• 15 June 2010
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India biotech recovers - Size $3 bn

• Grows 17% Registers Rs 14,199 cr • BioAgri grows at 37% • BioServices follows at 28%

India biotech recovers Size $3 bn

Grows 17% Registers Rs 14,199 cr
BioAgri grows at 37%
BioServices follows at 28%

•    In dollar terms, the industry crossed $3 billion in FY 2009-10 growing 23% over a flat growth of FY 2008-09.
•    Exports accounted for 53% share in the overall revenue and registered a growth of 5% over FY 2008-09.
•    Domestic business claimed 47% share in the overall revenue and registered a growth of 34% over FY 2008-09.


*All figures in Rs. Crore unless indicated otherwise

Biotech Industry Exports vs Domestic 2009-10
Segment Exports Domestic Total % share Exports % share Domestic
Biopharma 4767.66 4061.34 8829 54 46
BioServices 2507.05 131.95 2639 95 5
BioAgri 58.08 1877.92 1936 3 97
BioIndustrial 124.08 439.92 564 22 78
BioInformatics 73.92 157.08 231 32 68
Total 7530.79 6668.21 14199 53.04 46.96

Biotech Industry Exports vs Domestic 2008-09
Segment Exports Domestic Total % share Exports % share Domestic
Biopharma 4868 3015 7883 62 38
BioServices 1964 98 2062 95 5
BioAgri 61 1433 1494 4 96
BioIndustrial 89 389 478 11 89
BioInformatics 50 170 220 23 77
Total 7152 4985 12137 59 41
*All figures in Rs. Crore unless indicated otherwise



Biocon back to No. 1 slot
Company Highlights
•   Top 20 companies contributed 52% of the total revenue. 
•    These companies grew at an average growth rate of over 22% while the industry growth rate stood at 17% in FY 2009-10.
•    Serum Institute of India slipped to No. 2 on account of loss of some key contracts.
•    Shantha Biotech is the only Top 20 revenue company to have showcased a growth over 30% percent.
•    Total revenues of Top 20 homegrown companies have grown by 25% over FY 2008-09. 
•    Fastest growing 20 companies contributed 20% of the overall industry revenue of Rs 14199.17 crore. These have grown at an average rate of over 150%.
•    The pack of fastest growing companies in the region is led by CROs, which are growing from a very small base of less than Rs 30 crore.
•    The fastest growing 20 companies in the region are all below Rs 150 crore with the exception of Shantha Biotech at Rs 334.23 crore.


Top 20 Biotech Companies by Revenue (2009-10)
Revenue Rank 2010 Company 2009-10 (Revenue in Rs Cr) 2008-09 (Revenue in Rs Cr) 2007-08 (Revenue in Rs Cr) % Change Over 2007-08 % Change Over 2008-09
1 Biocon 1180 912.34 876.93 4.04 29.34
2 Serum Institute of India* 850 1114.00 987.00 12.87 -23.70
3 Panacea Biotec 703.19 597.14 681.16 -12.33 17.76
4 Nuziveedu Seeds 476.86 449.58 291.88 54.03 6.07
5 Reliance Life Sciences* 450 - - - -
6 Quintiles* 375 - - - -
7 Rasi Seeds 358.78 375.59 293.68 27.89 -4.48
8 NovoNordisk* 342 330.00 260.00 26.92 3.64
9 Shantha Biotech 334.23 247.00 150.00 64.67 35.32
10 Mahyco 312 211.12 135.86 55.40 47.78
11 Indian Immunologicals 272.87 231.46 172.70 34.02 17.89
12 Bharat Biotech 271.66 241.05 83.44 188.89 12.70
13 Novozymes South Asia* 268 250.00 225.00 11.11 7.20
14 Monsanto* 255 345.00 - - -26.09
15 Syngene International 252 224.60 175.50 27.98 12.20
16 Jubilant Organosys 249.3 242.00 159.00 52.20 3.02
17 Eli Lilly 187 164.00 149.00 10.07 13.85
18 Bharat Serums 175 140.00 140.00 0.00 25.00
19 Haffkine Biopharma 168.98 - 88.61 -100.00 -
20 Siro Clinpharm 150 280.00 - - -46.43

