New Delhi
India’s biotechnology sector has been valued at $150 billion, showcasing significant growth in recent years, yet much of its innovation and product development potential remains untapped Jitendra Kumar, Managing Director of the Biotechnology Industry Research Assistance Council (BIRAC), emphasized on Sunday, highlighting the need for increased private-sector investment and streamlined regulatory processes to elevate India’s global standing in biotechnology.
BIRAC, a public sector entity under the Department of Biotechnology, focuses on fostering innovation and entrepreneurship. While India supplies 40% of the world’s generic medicines, it ranks only 14th globally in bioeconomy value, largely due to a shortage of patented, innovative products.
Kumar underlined BIRAC’s commitment to nurturing startups and converting academic research into market-ready products. The Promoting Academic Conversion to Enterprise (PACE) program is one such initiative aimed at helping scientists transition their research from labs to market.
Since BIRAC’s inception in 2012, the number of biotech startups in India has surged from about 300 to over 8,000, thanks to substantial government support. The bioeconomy has grown from $35 billion to $150 billion in just a decade.
Despite these advancements, India invests only 0.8% of its GDP in R&D, compared to over 2% in developed countries like the US and China. Kumar called for enhanced private-sector investment in R&D to strengthen India’s position as a global biotech leader.
Looking ahead, he expressed optimism about India’s biotech future, pointing to the government’s commitment to boosting R&D investment and aligning regulatory frameworks with global standards as key growth drivers.
