India's Bioeconomy surges to USD 150 billion, but innovation gaps remain, says BIRAC MD
BIRAC MD highlighted India's significant contributions to global healthcare, with 40 percent of the world's generic drugs being supplied by Indian companies
Written By : Farhat Nasim
Published On 2024-10-22 04:00 GMT | Update On 2024-10-22 04:00 GMT
New Delhi: India's biotechnology sector is witnessing remarkable growth, with the country's bioeconomy now valued at USD 150 billion but there is still significant untapped potential in innovation and product development, which could further elevate India's global standing in the sector, Dr Jitendra Kumar, Managing Director of the government's Biotechnology Industry Research Assistance Council (BIRAC), said.
BIRAC is a not-for-profit public sector enterprise set up by the Department of Biotechnology (DBT) under the government that supports and promotes innovation, entrepreneurship, and research in the sector.
In an interview with PTI, Kumar highlighted India's significant contributions to global healthcare, with 40 per cent of the world's generic medicines being supplied by Indian companies.
"We have enormous potential and capability, but when it comes to the value of our bioeconomy, we are ranked 14th globally. This is because much of the value stems from patented, innovative products' -- an area where India still needs to improve," Kumar said.
"So that emphasis effort from the government and BIRAC side is to actually promote that which is why we will now be promoting innovations... that is why the biotech industry is concentrating on promoting new innovations and promoting and nurturing them," he said.
To address this gap, BIRAC is emphasising innovation and nurturing startups through various programmes designed to convert academic research into marketable products.
"Our goal is to promote academic conversion into enterprise. Through initiatives like the Promoting Academic Conversion to Enterprise (PACE), we're helping scientists move their research out of labs and into the market," he said.
Since its formation in 2012, BIRAC has played a critical role in creating a biotech innovation ecosystem, he said.
Kumar shared that the number of biotech startups in India has grown exponentially from about 300 to over 8,000, with significant government support driving this expansion. Additionally, the bioeconomy has surged from USD 35 billion to USD 150 billion in just a decade.
A key achievement of BIRAC, Kumar said, has been the creation of bio-incubation centres across India, providing crucial infrastructure for startups to develop proof-of-concept products.
"Startups often face challenges in finding laboratory space. Our bio-incubation centres offer 'plug and play' laboratories, which have made it easier for startups to carry out their research and development," he added.
However, despite these advancements, India still lags in research and development (R&D) spending, investing just 0.8 per cent of its GDP in R&D compared to developed nations like the US and China, which spend over 2 per cent.
Kumar stressed that increasing private-sector investment in R&D is essential for India to realise its potential as a global biotech leader.
"We are working on programmes that encourage industries to invest in R&D alongside government funding. For instance, our Biotech Industry Partnership Program requires co-funding from industry players," he said.
Kumar also acknowledged regulatory challenges faced by biotech startups but emphasised that BIRAC is working to alleviate these issues through regulatory advocacy and policy initiatives.
"Many startups face difficulties due to a lack of understanding of regulatory processes. We have created a Regulatory and Policy Advocacy Cell to guide startups and engage with regulatory bodies to ease these challenges," he noted.
Kumar said he is optimistic about India's biotech future.
The government's commitment to increasing R&D investment through initiatives like the National Research Foundation and its efforts to align regulatory frameworks with global standards will be key drivers of future growth.
"If we continue to support innovation and streamline regulations, India can not only increase its bioeconomy but also emerge as a global biotech innovator," he said.
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