Bright prospects for biotech companies

By Our Special Correspondent

HYDERABAD, OCT. 29. The biotech companies are poised to achieve long-term success with less stock volatility. They are in the strongest financial shape ever with technology capabilities progressing rapidly pushing applications beyond health care into every other industry sector, says the annual Ernst and Young's global review of biotechnology industry, released by the Chief Minister, Mr. N. Chandrababu Naidu, here on Monday.

The review `Focus on fundamentals,' analysing the performance of biotechnology companies, said this encouraging trend was possible despite a downturn in the capital markets in the first half of 2001. The biotech companies are becoming more global increasing their presence and relationship outside the US and they would be the driving forces behind the new economy of the 21st century, the report said.

The Chief Minister said the State had a headstart with a strong biotech research base, creation of Biotechnology Park whose first phase has already been booked and announcement of biotech policy, the first one to do. He looked forward to a similar response to the second phase. The State was prepared to provide more space. With these steps, Hyderabad is sure to emerge as the biotech capital of the country.

Mr. Kashi Nath Memani, Chairman, Ernst and Young India, said the report was released for the first time in India and Hyderabad has been chosen because of the push given to biotechnology by Mr. Naidu. While Karnataka took the lead in IT, Andhra Pradesh was all set to take the top spot in biotechnology.Mr. Utkarsh Palnitkar, Head of Ernst and Young's Hyderabad branch, said a trend seen this year was take-over of other companies by biotechnology companies unlike pharmaceutical industry acquiring biotech companies seen last year. The company expected rapid progress in the biotech field in Hyderabad.

Dr. D. Balasubramanian of the state advisory board on biotechnology suggested biotech seminars to sensitise Ministers and the MLAs. The Chief Minister asked the board to conduct it.

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