Indian biotech industry grew 17 percent in 2009-10: Survey

India’s bio-tech industry clocked a 17 percent growth with revenues of Rs.137 billion ($3 billion) in the 2009-10 financial year over the previous fiscal, according to a survey. Bio-pharma was the biggest contributor generating 60 percent of the industry’s growth at Rs.8,829 crore, followed by bio-services at Rs.2,639 crore and bio-agri at Rs.1,936 crore, said the survey by the association of biotechnology led enterprises (ABLE) and the BioSpectrum journal. The industry witnessed a three-fold growth in the last five years. Companies in western India outperformed those in other parts of the country, logging revenues worth Rs.6,631 crore — constituting 46 percent of the total biotech market. While southern India made up for 39 percent of the overall revenues at Rs.5,537 crore, the northern bio-cluster contributed just a seventh of the revenues at Rs.2,030 crore, added the report. Eastern India did not add any significant revenue to the country’s overall biotech pie, the report said. Banglore-based Biocon regained its top slot with earnings at Rs.11.8 billion, followed by Pune’s Serum Institute of India at Rs.8.5 billion, while the third top grosser was Panacea Biotec at 7 billion. “Overall, there is a cautious optimism within the biotech industry and the recent government efforts to boost the infrastructure and support for various industry initiatives will bring succour for the industry,” said Narayan Suresh, group editor of BioSpectrum. According to the study, the industry is maturing and its annual growth will be around 20 percent in the near future.