India’s bioeconomy has reached a value of $150 billion, reflecting significant growth in the biotechnology sector. However, there is still a vast, untapped potential for innovation and product development, according to Dr. Jitendra Kumar, Managing Director of Biotechnology Industry Research Assistance Council (BIRAC). While India holds a prominent position in the global healthcare space, producing 40% of the world’s generic medicines, the country ranks 14th globally in the bioeconomy due to its limited focus on patented, innovative products.
BIRAC, a public sector entity established by the Department of Biotechnology (DBT), is working to bridge this gap by nurturing innovation and startups. Since its inception in 2012, BIRAC has been instrumental in creating a robust ecosystem for biotech innovation. One of its key initiatives is the Promoting Academic Conversion to Enterprise (PACE) program, which aims to convert academic research into market-ready products, enabling scientists to transition their work from the lab to the marketplace.
India has seen an impressive rise in biotech startups, with the number increasing from just 300 to over 8,000 in a span of a decade. This growth has been further fueled by the bioeconomy’s expansion from $35 billion to $150 billion. BIRAC has also played a crucial role in establishing bio-incubation centers, which provide essential infrastructure for startups, allowing them to develop proof-of-concept products in fully-equipped laboratory spaces.
Despite these successes, Dr. Kumar emphasized the need for higher research and development (R&D) investment. While India currently spends only 0.8% of its GDP on R&D, developed countries like the U.S. and China invest over 2%. To compete on a global scale, Kumar highlighted the importance of private sector involvement, with BIRAC working to encourage industry players to co-invest in R&D through programs like the Biotech Industry Partnership Program.
Addressing the regulatory challenges faced by startups, Kumar acknowledged that many struggle with navigating complex regulations. BIRAC has responded by creating a Regulatory and Policy Advocacy Cell, offering guidance to startups and working with regulatory bodies to simplify these processes.
Looking ahead, Kumar remains optimistic about India’s biotech future. The government’s focus on increasing R&D investment, along with efforts to align regulatory frameworks with global standards, will be critical drivers of future growth. With continued support for innovation and streamlined regulations, India is poised to not only expand its bioeconomy but also position itself as a global leader in biotech innovation.