wanted the government to come out with an institute for biotechnology on the lines of Indian Institute of Information technology.

UNI