India’s biotechnology sector is experiencing impressive growth, with the nation’s bioeconomy now valued at $150 billion. However, there remains substantial untapped potential in innovation and product development that could further enhance India’s global position in the sector, according to Dr. Jitendra Kumar, Managing Director of the government’s Biotechnology Industry Research Assistance Council (BIRAC).

Established by the government Department of Biotechnology (DBT), BIRAC is a non-profit public sector organisation that fosters and advances innovation, entrepreneurship, and research within the industry.

Kumar emphasised India’s noteworthy contributions to global healthcare, pointing out that 40% of generic medications sold worldwide are provided by Indian businesses.

Kumar added, “We have enormous potential and capability, but when it comes to the value of our bioeconomy, we are ranked 14th globally. This is because much of the value stems from patented, innovative products’—an area where India still needs to improve.”

He said, “So that emphasis effort from the government and BIRAC side is to actually promote that which is why we will now be promoting innovations… that is why the biotech industry is concentrating on promoting new innovations and promoting and nurturing them.”

Through a variety of initiatives aimed at turning scholarly research into commercially viable goods, BIRAC is fostering startups and placing a strong emphasis on innovation in order to close this gap.

The goal of BIRAC is to promote academic conversion into enterprise. Through initiatives like the Promoting Academic Conversion to Enterprise (PACE), we’re helping scientists move their research out of labs and into the market. 

In building an ecosystem for biotech innovation, BIRAC has been instrumental since its founding in 2012, he claimed. 

As a result of strong government support, Kumar revealed, the number of biotech firms in India has increased dramatically from roughly 300 to over 8,000. The bioeconomy has also grown dramatically in the last ten years, going from $35 billion to $150 billion. 

Kumar highlighted the establishment of bio-incubation centres throughout India as a major accomplishment of BIRAC, adding that these facilities have given startups the essential infrastructure they need to develop proof-of-concept products.

Even still, India still trails behind industrialised countries like the US and China in terms of R&D spending, allocating only 0.8% of GDP to this area, while these countries spend over 2%.

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