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Indian biotechnology is poised to become a $10-billion (around Rs 45,000 crore) industry by 2015 on the back of new products and services, according to Mr M.N. Vidyashankar, Karnataka's Principal Secretary, IT and Biotechnology. The industry posted revenue of $ 4 billion (around Rs 18,000 crore) in fiscal 2010-11 and grew at 33 per cent.
Karnataka sector contributed 40 per cent of the $1.6-billion in the last fiscal and had 182 of the country's 350-odd biotech companies, he said at the inauguration of the 11th annual Bangalore India Bio event sponsored by the State Government.
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