The report takes into consideration drug-based firms, as these companies provide the best numbers to track the progress of the sector, Bangalore-based Biocon said in a statement.

Companies have been ranked by revenue and by income and Biocon Limited is the only Asian company to feature in this ranking at Number 20.

Reacting to the listing, Kiran Mazumdar Shaw, chairman and managing director, Biocon Limited said "This is a validation of our consistent effort at attaining global leadership and also highlights the true potential of this sector in a country like India. This industry will be a key driver in India's progress towards economic development."

Nineteen of the top 25 companies are based in the US, while six companies hail from Europe to India to Australia.

BIO 2008, held in San Diego last month, stated that the global biotechnology industry will be a $100 billion annual business by 2010. The actual revenue has reached $85 billion in 2007. There are close to 5000 biotech companies across the globe.

The top 25 biotech companies represent 62 per cent of all biotech sales and probably over 90 per cent of income, according to the statement.