As per the government figures , the number of biotech startups in the country has increased from 50 to over 5,300 in the last 10 years , because of the growing enabling ecosystem and prioritization . The biotech startups arising from a strong talent pool are expected to further increase by 2 times , to 10,000 by 2025 .
“ The new innovative solutions are expected from the biotech Industry , research institutes , and growing biotech startup ecosystem . All the stakeholders of the biotech sector , particularly industry , startup ecosystem , investors , scientists , scholars , entrepreneurs , and enablers like DBT , BIRAC have to collectively work to achieve the ambitious target ,” said Dr Jitendra Singh , Minister of State ( Independent Charge ) Science & Technology .
“ The biotech start-up ecosystem ably supported by a range of investors - including venture capital firms , angel investors , and government funding has helped to create a favourable environment for innovation and entrepreneurship . The biotech industry is making significant progress by contributing 3- 5 % to the economy and growing at 18 % CAGR ,” says Dr Anand Anandkumar , CEO & Managing Director , Bugworks Research India .
“ The investments to the tune of Rs . 4,500 crores has created an ecosystem of over 50,000 biotech start-ups with over 30 firms reaching $ 1 billion in valuation and employing over 10 lakh personnel . This growth can be attributed to a slew of measures - funding support via BIRAC , inclusive and enabling government policies , expanding infrastructure in the form of research centres and bioincubators ,” adds Kumar .
Outlook
“ For 8 billion people in the world , healthcare challenges are plenty . Today no one can afford a million dollar cell therapy or a gene therapy treatment . We have to bring down the costs to more affordable levels and that ’ s where India can do well ,” Dr Kiran Mazumdar-Shaw once remarked at an event .
Agrees Dr Anand Anandkumar who feels that interdisciplinary research will pave the way to realise the dream of achieving a $ 300 billion bioeconomy by 2030 . “ The 2023 budget proposal to create centres of excellence in training graduates in biomedical devices is one such move to create a pool of specialists in this high-value space .”
The biotech industry in India holds a plethora of opportunities , says Praveen Gupta , Managing Director , Premas Lifesciences who believes the industry has just begun to scratch the surface . “ The increased demand for indigenous diagnostics , vaccines etc . would keep attracting substantial investment in the future , which would generate better employment opportunities as well . Experts say that this sector will see an unprecedented 5x growth in the next 5 years .”
Given the long history of diseases in India , the country has accumulated years of experience and scientific knowledge to prevent and treat them . Rapidly increasing number of biotech incubators across the country will boost research and promote growth of start-ups , a critical factor for successful expansion . Fueled by rising demand at both domestic and global levels , the sector is poised for mega growth in the coming days .
BioTech
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