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India's biotechnology industry has crossed the $1 billion mark in revenues. Propelled by growing exports and vaccine sales, the Indian biotechnology sector surged 36.5 per cent in 2004-05 to garner revenues of Rs 4,745 crore ($1.07 billion).
Six biotech companies have crossed the Rs 100 crore (Rs 1 billion) mark in revenues in 2004-05 and the number of firms in the sector in India has grown to 280 from 235 in the previous year, according to the third BioSpectrum-ABLE Biotechnology Industry survey released in Bangalore on Friday.
"Crossing $1 billion is psychological barrier breakdown," President of ABLE (Association of Biotechlogy-led Enterprises) and CMD of Biocon Ltd, Kiran Mazumdar-Shaw told reporters. "Next one billion will be much, much easier."
The target to make Indian biotech industry cross the $5 billion mark by 2010 is "very, very attainable."
Besides Biocon, Serum Institute, Panacea Biotec and Novo Nordisk, two more companies -- Mahyco-Monsanto and Venkateshwara Hatcheries -- crossed the Rs 100 crore (Rs 1 billion) revenue mark in 2004-05.
Rising sales of Bt Cotton helped Mahyco-Monsanto to book Rs 166.4 crore (Rs 1.66 billion) in sales, and Venkateshwara Hatcheries recorded Rs 188 crore (Rs 1.88 billion), a growth of 114 per cent over the previous year.
Top 20 home-grown biotech companies clocked sales of Rs 2,478 crore (Rs 24.78 billion), an increase of 34.6 per cent over the previous year's Rs 1,840.87 crore (Rs 18.41 billion).
Officials said the industry is looking at a growth of above 30 per cent in the current financial year.