Biotech industry to touch $5 bn in three years

in India, that is...

NEW DELHI: The domestic biotechnology sector, which closed at $1.5 billion mark in 2005-06, is expected to touch $5 billion by 2010. The sector is growing at a CAGR of 35%. Biotechnology by definition is the exploitation of biological process for industrial and other purpose.

At present, India has over 300 biotech firms focusing on different aspects of value chain and their number is going to be more than double in next three to four years, says a release from Assocham.

In a Paper by Assocham on Biotechnology Future, it has been pointed out that although clearly much smaller in size than the IT and BPO sector, the domestic biotech sector is witnessing similar growth and growth prospects. For instance during FY 05-06, the sector closed at around $1.5 billion, and grew by 35% for the second year in a row.

According to a release, Assocham president Venugopal N Dhoot said, Bio pharma in 2005-06, the largest segment of biotech industry grew by 32% to $1 billion. Exports were at $763 million, and accounted for 52% share of total industry’s revenues. Bio pharma accounted for 75% of the total exports and 70% of domestic sales.

link to full article