India's export revenue from biotechnology grew by 47 per cent to reach to 1.2 billion dollars in the financial year ended March 2007, a survey said.
Association of Biotechnology Led Enterprises said customs duty at 12.5 per cent, excise/countervailing duty at 16.32 per cent, education cess at two per cent and additional duty on customs at four per cent result in 36.74 per cent increase in the price of cancer drugs, leading to cost to the patient going up.
Exports revenue of Indian biotech industry grew by 47 per cent during 2006-07 at Rs 4,937 crore (USD 1.2 billion), even as the total revenue, including the domestic figures, stood at Rs 8,541 crore (Rs 85.41 billion).
India's biotech sector is expected to grow 25-30 per cent during the current fiscal over Rs 1,830 crore revenue generated during 2002-03, according to a joint survey by the Association of Biotechnology Led Enterprises and Biospectrum.
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