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Innovations in biotech likely to create $100 billion bioeconomy by 2025, says BIRAC

FE Online

India’s bioeconomy or bio-based economy might grow to $100 billion in size by 2025 from $50 billion in 2018 on the back of innovations in biotech and efforts made by all stakeholders, according to Dr Manish Diwan, Head – Strategic Partnership & Entrepreneurship Development, Biotechnology Industry Research Assistance Council (BIRAC). Diwan speaking at an event highlighting the role of women entrepreneurs in biotechnology and BIRAC’s role said that more than 60 of women founders among its beneficiaries “have shown great aptitude in converting opportunities into value.” The council functions as an industry-academia interface and focuses on helping startups and SMEs in the biotechnology space grow by fostering innovation and entrepreneurship. It offers incubation support to enterprises from idea to late-stage along with funding support.

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Bioeconomy, as per Investopedia, is a progressive branch of social science that looks at integrating the disciplines of economics and biology for creating theories that could better explain economic events using a biological basis and vice versa. BIRAC has so far supported 516 startups that have generated 767 jobs and created 166 intellectual properties.

The council had launched Bio-Nest programme to support setting up of bio-incubators for offering incubation space to startups, enable interactions with industry, mentorship etc. So far it has set up 40 bio-incubators and has committed Rs 213 crore for the Bio-Nest programme and has a mentor pool of over 600 mentors, according to the details on its website.

India’s biotechnology sector holds around 3 per cent share of the global biotechnology industry and has more than 600 companies along with more than 2,600 biotech startups, according to Invest India platform. The government has allowed 100 per cent FDI under the automatic route for greenfield pharma, up to 74 per cent under the automatic route for brownfield pharma and beyond that under the government approval route, along with 100 per cent under the automatic route for medical devices manufacturing as well.

Global biotechnology market will grow at 9.9 per cent CAGR to hit $775-billion mark by 2024 according to research firm Global Market Insights.