India biotech sector worth $10bn by 2015

THE Indian biotech industry is set to grow exponentially to reach $10 billion in revenues by 2015 from $4 billion achieved in fiscal 2011, with exports contributing substantially, Karnataka IT and BT principal secretary M.N. Vidyashankar said at the 11th edition of Bangalore-India Bio trade show 2011.

"The biotech sector in Karnataka contributed $1.6 bn in fiscal 2011, accounting for 40% of the country's total revenue. Of the 350 biotech firms across the country, 52 % (182 firms) are located in the state," Mr Vidyashankar told conference delegates.

Whilst the sector grew 33% in fiscal 2011 from $3 bn, the global meltdown impacted revenues with 18% decline and the Indian biotech industry missed the revenue target of $5 bn, Frost & Sullivan said in a report released during the biotech event. The research firm also forecast the global biotech industry to zoom to $433 billion by fiscal 2015.

India is ranked amongst the top 12 biotech destinations worldwide and third largest in the Asia-Pacific region.