The country’s leading biotech exposition 'Bangalore India Bio 2012' was inaugurated here today by union minister for health and family welfare Ghulam Nabi Azad. The theme of the 3-day event this year is “India The Emerging Bioeconomy”.

The event has proved to be a platform for partnerships. The first of these was the pact between Karnataka Biotech and Information Technology Services (KBITS) and the Pennsylvania International Business Development. Under the pact, the two partners will now look out for opportunities to build the biotech research and development space.

Kiran Mazumdar-Shaw, chairperson vision group on biotechnology and CMD Biocon Limited said that biotechnology sector is all about partnerships. Pacts with academia and industry; companies and countries have already driven the much needed growth of the sector. We now need to expand the bandwidth of prospects. The Bangalore India Bio too is expected to witness a slew of pacts which will benefit both companies and countries, she added.

Information technology and biotechnology are intertwined to play a role in the emerging bio economy. In order to become a serious players much needs to be done, stated Shaw.

Government needs to look at additional funding to support the industry. There is need to make sure that both academia and industry play an important role for the growth of the sector. “Innovation is the key and bio cluster will create the required environ for development of the sector,” stated Shaw.

Union Minister for Health and Family Welfare Ghulam Nabi Azad who inaugurated the event said that efforts were on to give a fillip to the sector.

According to Karnataka chief minister DV Sadananada Gowda, around 20 per cent of the biotech revenues of the country, particularly in terms of export and being about 52 per cent of the core biotech companies in India, Karnataka is a name to reckon with both at the national and international field. “Our government is keen to be a part of the growth of biotechnology. It has already sanctioned Rs.108 crore to set up the Nutraceutical and Phyto Biotech Park at Mysore. The success of the global investors meet in 2010 is an indication of the attractiveness of the sector. We assure the biotech sector that our government will provide the necessary support for creating a conducive industry-friendly environment in the state.”

Karnataka’s Miniter for IT and BT, Dr VS Acharya, said that an allocation of $10 million is being made under the Bio-venture fund to cater to certain hi-tech areas of growth including stem cell, regenerative medicine, genetics and biology. The intention of the government is very clear as we would like to see a booming bio-economy. Therefore we believe in the practical and workable policies for the development of biotechnology.

The 3-day event has 80 stalls and 8,000 visitors are expected.