The next industrial revolution in India will be driven by biotechnology

Dr Jitendra Singh, Minister of State (I/C) of the Ministry of Science and Technology, Minister of State (I/C) of the Ministry of Earth Sciences, Minister of State in the Prime Minister’s Office, Minister of State in the Ministry of Personnel, Public Grievances and Pensions Minister of State in the Department of Atomic Energy and Minister of State in the Department of Space emphasised on India’s growing presence as a global hub for affordable, high-quality healthcare and medical tourism, which has become a significant revenue generator. 

He addressed the CII 6th Pharma and Life Sciences Summit 2024 in New Delhi. Dr Singh expressed the Government’s commitment to supporting the biotechnology sector, referencing the launch of venture funds and policies that have spurred significant growth in biotech startups. He noted that the number of biotech startups has risen from just 50 in 2014 to over 5,000 now, reflecting India’s increasing focus on bioeconomy. He urged for stronger collaboration between the public and private sectors.

Dr Singh also highlighted the need to create a robust research ecosystem, with biotechnology being a focal point for the next industrial revolution. He highlighted the growth of India’s bioeconomy, which has seen a ten-fold increase since 2014, and reiterated the need for an inclusive innovation ecosystem that balances intellectual property, data protection, and clinical trials. His remarks reflected optimism for India’s role as a global leader in healthcare and biotechnology, while also addressing the challenges and opportunities ahead

 Dr Arunish Chawla, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, Government of India, underscored the significant milestones of the pharmaceuticals and biotechnology sector, “Last month, the pharmaceuticals and biotechnology became the 4th largest export manufacturing Industry for India. India is aiming to be a reliable pharmacy of the world and a futuristic global leader in both biotechnology and life sciences”. He further added that according to national accounts data, the two sectors generate, on average, twice as much value for output compared to other manufacturing sectors. Market analysts and investors project that going forward, returns from these sectors are going to be significantly higher than the industry average of NSE and BSE.

Dr Chawla noted the growth of the sector and the focus areas that offer massive opportunities for Industry. He put forth the importance of Research and Development and regulatory systems, particularly for the deeper work needed in the biologics and biosimilar space. He explained that the sector has broken many stereotypes, with India now exporting more bulk drugs than it is importing, in the last financial year. He concluded by stressing that the areas that need attention going forward should be on policy, academics, and industrial frameworks.

 Dr Rajesh S Gokhale, Secretary, Department of Biotechnology, Ministry of Science and Technology, Government of India in his address emphasised the futuristic role that biotechnology can play in the progress of India, highlighting global recognition and collaboration. He underscored the BioE3 Policy – the importance of biotechnology in driving economic growth, protecting the environment, and generating employment. Dr Gokhale noted that India’s path towards ‘Viksit Bharat 20247’ requires breaking out of the ‘middle-income trap’, a challenge faced by several countries. He called for a paradigm shift in technological innovation, emphasising the need to build R&D capacity, increase industry investment, and focus on biotech advancements to propel India forward. In closing, he stressed the need for a unique Indian model of biotech development that leverages its demographic and geographic advantages.

 Dr Rajeev Singh Raghuvanshi, Drugs Controller General India, Central Drugs Standard Control Organization (CDSCO) highlighted India’s strides toward becoming the ‘pharmacy of the world’, commending regulatory improvements under CDSCO. He emphasised India’s commitment to global public health through collaborative efforts, including new approaches to streamline drug approvals, reduce delays, and increase efficiency. He stressed upon how CDSCO is revising old regulations to speed u