The Indian central government, adopting a “One Nation, One Portal” strategy, has recently unveiled a unified national portal for biotech researchers and startups, dubbed the Biological Research Regulatory Approval Portal (BioRRAP). Biotechnology presents significant academic and livelihood opportunities for India’s youth. This article will explore India’s burgeoning startup scene, the significance of the new BioRRAP, India’s standing in biological field research, and the concept of Bio Economy.
The Startup Growth Scenario in India
India is rapidly becoming a global hotspot for startups. In 2021 alone, Indian startups attracted over $23 billion in funding disbursed across more than 1,000 deals, with 33 startups achieving unicorn status. As of 2022, 13 additional startups have joined the unicorn club. India, trailing only the United States and China, has emerged as the world’s third most significant startup ecosystem. The country is currently experiencing a startup boom, with the number of cumulative startups growing at an impressive compound annual growth rate of 17% since 2012 to surpass 112,000, according to the India Venture Capital Report 2021 by Bain and Company. The biotech industry in India generated roughly US$ 12 billion in annual revenue in 2021.
The Significance of Biological Research Regulatory Approval Portal
The BioRRAP serves as a gateway for biotech researchers, offering transparency and accountability in all stages of their application process for regulatory clearances. The portal eases interdepartmental synergies and fosters efficiency among agencies regulating biological research and issuing permissions. To lend credibility to biological research, the government has developed a web system under which each research requiring regulatory oversight receives a unique ID, known as a “BioRRAP ID”. The portal promotes Ease of Doing Science, Scientific research, and Start-ups in the country, and collects information to shape policies and harness the benefits of scientific research.
India’s Status in Biological Fields Research
Globally, India ranks among the top 12 destinations for biotechnology and is the third-largest biotechnology hub in the Asia Pacific region. The industry comprises over 2,700 biotech startups and more than 2,500 biotech companies. Biological work related to biodiversity, conservation and protection of flora and fauna, forest and wildlife, bio-survey, and bio-utilization of biological resources is also gaining momentum due to climate change impact. The country’s emphasis on various biological field research, supported by public and private sector grants, has strengthened its position in biotechnology. By 2025, India is set to be recognized as a Global Bio-manufacturing Hub and will rank among the top five countries globally. Furthermore, the contribution of the Indian biotechnology industry to the global market is predicted to surge from 3% in 2017 to 19% by 2025.
The Bio Economy
The concept of a Bio Economy originated in the USA, Canada, European Union (EU), and Australia to stimulate the economy through the use of bio-resources. The term refers to the production of renewable biological resources and their conversion into value-added products like food, feed, bio-based products, and bioenergy while conserving resources and managing waste streams.
Additionally, The Indian bioeconomy’s contribution to the national GDP (Gross Domestic Product) continues to increase. While contributing 1.7% to the GDP in 2017, this contribution had grown to 2.7% in 2020. The Indian bioeconomy grew from US$ 62.5 billion in 2019 to US$ 70.2 billion in 2020, demonstrating a growth rate of 12.3%. India’s bioeconomy is set to reach new heights by 2047, 25 years into its journey.
Venture Capital
Venture capital is a type of funding for a new or growing business, often provided by venture capital firms specializing in high-risk financial portfolios. Venture capitalists (VCs) finance the startup company in exchange for equity. This form of investment also known as risk capital or patient risk capital involves the risk of losing the money if the venture fails and requires a medium to long term period for the investments to fructify.
