India’s bioeconomy to reach $100 billion by 2025, predicts BIRAC
India’s biotechnology sector holds around 3 percent share of the global biotechnology industry, and it has more than six hundred companies along with more than 2,600 biotech startups.
According to Dr. Manish Diwan, the Head of Strategic Partnership & Entrepreneurship Development, Biotechnology Industry Research Assistance Council (BIRAC), India’s bioeconomy or biotech-based economy might grow up to $100 billion in size by the year 2025 from $ 50 billion in 2018 on the back of innovations in biotech and efforts made by all stakeholders. Diwan speaking at an event highlighted the role of women entrepreneurs in the biotech field and on BIRAC’s role. He said that more than 60 of women founders among its beneficiaries had shown great aptitude in converting their opportunities into value. BIRAC council functions as an industry-academia interface and mainly focuses on helping startups in this field and SMEs in the biotech space grow by fostering innovation and entrepreneurship. BIRAC offers incubation support to enterprises from idea to late-stage along with funding support.
Bio-economy, as per Investopedia, is a progressive branch of social science that looks at integrating the disciplines of economics as well as biology for creating theories that could better explain the economic events using biological basis and vice versa. BIRAC has so far supported around 516 startups that have generated 767 jobs and created 166 intellectual properties.
The council had launched Bio-Nest program to support setting up of bio incubators for offering incubation space to biotech startups, enable interactions with industry, mentorship, etc. So far this program has set up 40 bio-incubators and has committed Rs. 213 crore for the Bio-Nest program and has a mentor pool of over 600 mentors, according to the details on its website.
India’s biotech sector holds around 3 percent share of the global biotech industry and has more than six hundred companies along with more than 2,600 biotech startups, according to Invest India platform. The government has allowed 100 percent FDI under the automatic route for greenfield pharma, up to 74 percent under the automatic route for brownfield pharma and beyond that under the government approval route, along with 100 percent under the automatic route for medical devices manufacturing as well.
The global biotech market will grow at 9.9 percent CAGR to hit $775-billion mark by the end of 2024 according to research firm Global Market Insights. BIRAC predicts India’s bioeconomy to reach $100 billion by the end of 2025.