India’s biotechnology sector holds around 3 per cent share of the global biotechnology industry and has more than 600 companies along with more than 2,600 biotech startups.
India’s bioeconomy or bio-based economy might grow to $100 billion in size by 2025
By: FE Online | India
Photo caption: Global biotechnology market will grow at 9.9 per cent CAGR to hit 775 billion-dollar mark by 2024.
India’s bioeconomy or bio-based economy might grow to $100 billion in size by 2025 from $50 billion in 2018 on the back of innovations in biotech and efforts made by all stakeholders, according to Dr Manish Diwan, Head – Strategic Partnership & Entrepreneurship Development, Biotechnology Industry Research Assistance Council (BIRAC). Diwan speaking at an event highlighting the role of women entrepreneurs in biotechnology and BIRAC’s role said that more than 60 of women founders among its beneficiaries “have shown great aptitude in converting opportunities into value.” The council functions as an industry-academia interface and focuses on helping startups and SMEs in the biotechnology space grow by fostering innovation and entrepreneurship. It offers incubation support to enterprises from idea to late-stage along with funding support.
Bioeconomy, as per Investopedia, is a progressive branch of social science that looks at integrating the disciplines of economics and biology for creating theories that could better explain economic events using a biological basis and vice versa. BIRAC has so far supported 516 startups that have generated 767 jobs and created 166 intellectual properties.
