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Indian biotech sector to touch $5 bn by 2009-10

Press Trust Of India  |  New Delhi 

Driven by the increasing number of biotech firms in India, the biotechnology sector is likely to grow over three times to touch $5 billion by 2009-10, according to industry body Assocham.
"The domestic biotecnology sector, which was at $1.5 billion during 2005-06, is expected to reach $5 billion by 2009-10 with a consecutive year-on-year growth rate of 35.1 per cent," the chamber's paper on "Biotechnology Future" stated.
India has more than 300 bio-tech firms focusing on different aspects of value chain and their number is going to more than double in next 3-4 years, it said.
Bio pharma, the largest segment of bio-tech industry grew by 32 per cent in 2005-06 to reach $1 billion.
Exports, which accounted for 52 per cent of the industry's total revenue, stood at $763 million. While, Bio pharma accounted for 75 per cent of the total exports and 70 per cent of domestic sales.
According to the study, agri bio-tech and bio services are registering fastest growth. Investments in the sector have crossed $360 million in 2005-06, growing 36 per cent over the previous year.
Vaccines and bio-generics are the common areas of interest among leading bio-tech companies such as Bharat Biotech, Biocon, Dr Reddy's Lab, Panacea Biotech, Serum Institute, Shanta Biotech, Workhardt and Zydus, it said.
The sector would also attract funds from international agencies like World Bank, International Finance Corporation, ventures capitals, private equity arm and other financial institutes.

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First Published: Mon, May 07 2007. 00:00 IST