The domestic biotechnology sector, viewed as one of the top five biotech destinations globally, is likely to touch $5-billion mark at the fiscal-end owing to robust growth in ancillary segments such as data and equipment management , said Kiran Mazumdar-Shaw, chairperson of the Vision Group for Biotechnology (Karnataka).
Inaugurating the Bangalore-India Bio 2010, Mazumdar-Shaw said that the industry had seen growth at the rate of 20% in the fiscal 2009-10 to reach $3 billion, while exponential growth in ancillary industries added to the figure to take it past $4 billion.
??As against a decline to 18% in 2008-09, the bio-tech industry has grown remarkably well in 2009-10. You take into account clinical trial, data management, equipment management and other ancillary segments, the bio-tech sector touched $4 billion over the past year and I would say that puts us well on track to achieve the target of reaching $5 billion this year,?? said Mazumdar-Shaw who is also the CMD of India?s biggest biotech firm Biocon.
During 2008-09, the global financial crisis restricted the sector?s growth to 18% as against a 34% year-on-year growth in 2007-08.
Ancillary segments had grown at close to 40% during the fiscal, while biotech segments like bio-pharma continued to be a major driver, followed by services and agri-biotech, which was expected to grow as a major contributor this year as well.
With a steady growth momentum gathering in bio-tech sector, Mazumdar-Shaw said that the industry was optimistic of doubling its stature in the coming years, aiming at reaching $10 billion by the year 2020.
While bio-manufacturing, clinical development and service based offerings were seen as some of the key segments to drive growth, climate change and clean energy were also being viewed as huge opportunities for the Indian bio-tech sector, which presented great cost and man power advantages.
