India’s bioeconomy has reached a milestone valuation of $150 billion, reflecting significant growth in the biotechnology sector. However, Dr. Jitendra Kumar, Managing Director of the Biotechnology Industry Research Assistance Council (BIRAC), noted that the country still holds untapped potential in innovation and product development, essential for becoming a global leader in biotechnology.
Established by the Department of Biotechnology, BIRAC focuses on promoting research, innovation, and entrepreneurship in the biotech space. While India supplies 40% of the world’s generic medicines, it currently ranks 14th in the global bioeconomy, primarily due to a lack of patented, innovative products.
To address this gap, BIRAC has been actively supporting biotech startups and helping convert academic research into commercial ventures. Initiatives like Promoting Academic Conversion to Enterprise (PACE) aim to turn academic innovations into market-ready products. Since 2012, BIRAC’s efforts have increased the number of biotech startups from 300 to over 8,000.
Despite this progress, India’s R&D investment remains low, at just 0.8% of GDP, compared to over 2% in countries like the US and China. To foster further growth, BIRAC is pushing for greater private-sector investment in R&D and addressing regulatory hurdles through its Regulatory and Policy Advocacy Cell. Dr. Kumar is optimistic about India’s biotech future, highlighting innovation and regulatory reform as key drivers for expanding the bioeconomy.
