Prime Minister Narendra Modi yesterday inaugurated the Biotech Startup Expo – 2022 in Delhi. He also launched Biotech products e-portal. Union Ministers Piyush Goyal, Dharmendra Pradhan, Dr Jitendra Singh, stakeholders of biotech sectors, experts, SMEs, investors were among those present on the occasion.
Speaking on the occasion, the PM said that India’s bio-economy has grown eight times in the last eight years. “We have grown from $10 billion to $80 billion. India is not too far from reaching the league of top-10 countries in Biotech’s global ecosystem,” he said. The PM also noted the contribution of Biotechnology Industry Research Assistance Council (BIRAC) in the development of the sector in the country. He said that today, when the country is taking new pledges during the Amrit Kaal, role of biotech industry is significant in the development of the country.
There are five big reasons why India is being considered a land of opportunities in the field of biotech — diverse population and diverse climatic zones, India’s talented human capital pool, increasing efforts for ease of doing business in India, increasing demand for bio-products in India and India’s Biotech Sector and its track record of success.
“In the last eight years, the number of startups in our country has increased from a few hundred to 70,000. These startups are made in about 60 different industries. In this also, more than 5,000 startups are associated with biotech. Every 14th startup in the bio technology sector and more than 1,100 such biotech startups emerged in the last year itself,” the PM informed. Further, talking about the shift of talent towards the sector, the PM said the number of investors in biotech sector has risen by nine times and biotech incubators and funding for them has increased by seven times. Number of biotech incubators have increased from six in 2014 to 75 now. Biotech products have increased form 10 products to more than 700 today,” he stated.
The PM said in order to transcend government-centric approach, the government is encouraging a culture of providing new enabling interfaces. Platforms like BIRAC are being strengthened and many other sectors are seeing this approach.
The PM emphasised, “Biotech sector is one of the most demand-driven sectors. The campaigns for ease of living in India over the years have opened up new possibilities for the biotech sector.”
Edits by EP News Bureau