By IANS
Bangalore : Complementing the rapid growth of the IT industry in India's silicon city, the emerging biotechnology (BT) sector will look for investments through partnerships and joint ventures at Bangalore Bio 2007, the three-day annual event beginning Thursday.
To be inaugurated by Finance Minister P. Chidambaram in the presence of Karnataka Chief Minister H.D. Kumaraswamy and other dignitaries, the conference-cum-trade fair will showcase the strengths and capabilities of the Indian BT sector in clinical trials, drug discovery and developing new strains to enhance agricultural productivity.
"In line with our big vision, the biotech event will focus on investment through partnering. Pressure on global biotech firms to develop affordable drugs and increase farm output through research and innovation is advantageous to India in terms of human capital, natural resources and lower cost," said Biocon India Ltd chairperson Kiran Mazumdar-Shaw at a preview of the event here.
Billed as the biggest biotech show in South Asia, the seventh edition of Bangalore Bio will play host to over 600 conference delegates, about 150 exhibitors, 85 national and international speakers and an estimated 20,000 business visitors from 15 countries and states across the country.
"For the first time, the conference and trade show is being held under one roof at the Bangalore International Exhibition Centre (BIEC) on the outskirts of the city. The newly-built BIEC is a state-of-the-art exposition and convention centre with hi-tech infrastructure facilities," said Karnataka IT, BT and Science & Technology Secretary M.N. Vidyasankar.
The flagship event has also attracted high-profile delegations from Australia, Bavaria, Belgium, Britain, France, Germany, Holland, Japan, New Zealand, Pennsylvania, Singapore and Spain.
A 14-member delegation from the state of Victoria in Australia, led by Governor David de Krester, will beckon Indian biotech entrepreneurs and firms to partner with their counterparts in its state.
"Home to about 140 biotech firms, Victoria is scouting for Indian biotech firms for joint ventures, collaborations and potential investments in research and production facilities," Vidyasankar disclosed.
Promoted by the Karnataka government and organised by the vision group of biotechnology, the networking event brings all stakeholders on a single platform for interactive sessions with peers in pharma and financial sectors and hardsell their innovations, products and services.
"The focal theme for this year's event is 'think biotechnology, think innovation and think growth'. Bio-manufacturing and clinical developments demonstrate the growing maturity of Indian firms. The game plan is to combine native capabilities with innovation through partnerships," Mazumdar, who is also chairperson of the Karnataka vision group on biotechnology, pointed out.
Witnessing accelerated growth over the last couple of years, the Indian biotech sector has about 300 firms across the country and posted a combined revenue of Rs.67.5 billion ($1.6 billion) in FY 2006, with the top six firms accounting for Rs.931 million ($22.7 million).
With scientific manpower of over 25,000 people, including researchers and technocrats, the sector has set a target of $5 billion in revenues by fiscal 2010-11.
As in the case of the matured IT sector, the BT sector has been witnessing 30-35 percent average growth in the recent years. The rapid growth of contract research organisations indicates the growth potential, with the contract research market estimated to be about $250 million in the subcontinent.
According to industry sources, the Indian BT sector ranks fourth globally in terms of volume and 13th in terms of value, with the highest number of manufacturing units approved by the USFDA. For instance, Reliance Life Sciences is set to invest Rs.2.6 billion for a controlling stake in the UK-based pharma firm GeneMedix plc.
The international conference, spread over next three days, will focus on accelerating the industry growth through integrated innovation, bio-engineering and bio process application, scalable models in life science informatics, affordable diagnostics, food biotech and IPR (intellectual property rights) and regulatory issues.
To promote biotech applications in agriculture, the organisers have earmarked the second day (Friday) of the event as 'agri-biotech day' to deliberate on the economic and social impact and launch new initiatives for improving the quality and quantity of farm produce, offering new tools to boost food output and feed the burgeoning population.