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| Biotech industry growth falls to 18% |
| BS Reporter / Chennai/ Bangalore Jun 19, 2009, 00:24 IST |
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The biotech industry in India, which was growing at the rate of 30-40 per cent per annum, for the last four years, has suffered a setback with growth declining to 18 per cent last fiscal (2008-09). In the previous fiscal (2007-08) the growth rate was 34 per cent.
“The Indian biotech industry posted a turnover of Rs 12,137 crore in 2008-09, compared to Rs 10,274 crore in 2007-08, registering a growth of 18 per cent. Global recession has impacted growth,” said Kiran Mazumdar-Shaw, CMD, Biocon, at BangaloreBio 2009, a biotechnology event.
Exports accounted for 60 per cent (Rs.7,152 crore) of the revenue, registering a growth of 25 per cent.
Bio-pharma sector contributed 65 per cent (Rs 7,883) crore to the revenue, while bio-agri sector contributed 12.3 per cent (Rs 1,494 crore), registering a growth of 24 per cent.
Bio-services sector registered a 31 per cent growth and accounted for 17 per cent or Rs 2,062 crore. Bio-industrial sector accounted for around 4 per cent and bio-informatics 1.9 per cent.
“Bangalore tops the list accounting for Rs 2,500 crore of the total revenues. However, growth rate in Maharastra is much higher at 32 per cent, with Pune catching up fast ,” Shaw said at the three-day event which began today.
“The biotech industry is consolidating and looking at various business models to sustain the growth momentum in a globally-challenging environment. India can play a key role in addressing the global challenges of food and health insecurities. To achieve this goal, we need to innovate the very process of biotech innovation,” Shaw noted.
Speaking on the occasion, Prithviraj Chavan, Union minister of state for science & technology said the pharmaceutical sector in India has registered a 65 per cent growth rate. Due to indigenous R&D, today every third child in the world is vaccinated with Indian vaccines and a breakthrough in developing swine flu vaccine is not far away. Biotechnology has played a major role in agriculture too, with BT cotton fast catching up with farmers. During 2002-08, there has been a 150 fold increase in BT cotton cultivation, and yield has gone up by 31 per cent, he said.
More genetically-modified crops are in the process of being developed including rice, brinjal, cabbage and potato, he said.
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