Bangalore Bio 2003 inauguration saw the foundation stone of the Bangalore Biotech Park being laid by the Karnataka chief minister SM Krishna. The occasion also saw the release of a report titled 'Bio-Education in Karnataka' which is an analysis of the intellectual capital in the State.

The much-awaited Biotech Park referred to as the 'Bangalore Helix' is coming on 150 acres of land in the Electronics City Phase III in the outskirts of the city. The Park which is an Rs. 100 crore investment project will have its funds sourced through many ways: loans, bonds, government sanctions and grants.

The first phase of the park is coming up on 75 acres of land and the second phase will also have 75 acres which will accommodate the Centre for Human Genetics, Institute of Bioinformatics and Applied Biotechnology besides biotech start-ups and established companies. The state of the infrastructure will include a common effluent treatment plant, auditoria, business centre, food courts and other mandatory facilities.

“The biotech park is a new scientific dimension to the biotechnology initiatives in the State,” said the Karnataka chief minister soon after he pressed the buttons to witness an hi-tech foundation stone laying ceremony.

Biotechnology industry is a crucial component to the State's growth. Ninety percent of the business generated in biotechnology is from the agriculture, contract research and bioinformatics while 10 percent is from industrial biotech said Chief minister Krishna.

The mega biotech event coincides with the celebration of the 'Double Helix' a DNA discovery. The third edition marks milestone in Karnataka, as there has been an addition of 22 companies investing in the State. Out of these 20 companies are Bangalore-based. Last year there were 62 companies and this year Karnataka has 84 biotechnology companies which makes it the only state in the country to have the highest number of investments. There has also been an attraction of around Rs. 30 crore venture capital (VC) funding which is again the highest in the country, said Kiran Mazumdar-Shaw, chairperson Vision Group on biotechnology, government of Karnataka and chairman and managing director Biocon India Group.

Karnataka is acknowledged as the best and the fastest growing bio-cluster in the country. The biotech sector ahs provided employment to an additional 3,000 people this year. In 2002, the sector employed 5,000 people and this year it is 8,000 out of which 5,000 are scientists alone. There has been an increase in the number of projects amounting to Rs.750 crore as against Rs.500 crore last year. An additional Rs.1000 crore is also expected shortly, noted the Vision Group chief.

The total revenues in the sector has increased to Rs.1,400 crore from Rs. 750 crore in 2002.

Taking stock of the intellectual capital in the State, Shaw pointed 45 companies were holding 200 PCTs, 141 Indian patents, and 63 international patents. “Vision Group ahs examined the issues like intellectual capital and monetary capital was necessary to drive the biotech sector in Karnataka. The report on Bio education in the State highlighted recommendations for quality education,” asserted the Vision Group chief.