IBEC, the Irish bio-industry association has signed an memorandum of understanding with its Indian equivalent, the Association of Biotechnology Led Enterprises (ABLE), in an effort to improve collaboration between the biotech sectors in Ireland and India.
The agreement was signed at the headquarters of India's leading biotechnology company, Biocon in Bangalore. Dr Cormac Kilty, managing director of the Dublin-based biotech company Biotrin and chair of the IBIA, signed the agreement on behalf of IBIA, with Dr Kiran Mazumdar Shaw, managing director of Biocon, Irish Honorary Council to India signing as president of ABLE.]
The agreement, lays the foundation for collaboration between the two growing sectors. For 2005, the Indian biotech companies have posted revenues of over $1 billion, which is an increase of 36% on the previous year's figure. The pact is expected to open up potential partnerships in research and commercialisation as well as sub-supply opportunities for Irish and Indian companies.
Dr. Cormac Kilty, chairman, IBEC stated that there were lot of similarities between India and Ireland.
"We are both fast growing economies looking to be leaders in modern industries such as biotech. There is a lot to learn from each other and tangible benefits would emerge from the IBEC and ABLE agreement," said Dr. Kilty.
Dr Kiran Mazumdar Shaw, president ABLE said, "Biocon's ties with Ireland go back several years. The coming together of ABLE and IBIA would help synergise the biotech strengths of the respective countries. Biotechnology is a growing industry both in India and Ireland. Hence this agreement is a step towards potential collaborations and knowledge sharing between the two countries."
Matt Moran, director, IBEC said, "India is strong in pharmaceuticals. Just like Ireland, it is trying to develop biotech. It is now our intention to work actively with our Indian counterparts to achieve a productive relationship."
In Ireland, €3 billion has been invested in the biotech sector, which employs 3000 personnel. Some of the big names include Wyeth, which has constructed one of the largest bio-manufacturing facilities in the world just outside Dublin at an investment of €2 billion is expected to employ over 1500 people. This year the Irish Government would invest €72 million in setting up the National Institute for Bio-processing, Research and Training.
The Irish pharma-chem sector is valued at over €37 billion and generates employment for a workforce of 24,000. Nine out of the top 10 pharmaceutical companies operate outside Ireland.