In recent news, the Union Minister for Health & Family Welfare officially launched the second edition of Global Bio-India-2021. This significant event took place in New Delhi through virtual mode, exhibiting the prowess and potentialities of India’s biotech sector to both national and international viewers. The event also saw the unveiling of the “National Biotech Strategy.”
Global Bio-India: An Overview
Global Bio-India is considered a mega international congregation of Biotechnology. The event sees the participation of various stakeholders including international bodies, regulatory bodies, central and state ministries, SMEs, large industries, bioclusters, research institutes, investors, and startups. The major aim of this event is to help establish India as a key player in innovation and bio-manufacturing within the global landscape. This goal holds significance as India secured the 48th rank in the Global Innovation Index Report 2020.
Objectives Behind Global Bio-India
The key objectives for conducting this international congregation are manifold. Notably, these include – Bio-partnering, facilitating policy discussions, providing CEOs with plans for India, linking the Indian biotech ecosystem with international counterparts, and creating platforms for new idea evaluation and investments. Another crucial objective is to attract major contract projects from international companies and secure global venture funding into India. According to the World Bank’s Ease of Doing Business Report 2020, India tops the rankings among South-Asian countries, showing substantial improvement from its 6th rank in 2014.
Organizing Bodies
The Department of Biotechnology, Ministry of Science & Technology, spearheads the organization of Global Bio-India with its Public Sector Undertaking Biotechnology Industry Research Assistance Council (BIRAC). They receive partnership assistance from industry association Confederation of Indian Industry (CII), Association of Biotechnology Led Enterprises (ABLE), and Invest India. It’s pertinent to note that ABLE, a non-profit pan-India forum, represents the Indian Biotech Sector.
About Biotechnology
Biotechnology essentially uses biological systems and living organisms or their components to develop or create different kinds of products. The primary applications of biotechnology include creating therapeutics, diagnostics, genetically modified crops for agriculture, processed food, bioremediation, waste treatment, and energy production.
Impact on India’s Biotechnology Sector
The biotech sector is one of the vital drivers that contribute to India’s ambitious goal of achieving a USD 5 Trillion economy by 2024. The Government of India (GoI) has launched policy initiatives like the Make in India program, aimed at promoting India as a world-class Biotech and Bio-manufacturing hub. Ranked among the top-12 destinations for biotech globally, India holds nearly a 3% share in this industry. The Indian Biotech industry was valued at USD 70 billion in 2020, projected to surge to USD 150 billion by 2025.
Role of Biotechnology Parks
The Department of Biotechnology has established several Biotechnology Parks or Incubators across India. These establishments provide necessary infrastructure support to translate research into products and services and offer facilities to Scientists and SMEs for technology incubation and pilot plant studies, thereby speeding up the commercial development of Biotechnology.
Draft National Biotech Development Strategy 2020-24
This strategy suggests more engagement with startups and recommends utilizing the public-private partnership (PPP) model to boost the industry to USD150 billion by 2025. The primary aim is to build a vibrant startup and industrial base, connecting academia and industry. It also focuses on strengthening research and innovation-driven ecosystems across research institutes and laboratories, with complete engagement of startups, small industry, and large industry.
