Bengaluru, Feb 10, 2015:

The biotech sector has the potential to grow faster than the existing rate, according to Karnataka Chief Minister Siddaramaiah.

Addressing delegates at the ‘Bangalore India Bio’, he spoke of how Bengaluru has taken a leadership stance in the biotechnology revolution of the country.

“If you see 52 per cent of all biotech firms in India are situated in Bengaluru, which comprises the top 10 biotech firms as well and the sector shows promising growth,” he said. He added that Bengaluru is the home to a huge number of life sciences start-ups that fuel innovation in this sector.

In a push towards using more environment-friendly initiatives, Prakash Javadekar, Minister of State, Environment, Forest and Climate Change, said, that ‘Co-operated Competition’ amongst key players in the industry that will ensure an accelerated growth for the sector and stressed on the importance of generating green and renewable energy using biotech.

With ‘Bangalore India Bio, the State aims at taking a closer look at the way biotech is changing and its impact in India. Karnataka contributed more than a quarter of the biotech sector, which has clocked revenues of $4 billion in 2014-15. Of this revenues, 50 per cent comes from exports and there are 226 biotech companies in the State.

“There is a need to position India as a quality yet affordable healthcare destination,” said Kiran Mazumdar Shaw, CMD of Biocon, who is also the chairperson for Karnataka’s Vision Group on biotechnology.