Indian Biotech Industry on High-Growth Curve

Indian biotech revenues grew almost 31% to more than $2.08 billion in 2006–2007, according to a recent report. The 5th Indian Biotech Industry survey, conducted by BioSpectrum magazine (Bangalore, India, www.biospectrumindia.com) and the Association of Biotechnology Led Enterprises (Bangalore, www.ableindia.org) show that exports accounted for almost 58% of total revenues in an industry that has doubled in size over the past two years. Of the total industry’s revenue, about two-thirds were in the biopharmaceutical sector, which grew almost 27% last year.

The survey also reported that firms of Indian origin occupied the top three slots in the biotech company ranks, contributing nearly 27% of total industry revenue. The top three industry positions were held by Serum Institute of India (Pune, www.seruminstitute.com), Biocon (Bangalore, www.biocon.com), and Panacea Biotec (New Delhi, www.panacea-biotec.com), all biopharmaceutical companies.

The 40-year old Serum Institute is the largest vaccines maker in India and the second largest pediatric vaccines maker in the world. The company has the capacity to produce 100 million doses of the human influenza vaccine and other key vaccines like hepatitis B and DTP. The company expanded its global presence in the past year, entering into agreements with UK-based Lipoxen and US-based Akorn.

Biocon, the second largest company, launched the first indigenously produced monoclonal antibody, BIOMab-EGFR, for treating solid tumors of epithelial origin, such as head and neck cancers, in September 2006. The company also made international news this year when one of its subsidiaries, Syngene, entered into a research partnership with Bristol Myers Squibb.

Panacea Biotec is India’s second-largest vaccines manufacturer. The company’s revenues grew 55% the fiscal year ending March 31, 2007, to approximately $555 million.

BioSpectrum magazine has predicted that by 2010 the Indian biotech industry would grow to nearly 400 firms and $5 billion in revenue, with 100 biotech (domestic and imported) products in the market.