INDIA’S BIOECONOMY REPORT 2022

Recently, Biotechnology Industry Research Assistance Council (BIRAC) released India’s Bioeconomy Report 2022.
During the release, the government launched a special Biotech Ignition Grant call for North East Region (BIG-NER) and announced financial support of up to Rs 50 Lakhs each to 25 startups and entrepreneurs from North East Region to develop biotech solutions.
BIRAC is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, set up by Department of Biotechnology (DBT).

Key Highlights of the Report

India’s bioeconomy is likely to touch USD 150 billion by 2025 and over USD 300 billion by 2030.
The country’s bioeconomy has reached over USD 80 billion in 2021, registering a 14.1 percent growth over USD 70.2 billion in 2020.
On average, at least three biotech startups were incorporated every day in 2021 (a total of 1,128 biotech startups set up in 2021) and the industry crossed USD 1 billion in research and development spending.
India has the second highest number of USFDA-approved manufacturing plants outside the US.

Bioeconomics

As per, the United Nations Food and Agriculture Organization (FAO), Bio-economics could be defined as the production, use, and conservation of biological resources, including related knowledge, science, technology, and innovation to provide information, products, processes, and services to all economic sectors with the aim of moving towards a sustainable economy.
The term bioeconomy became popular in the first decade of the 21st century following its adoption by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) as a framework for promoting the use of biotechnology to develop new products and markets.

Examples:

Food systems occupy the largest niche in the bioeconomy.

Indian Initiatives related to Bioeconomy

National Biopharma Mission, ‘Innovate India’ 2017, a Department of Biotechnology (DBT) programme worth US$ 250 million, aims to bring together industry and academia in order to promote entrepreneurship and indigenous manufacturing in biopharma.
35 Bio incubators have been set up across India with world-class facilities.
The first International Incubator- Clean Energy International Incubator has been set up under Mission Innovation by DBT & BIRAC.
Startups from 23 participating EU countries can potentially come & incubate in India and likewise, startups from this incubator can go to the partnering countries facilitating access to global opportunities. The department is supporting 4 Bio-clusters (NCR, Kalyani, Bangalore, and Pune).

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT

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