Indian biotechnology firm Biocon [Get Quote] has been ranked the seventh-largest employer among the top 100 biotechnology companies globally by Med Ad News, according to a statement issued by Biocon on Monday.

Med Ad News is a global pharmaceutical magazine and is regarded as one of the most respected journals in the segment. 

"This is a validation of our consistent effort to attain global leadership. This 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," Biocon Chairman and Managing Director Kiran Mazumdar Shaw said.

These companies provide the best numbers to track the progress of the sector, according to Biocon.

The statement further says, "The companies have been ranked by the number of employees, and Biocon at the seventh rank is the only Asian company to feature in the list."

The total number of persons working in Biocon in 2007 was about 3,000, which is 17 per cent higher than the total number in 2,543 in 2006, according to the report.

In terms of revenue, Biocon has been ranked at 20th position among the top 100 biotechnology firms.

The company has incurred about $1.1 crore as research and development expenses in 2007 and is at 88th position in terms of overall spending among the top 100 biotechnology firms.