Financial Daily from THE HINDU group of publications
Wednesday, Jan 18, 2006
Financial Daily from THE HINDU group of publications Wednesday, Jan 18, 2006 |
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Industry & Economy
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Bio-tech & Genetics India, Ireland sign biotechnology pact Our Bureau
Bangalore , Jan. 17 THE Irish BioIndustry Association (IBIA) and its Indian counterpart, the Association of Biotechnology Led Enterprises (ABLE), today signed an MoU in Bangalore as part of the ongoing Ireland trade mission to the country. The MoU lays the foundation for research and commercial collaboration between the growing biotechnology sectors of the two countries, according to a joint release. The agreement was signed at the headquarters of Biocon Ltd, in the presence of the Ireland Prime Minister, Mr Bertie Ahern, and the visiting Minister for Enterprise, Trade and Employment, Mr Micheál Martin. The ABLE President, Ms Kiran Mazumdar Shaw, and the IBIA Chairman, Dr Cormac Kilty, MD of biotech company Biotrin, signed the MoU. In 2005, the domestic biotechnology industry posted combined revenues of over $1 billion, showing a 36-per cent growth over the previous year. Ms Mazumdar Shaw said, "Biotechnology is a growing industry both in India and in Ireland, and I am confident that with this agreement we have taken a step towards potential collaborations and knowledge sharing between our two countries." According to the joint statement, the Irish biotech sector has seen investments totalling euro 3 billion. The Irish pharmaceutical-chemical sector is worth over euros 37 billion and nine out of the world's top 10 pharma companies are in Ireland.
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