Karnataka expects an investment of Rs 1000 crore (Rs 10 billion) in biotechnology sector from Indian and multinational firms in three years.
Bangalore is emerging as a major biotechnology centre, with at least one major company setting shop every month, according to Kiran Mazumdar, chairperson of 'Bangalore Bio 2003', a seminar on biotechnology, organised in Bangalore on Tuesday.
Twenty-two biotech companies started operations in Karnataka during fiscal 2002-03, taking the total number of such firms in the state to 84, she said.
Besides, the state attracted a fresh investment of Rs 250 crore (Rs 2.5 billion) in the sector during the year.
As a result, the total project investment in the state shot up to Rs 750 crore (Rs 7.5 billion) from Rs 500 crore (Rs 5 billion) during 2001-02, she said.
Venture capital funds pumped in about Rs 30 crore (Rs 300 million) to promote start-up firms in bio-tech sector in the state so far.
Of this, about Rs 10 crore (Rs 100 billion) came from the department of biotechnology, Government of India.
During the fiscal 2001-02, the sector attracted only Rs 17 crore (Rs 170 million).
The number of people working in the sector in the state rose 38 per cent to 8000 from 5000 a year ago.
Of these, the scientific talent pool alone constitutes about 5000 personnel, the largest in the country, Mazumdar said.
During the year, the sector nearly doubled its turnover to Rs 1400 crore (Rs 14 billion) from Rs 750 crore (Rs 7.5 billion) a year ago.
Exports also shot up to Rs 525 crore (Rs 5.25 billion) from Rs 250 crore (Rs 2.50 billion), she said.
The state also set up a data-base to record the number of patents filed by the biotech firms. So far, 45 companies filed for 200 patents, including 141 Indian and six international patents.
Inaugurating the biotech event, state Chief Minister S M Krishna said US-based Biogene Inc will invest $10 million to set up a microbiology structure, an enzyme plant and a marine biotechnology and an aqua-culture research centre in the state.
