According to a survey by BioSpectrum and the Association of Biotechnology-Led Enterprises published this June, the Indian biotechnology industry grew 30.9% to INR 85.4 billion ($2.1 billion) in Indian fiscal year (IFY) 2006 (ended March 31, 2007), and is expected to reach $5 billion by 2010. Exports grew an impressive 47.0% to INR 49.4 billion ($1.2 billion) in IFY 2006. Serum Institute ranked first among Indian biotech firms, with sales of INR 9.5 billion ($234.5 million). In second and third place were Biocon and Panacea Biotec, with revenues of INR 8.2 billion ($203.0 million) and INR 6.0 billion ($148.0 million), respectively. Two bioagriculture companies reached the top five: Rasi Seeds, with revenues of INR 3.3 billion ($82.0 million), and Nuziveedu Seeds, with revenues of INR 2.3 billion ($55.7 million), climbed to fourth and fifth place, respectively. Two significant deals of IFY 2006 were Merieux Alliance’s acquisition of a controlling stake in Shantha Biotechnics and Serum Institute’s attainment of a 14% share in UK-based Lipoxen.

Source: Business Standard