The Centre is committed to supporting the biotechnology sector, as it is poised to be the primary driver of India’s next industrial revolution, Jitendra Singh, Minister of State for Science and Technology, said on Wednesday.
The Government has also expressed optimism that the $27.8 billion pharma exports story of India would continue to March ahead and make further strides this fiscal despite general global slowdown in merchandise goods exports.
Addressing the 6th CII Pharma and Life Sciences Summit in the capital, Singh highlighted that conducive policies and launch of venture funds have spurred significant growth in biotech start-ups .
He noted that the number of biotech start-ups has risen from just 50 in 2014 to over 5,000 now, reflecting India’s increasing focus on bioeconomy.
Singh called for stronger collaboration between the public and private sectors to give further push to growth of bioeconomy. India’s bioeconomy in 2023 stood at $150.97 billion, higher than $ 137.2 billion in 2022.The bioeconomy share of GDP currently stood at 4 per cent.
Singh also highlighted the need to create a robust research ecosystem, with biotechnology being a focal point for the next industrial revolution.
He emphasized on the growth of India’s bioeconomy, which has seen a ten-fold increase since 2014, and reiterated the need for an inclusive innovation ecosystem that balances intellectual property, data protection, and clinical trials.
Singh also emphasised on India’s growing presence as a global hub for affordable, high-quality healthcare and medical tourism, which has become a significant revenue generator.
Singh’s remarks reflected optimism for India’s role as a global leader in healthcare and biotechnology, while also addressing the challenges and opportunities ahead
Pharma Exports
Arunish Chawla, Secretary, Department of Pharmaceuticals in Ministry of Chemicals and Fertilisers highlighted that last month pharmaceuticals and biotechnology became the 4th largest export manufacturing Industry for India.
India is aiming to be a reliable pharmacy of the world and a futuristic global leader in both biotechnology and life sciences, he added.
Chawla stressed the importance of Research & Development and regulatory systems, particularly for the deeper work needed in the biologics and biosimilar space.
He further added that the sector has broken many stereotypes, with India now exporting more bulk drugs than it is importing, in the last financial year.
Chawla later told businessline that India is expected to sustain its strong export growth performance in Pharmaceuticals, biotech and bulk drugs in 2024-25 as well.
In 2023-24, India’s pharmaceutical exports stood at $27.85 billion, higher than $25.39 billion exports recorded in previous fiscal.
In April-August 2024, pharmaceutical and drugs exports grew to $11.86 billion ($ 10.97 billion).
“We have been analysing the export trends in recent data. Even though there is general slowdown in exports globally, the good news is that Indian pharmaceuticals, biotech and bulk drug exports have grown in double digits in 2023-24 over previous year. This trend will be sustained this fiscal also”, Chawla said.
Indian Biotech Model
Rajesh S Gokhale, Secretary, Department of Biotechnology, Ministry of Science and Technology, stressed the need for a unique Indian model of biotech development that leverages its demographic and geographic advantages.
He underscored the BioE3 Policy – the importance of biotechnology in driving economic growth, protecting the environment, and generating employment. Gokhale noted that India’s path towards ‘Viksit Bharat 20247’ requires breaking out of the ‘middle-income trap’, a challenge faced by several countries.
Gokhale called for a paradigm shift in technological innovation, emphasizing the need to build R&D capacity, increase industry investment, and focus on biotech advancements to propel India forward.