The Indian Biotechnology industry will reach $150 bn target by 2025.
09 May 2021 | Sunday | Analysis
The Indian Biotechnology industry that was valued at $70 bn in 2020 will reach $150 bn target by 2025.
The percentage share of the biotechnology segments is:
- Bio-Pharmaceuticals: 62%
- CRO/BioIT/Research: 15%
- Bio-agriculture: 16%
- Bio-Industrial: 7%
India is also one of the first countries to have a department dedicated to Biotechnology. Moreover, the Department has also set up BIRAC (Biotechnology Industry Research Assistance Council) which is a not-for-profit agency to strengthen and empower emerging Biotechnology enterprises to undertake strategic research and innovation, by handholding them from ideation to the commercialization of their products/ technologies.
GROWTH DRIVERS
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Growing population
India to become the world’s most populous country by 2027
-
Rising public health expenditure
Government expenditure on healthcare up to 1.6% in FY20 from 1.3% in FY16, with a target of 2.5% of the country's GDP by 2025
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Capacity building initiatives
Bolstered by the ‘National Biopharma Mission’, an Industry-Academia mission to skill the workforce
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National Biomedical Resource Indigenisation Consortium
Enabling India to become a net exporter of affordable diagnostics and testing kits, personal protection equipment (PPE) kits and vaccines through policy, funding and removal of infrastructure and regulatory bottlenecks.
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Cost competitive manufacturing
Hon’ble PM Narendra Modi, during 107th Indian Science Congress in January 2020, announced that the Centre aims to develop India as a world-class $100 bn Bio-manufacturing hub by 2024
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Government acting as an enabler to improve EoDB
Critical Policy initiatives and support to innovative research, human resource development and entrepreneurial ecosystem by Government of India in consideration. Initiatives include Make in India, Startup India and Atmanirbhar Bharat Abhiyan (promoting domestic manufacturing).
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