SUMMARY
The minister said that investments in the homegrown bioeconomy sector have surged to INR 4,200 Cr in 2022 from INR 10 Cr in 2014
Indian biotech startups have created more than 25,000 high skilled jobs so far
2021 alone saw the emergence of 1,128 biotech startups in the country, the MOS said
Addressing a conference on emerging trends in biosciences and chemical technology in Jammu on Saturday, Minister of State (MoS) for Science and Technology Jitendra Singh said that the country’s bioeconomy has grown 8X in the last eight years, and the number of biotech startups in the country stood at more than 5,300 in 2022, up 100X from a mere 52 in 2014.
He added that 2021 alone saw the emergence of 1,128 biotech startups in the country. The MoS said that the number of biotech incubators in the country also increased from 6 in 2014 to 75 in 2022.
Highlighting the rapid growth of biotech startups, Singh said that homegrown biotech startups are churning out more than 700 products and have created over 25,000 high skilled jobs so far.
The minister added that investments in the homegrown bioeconomy sector have surged to INR 4,200 Cr in 2022 from INR 10 Cr in 2014.
The MoS also pointed out that the Indian biotech industry crossed the $1 Bn R&D spending mark in 2021, largely on account of pandemic-led growth. In essence, the R&D spending nearly tripled in just one year, from $320 Mn in 2020 to $1.02 Bn in 2021.
The Minister’s remarks have come at a time when the Union government is making efforts to emerge as one of the top five global biotech destinations.
India’s Biotech Push
Earlier this year, the government organised Biotech Startup Expo 2022 in New Delhi to provide a one-stop platform for investors and biotech entrepreneurs.
Prior to that, the government launched a single national portal for startups and researchers seeking regulatory clearance for biological research and development.
In August, the Centre announced 75 ‘Amrit’ grants for collaborative biotech initiatives involving startups and academia.
Singh, on a previous occasion, said that the Department of Science and Technology would play a key role in mentoring biotech startups in tier 2 and tier 3 cities.
Meanwhile, the biotech space in India is witnessing a healthy capital inflow, largely on the back of pandemic-induced growth. Further, a talented pool of human capital has spurred the growth of biotech startups in the country. A cheaper workforce, coupled with a strong demand for products such as stem cell therapies, COVID-19 vaccines, and other similar drugs, is also playing a major role in the development of the space.
Earlier this year, Bengaluru-based biotech startup Eyestem bagged $6.4 Mn in Series A funding. Prior to that, another player Zaara raised an undisclosed amount from US-based Transcend International.
As per a report, the overall size of the Indian biotechnology industry stood at around $63 Bn in 2019. This number is estimated to grow to $150 Bn by 2025.
