Bio-tech start-ups in Gujarat grow multiple times since 2005.

Gujarat State Biotechnology Mission (GSBTM), a State-government venture to promote bio-tech research and industries, recently informed that bio-tech startups in the State have reported healthy growth over the past seven years.

According to data by GSBTM, while the number of startups in bio-tech sector has increased from 5 in 2007 to 39 till date, turnover has jumped by over double from Rs. 240 crore in 2007 to Rs. 558 crore in 2013, employing over 2,100 people.

'Our focus has been on technology. Also, GSBTM had set up a venture fund in 2005 to promote startups in the bio-tech sector. So far seven projects have been given the funding,' said AK Saxena, Mission Director, GSBTM, during a media interaction.

Announcing the Bio-Invest in Gujarat – a pre-event for the Vibrant Gujarat Summit, Saxena informed that industry players from capital markets, private equity, venture funds, investment bankers and representatives from the Bio-Tech industry will interact during the one-day event on December 6 at Gandhinagar.

Saxena maintained that the bio-tech industry in the State is at the nascent stage, yet has achieved an annual turnover of Rs. 4,000 crore, while nationally it has a turnover of Rs. 25,000 crore. Gujarat is considered to be the third State to attract investment in bio-tech at Rs. 2,000 crore, after Maharashtra at Rs. 5,000 crore and Karnataka at Rs. 4,500 crore.

The State has seen nearly a four-fold rise in the number of companies in the Bio-Technology sector from 40 companies in 2004 to 154 at present.

Meanwhile, Saxena also mentioned that the government is considering a new Bio-Tech policy in near future. 'We have presented the draft to the Chief Minister and will finalise soon,' he said.


HBL