RT team
India’s bioeconomy has reached a new high of $150 billion, showcasing the rapid growth of its biotechnology sector, as reported by Dr. Jitendra Kumar, Managing Director of the Biotechnology Industry Research Assistance Council (BIRAC). Despite this success, Dr. Kumar believes there is still significant room for growth, particularly in innovation and product development to position India as a global biotech leader.
BIRAC, an initiative under the Department of Biotechnology, is committed to fostering innovation, entrepreneurship, and research within the biotech community. Dr. Kumar noted that while India is a major supplier of the world’s generic medicines, accounting for 40%, it only ranks 14th in the global bioeconomy due to a scarcity of patented products.
The council is actively working to close this innovation gap by supporting biotech startups and transforming academic research into viable products through initiatives like the Promoting Academic Conversion to Enterprise (PACE) program. Since its establishment in 2012, BIRAC has played a pivotal role in expanding the biotech startup ecosystem from 300 to over 8,000 companies.
Moreover, BIRAC has set up bio-incubation centers providing essential lab space for startups to refine their innovations. Despite these efforts, India’s investment in research and development is relatively low at just 0.8% of its GDP, lagging behind nations like the USA and China which invest over 2%.
Looking ahead, BIRAC is pushing for increased private-sector investment in R&D and tackling regulatory hurdles through its Regulatory and Policy Advocacy Cell, aiming to propel India’s biotech sector to even greater heights. Dr. Kumar remains optimistic, emphasizing the critical role of innovation and regulatory improvements in expanding India’s bioeconomy.