Top 20 Biotech Companies by Growth (2009-10)
Revenue Rank 2010 Company 2009-10 (Revenue in Rs Cr) 2008-09 (Revenue in Rs Cr) 2007-08 (Revenue in Rs Cr) % Change Over 2007-08 % Change Over 2008-09
1 Stempeutics 17.19 1.06 1.42 -25.35 1521.70
2 Lambda Therapeutic Research* 145 30.00 - - 383.33
3 Max Neeman International 40 15.00 10.00 50.00 166.67
4 Concord Biotech 111.7 52.13 53.13 -1.88 114.27
5 Krishidhan Seeds 133.23 63.25 47.70 32.60 110.64
6 Aventis Pharma 68.34 36.00 105.00 -65.71 89.83
7 Maps (India)* 45 25.00 - - 80.00
8 Nath Seeds 85 48.50 62.00 -21.77 75.26
9 Anthem Biosciences 53 32.34 - - 63.88
10 Suven Life Sciences 33.5 21.03 27.70 -24.08 59.30
11 Cadila Healthcare 147.48 93.70 77.04 21.63 57.40
12 Dr Reddy's Laboratories 62.5 40.00 34.00 17.65 56.25
13 Mahyco* 312 211.12 135.86 55.40 47.78
14 GlaxoSmithKline 123.34 83.48 80.65 3.51 47.75
15 Wyeth* 53 37.00 - - 43.24
16 Advanced Enzymes 121 88.60 69.30 27.85 36.57
17 Ankur Seeds 109.5 80.35 55.73 44.18 36.28
18 Shantha Biotech 334.23 247.00 150.00 64.67 35.32
19 JK Agrigenetics* 35 26.00 46.00 -43.48 34.62
20 ABL Biotechnologies 14.81 11.31 20.03 -43.53 30.95
* BioSpectrum estimates                                    All figures in Rs. Crore unless indicated otherwise

It was the “Year of Recovery” for the industry-marked by consolidation, collaborations and a spate of deals between pharma and biotechs. The second half of 2009 saw most companies, primarily biopharma companies, posting healthier topline and margins. The Shantha Biotech-Sanofi Pasteur deal in 2009 became a defining point in the industry with Shantha selling-out at eight times its valuation of Rs 3,475 crore ($770 million). The trend of MNCs scouting for and acquiring domestic players with a strong foothold in the market picked up steam after this. 

•    Western cluster continues to dominate India's biotech industry with 46% share in the overall revenues of Rs 14,199 crore. The 137 companies in the region between themselves clocked Rs 6,631 crore in FY 2009-10 increasing the region's share in the overall revenues by 3 % over FY 2008-09, thus gaining a lead of 6 % over South, its close competitor for the top slot.
•    The Indian BioPharma market comprising primarily of vaccines, therapeutic drugs, insulin, animal biologicals, statins and diagnostics in 2009-2010, continued to grab the largest share of the total biotech industry revenues of over Rs 14,199 crore. It contributed Rs 8829 crore, accounting for 62% revenue share.
•    In terms of PE funding in life sciences, in 2009-10 an estimated $200 million was invested in the India biotech industry with 40% of this being pumped into the BioPharma segment. Within BioPharma-vaccines, diagnostics and medical devices have been the lucrative sectors for most of the Indian PE investors. Investors are also bullish about mAbs space.
•    The government of India through Department of Biotechnology (DBT) allocated Rs 902 crore for various projects in 2009-10. This allocation for 2010-11 is Rs 1,200 crore. The collaborations and public-private partnerships in the biotech industry are on the rise. The initiatives from DBT Small Business Innovation Research Initiative (SBIRI), and the Bill & Melinda Gates Foundation are some of the examples of collaborations between government and industry. DBT has also tied up with UK-based Wellcome Trust to enhance cutting-edge biomedical research in India.  The trust has allocated 30 million pounds for a period of five years to fund R&D research in India.

Top 20 Homegrown Biotech Companies by Revenue (2009-10)
Revenue Rank 2010 Company 2009-10 (Revenue in Rs Cr) 2008-09 (Revenue in Rs Cr) 2007-08 (Revenue in Rs Cr) % Change Over 2007-08 % Change Over 2008-09
1 Biocon 1180 912.34 876.93 4.04 29.34
2 Serum Institute of India* 850 1114.00 987.00 12.87 -23.70
3 Panacea Biotec 703.19 597.14 681.16 -12.33 17.76
4 Nuziveedu Seeds 476.86 449.58 291.88 54.03 6.07
5 Reliance Life Sciences* 450 - - - -
6 Rasi Seeds 358.78 375.59 293.68 27.89 -4.48
7 Shantha Biotech 334.23 247.00 150.00 64.67 35.32
8 Indian Immunologicals 272.87 231.46 172.70 34.02 17.89
9 Bharat Biotech 271.66 241.05 83.44 188.89 12.70
10 Syngene International 252 224.60 175.50 27.98 12.20
11 Jubilant Organosys 249.3 242.00 159.00 52.20 3.02
12 Bharat Serums 175 140.00 140.00 0.00 25.00
13 Haffkine Biopharma 168.98 - 88.61 -100.00 -
14 Siro Clinpharm 150 280.00 - - -46.43
15 Cadila Healthcare 147.48 93.70 77.04 21.63 57.40
16 Lambda Therapeutic Research* 145 30.00 - - 383.33
17 Krishidhan Seeds 133.23 63.25 47.70 32.60 110.64
18 Intervet India* 121.6 - - - -
19 Advanced Enzymes 121 88.60 69.30 27.85 36.57
20 Intas Biopharma 115 89.27 47.29 88.77 28.82
* BioSpectrum estimates                            All figures in Rs. Crore unless indicated otherwise

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