One of the key driving factors has been the existence of a stable government between the period from 2015 to 2020 , especially with respect to policy-making .
The intangible investments by private corporations are on the rise , as is investment in R & D by foreign multinational corporations . Given the large number of multinational corporations now engaged in R & D , it is imperative that the host economy benefit from this activity . The adoption of internationally accepted policy instruments could foster a more effective interaction between foreign research centres and local firms .
According to the Union Minister of State for Science & Technology , Dr Jitendra Singh , the investment in bioeconomy increased from Rs 10 crore in 2014 to Rs 4,200 crore in 2022 , with growth of 400 times , creating over 25,000 high skilled jobs . “ Biotech incubators have increased from 6 in 2014 to 75 now , while biotech products have increased from 10 products to more than 700 today .” Dr Singh points out .
Looking at India ' s biotech sector , especially the vaccine and biosimilars segments , there has been a phenomenal track record of success . The industry and regulatory responses to the pandemic have demonstrated that new treatments could reach the market more quickly with greater cooperation and streamlined regulation across regions . The pandemic has accelerated collaboration and partnership models in research and manufacturing , as well as streamlining regulatory processes .
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Biotech industry crossed onebillion-dollar R & D spend and it almost tripled within a year from 320 million dollars in 2020 to 1.02 billion dollars in 2021 .
Dr Jitendra Singh , Union Minister of State for S & T
“ The biotech industry crossed US $ 1 billion R & D spend , thanks to Covid economy and it almost tripled within a year from 320 million dollars in 2020 to 1,02 billion dollars in 2021 . Biotech startups have grown 100 times in the last 8 years from 52 odd startups in 2014 to 5300 plus in 2022 ,” claims Dr Jitendra Singh .
Agrees Dr Taslimarif Saiyed , CEO and Director , Centre for Cellular and Molecular Platforms ( C- CAMP ) who says there has been significant change in the public
A realistic assessment
• India is ranked at 9th position in terms of Resident Patent Filing activity in the world
• Extramural R & D support by central S & T agencies has increased significantly
• India ’ s gross expenditure in R & D has tripled between 2008 & 2018
• The number of researchers per million populations has doubled since 2000
• India is placed 3rd among countries in scientific publication as per NSF database
outlook of R & D since the pandemic . “ Across the world , science is now publicly regarded as a crucial tool to build solutions for larger good . The pandemic created a massive push for innovation in solutions . Innovations played a major role in India ’ s pandemic response from diagnostics , vaccines , therapeutics , PPE , medical technology , digital technology and others .”
Challenges and the possible solutions
Speaking at an event , Dr Rajesh
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