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Indian biotech tops $ 1 B in revenues
By agencies
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Friday, 10 June 2005, 19:30 IST
BANGALORE: IndiaÂ’s biotechnology industry has crossed the $ 1 billion mark in revenues.
Propelled by growing exports and vaccine sales, the Indian biotechnology surged 36.5 percent in 2004-05 past the psychological barrier of $1 billion to garner revenues of Rs 4.74 billion ($1.07 billion).
Six biotech companies have crossed the Rs 1 billion mark in revenues in 2004-05 and the number of firms in the sector in India has grown to 280 from 235 in the previous year, according to the third BioSpectrum-ABLE (Association of Biotechlogy-led Enterprises)Biotechnology Industry survey released here today.
"Crossing $1 billion is psychological barrier breakdown," President of ABLE and CMD of Biocon Ltd, Kiran Mazumdar-Shaw said. "Next one billion will be much, much easier."
The target to make Indian biotech industry cross the $5 billion mark by 2010 is "very, very attainable."
Besides Biocon, Serum Institute, Panacea Biotec and Novo Nordisk, two more companies -Mahyco-Monsanto and Venkateshwara Hatcheries have crossed the Rs 1 billion revenue mark in 2004-05.
Rising sales of Bt Cotton helped Mahyco-Monsanto to book Rs 1.66 billion in sales, and Venkateshwara Hatcheries recorded Rs 1. 88 billion a growth of 114 percent over the previous year.
Top 20 home-grown biotech companies clocked sales of Rs 2.47 billion, an increase of 34.6 percent over the previous years Rs 1.84 billion.
Officials said the industry is looking at a growth above 30 percent in the current financial year.