Biotechnology has become the latest sunrise sector in the Indian economy. It is fast gaining ground to be at par with the information technology sector. It is poised to grow exponentially over the next decade, and it has been recognized as one of the critical drivers for meeting the target of USD 5 Trillion set for the Indian economy for 2025.
Policy initiatives of the Government of India, such as the Make-in-India scheme are aimed, among other things, to develop India as a world-class bio-manufacturing hub. India is presently among the top 12 destinations for biotechnology globally and 3rd in the Asia-Pacific region. India’s bioeconomy is growing in double digits year on year, going up from $51 Billion in 2018 to $81 Billion in 2021. The COVID pandemic has witnessed the critical impact of made-in-India novel vaccines, diagnostics, healthcare delivery, and management solutions endorsing India’s growing strength towards Aatmanirbhar Bharat.
The growth of the biotech innovation ecosystem in the country is anchored by the Department of Biotechnology (DBT), Ministry of Science and Technology, Government of India and its public sector undertaking, Biotechnology Industry Research Assistance Council (BIRAC).
Set up on March 20th, 2012, BIRAC is an industry-academia interface agency to strengthen and empower the emerging biotech enterprise, undertake strategic research and innovation, and address nationally relevant product development needs. Since its inception, it has initiated several schemes, networks, and platforms that help bridge the existing gaps in the industry-academia innovation research and facilitate novel, high-quality affordable product development through cutting-edge technologies.
Biotechnology has become the latest sunrise sector in the Indian economy. It is fast gaining ground to be at par with the information technology sector. It is poised to grow exponentially over the next decade, and it has been recognized as one of the critical drivers for meeting the target of USD 5 Trillion set for the Indian economy for 2025.
Today, there are more than 5,000 biotech startups in the country, which is a 10x growth from 2012. Nation has witnessed 1100+ IP wealth creation, 700+ biotech products reaching the market from a subset of 1500+ startups, and entrepreneurs incubated in BIRAC’s 64 bio incubators.
As a celebration of 10 years of BIRAC’s enabling efforts towards progressing India’s biotech sector, an event is being organized on 9-10th June 2022 at Pragati Maidan, New Delhi. PMO has tentatively confirmed that Prime Minister will grace the occasion, BIRAC statement said.
A key highlight of the event will be an expo, which will showcase 75 successful startups supported by BIRAC, 75 specialized biotech incubation centres supported by BIRAC, and 50 successful startups supported by Department of Promotion of Industry and Internal Trade (DPIIT). It will remain open to the public on 9th June 2022 from 12:30 pm, and on 10th June from 10 am onwards.
In addition, the event will witness the launch of an e-portal of 750 biotech products, and a coffee table book of 75 women biotech entrepreneurs. The event will allow B2B meetings and interaction of startups, investors, manufacturers, vendors, industry, scientists, and scholars from universities.
A panel discussion on how to augment the future trajectory of bioeconomy in the biotech sector to achieve USD 150 billion by 2025, and India as a $100 Bn bio-manufacturing hub will also be held. Besides, in parallel B-B and startup pitching sessions, startups will take the stage to pitch in front of a panel and audience comprising Industry leaders, MNCs, and manufacturers.
India Science Wire
ISW/SP/BIRAC/EXPO/07/06/2022
