Union Minister of State (Independent Representative) for Science and Technology; Minister of State (Independent Representative) for Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh today said that bio-economy will be key to India’s future economy in the next 25 years.Dr. While releasing India’s Bioeconomy Report 2022, Jitendra Singh pointed out that India’s bioeconomy reached more than US$ 80 billion in 2021 and recorded a 14.1% growth to over US$ 70.2 billion in 2020. The minister said that the bioeconomy is likely to experience rapid growth. $150 billion by 2025 and over $300 billion by 2030.
The minister called on all stakeholders of the biotech sector, especially industry, startup ecosystem, investors, scientists, scholars, entrepreneurs and intermediaries like DBT, BIRAC to work together to achieve this ambitious goal. Dr Jitendra Singh said the number of biotech start-ups in the country has increased from 50 to over 5,300 in the last 10 years due to the growing ecosystem and priority setting provided by Prime Minister Narendra Modi. He hoped that the number of biotech start-ups that draw on a strong talent pool is expected to further double to more than 10,000 by 2025.
The minister recalled that Modi’s presence at the 1st National Biotech Start-up Expo 2022 organized by DBT/BIRAC in June this year is a testament to the growth potential in the biotech sector and the innovative talent of our Start-up ecosystem. Dr Jitendra Singh also launched a special Biotech Ignition Grant for the North-East Region (BIG-NER) and announced financial support of up to Rs 50 million each to 25 start-ups and entrepreneurs from the North-East region to develop biotech solutions. He said the North East has huge potential and talent to advance the biotech sector and asked the ministry to reach out to them.
The minister said that due to Prime Minister Modi’s special focus on the North Eastern region, the trend of mass exodus of youth from the region has reversed. He also informed that BIRAC/DBT has created a strong network of 74 specialized bio-incubation centers in 21 states/UTs including 7 bio-incubators in North East region – an emerging cluster. He said DBT/BIRAC should continue efforts to support a vibrant local bio-business ecosystem in the beautiful and bio-resource-rich North East to boost the local bio-economy.
Dr. Jitendra Singh informed that India is among the top 3 in South Asia and the top 12 biotech destinations in the world, with around 3% share in the global biotech industry. Additionally, India has the second highest number of USFDA approved manufacturing facilities outside the US. He said the biotechnology sector has the potential to have a cascading multiplier effect on the country’s overall economic growth. This sunrise sector enables technology-led solutions for healthcare, industrial production, agriculture, the environment and clean energy, the minister added. Dr Jitendra Singh said that India is a global leader in the supply of DPT, BCG and Measles vaccines and also in Covid-19 vaccine, the nation has shown self-sufficiency and has also supported several countries. He said it was interesting to note that while most sectors showed stunted growth or negative growth against the backdrop of the Covid-19 challenge, two rounds of lockdowns and global disruptions, the biotech sector stood out.
DrJitendra Singh said the biotech sector, especially in terms of vaccines, diagnostics and therapeutics, has shown the world that India can fight global challenges like the COVID pandemic from the front and contribute world class and best solutions not only for itself but for world. He added that from large manufacturers to young start-ups, the innovation ecosystem in the country has come together and today India is self-sufficient in most of the products needed to handle the pandemic and we need to maintain this momentum.
Dr. Jitendra Singh presented certain facts like BioPharma companies supported by the Ministry of Biotechnology and BIRAC with venture funding of around USD 71 million to develop and manufacture Covid-19 vaccines. The BioPharma Industry tripled its R&D spending to nearly $1 billion in 2021 from $360 million in 2020. The industry also increased production capacity threefold from 1300 Mn doses in 2020 to 4500 Mn doses in 2021. This in turn allowed the administration approximately 4 million doses of Covid vaccine per day in 2021. The total impact of Covid-19 vaccines on the bioeconomy was registered at $8.7 billion according to the India Bioeconomy 2022 report.
In the same way, the production capacities also saw a significant increase of Covid-19 Diagnostics from 25 million tests in 2020 to 2000 Mn tests in 2021. The indigenization of previously imported raw materials, reagents and components played a significant role here. The Make in India National Mission is likely to play a major role in replacing the import dependency of medical devices where 70-80% of the demand is currently met through imports. We are already witnessing the growing contribution of biotech start-ups innovating new affordable and accessible medical devices and digital health technology solutions. Secretary, DBT, Rajesh Gokhale said this year is particularly noteworthy as it coincides with Azadi Ka Amrit Mahotsav, the celebration of 75 years of our nation’s independence and the release of the Bioeconomy 2022 report could not be more apt as it provides an interim progress report on our Atma Nirbhar Bharat journey .
Dr. Gokhale also informed that in the case of sustainable biofuel, India has moved the target year for blending 20% ​​ethanol from 2025 to 2023 and this biotech sub-sector has shown two-fold growth. Ethanol production of 3.3 billion liters has doubled to 6.5 billion liters in 2021. With further growth, India would save on its import costs, directly impacting foreign exchange reserves and import-export imbalances in favor of achieving the overall economic target of $10 trillion. by 2030.Similarly, the agriculture sector, which employs nearly 60% of India’s population, has great scope for improvement. BT Cotton, Biopesticides, Biostimulants and Biofertilizers contributed approximately USD 10.48 billion to the country’s bioeconomy in 2021.
