"Last year, 18 new firms set up shop in Bangalore. We have received an investment of $400 million, which includes Rs 750 crore from Biocon as part of their expansion plans," Karnataka IT and BT secretary M K Shankaralinge Gowda said at a curtain raiser for the 'Bangalore Bio 2005', the fifth edition of the annual Biotech event.
As many as 118 of the 128 biotechnology companies - both agro and pharma - in Karnataka were located in the city, he said, adding biotech exports from the state were expected to reach $500 million in 2004-05.
Gowda said some of the firms who began operations last year include US-based Invetrigen and Accacia Serum, besides India's Molecular Cellular Research.
"The growth rate is about 50 per cent to 60 per cent in the biotech industry. In general you can expect good growth as the base is less," Karnataka Taskforce on Biotechnology chairperson Kiran Mazumdar Shaw said.
She said global firms were looking at India as a research and development hub for their operations and Bangalore was the first choice.
"Lot of companies look at this part of the world for R&D outsourcing and their first choice is Bangalore," Shaw said.
About 110 firms are taking part in 'Bangalore Bio' slated to begin on April 22. The event will be inaugurated by Sharad Pawar, Union Agriculture Minister.
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