Indian Biotech industry crosses USD two billion mark

Bangalore, June 7 (UNI) The Biotechnology Industry's turnover in India crossed USD two billion mark and is doubling every two years, Karnataka Vision Group Chairperson Kiran Mazumdar Shaw said here today.

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

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

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 1,000 crore.

She said Biopharma which had registered a 65 per cent growth accounted for USD 1.4 billion, followed by bio services and agri-biotech which notched up a revenue of USD 250 million.

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 of tech units, which was highly risk oriented. 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 added.

She wanted the government to come out with an institute for biotechnology on the lines of Indian Institute of IT.

UNI