Karnataka’s bioeconomy sees notable growth, surging to nearly $31 billion in 2023, compared with $22 billion in 2021, adding $10 billion over two years. According to Darshan HV, IAS, Managing Director, Karnataka Innovation & Technology Society, Government of Karnataka, the State has added an average of 17 biotechnology start-ups each month over the past year.
These numbers create numerous direct and indirect jobs, significantly improving the lives of many families. This, in turn, will create valuable health system in Karnataka in the coming years, he added, speaking at Innoverge of the Confederation of Indian Industries (CII) in Bengaluru.
“The biotechnology (BT) sector contributed nearly $15.9 billion, accounting for 51.7 per cent of Karnataka’s bioeconomy. It also attracted 30 per cent of the total investment in India’s biotechnology sector, including both domestic and foreign direct investments, despite funding winter,” he said.
Bangalore is currently home to more than 200 medtech start-ups, driving advancement in various sectors, including diagnostics, medical devices and AI-driven healthcare solutions.
He also highlighted the State’s global collaborations, noting that Karnataka has partnered with over 30 Global Innovation Alliance (GIA) partners. These collaborations are particularly focused on biotechnology, which is a key area of interest.
Countries including Denmark, Scandinavian nations, the US, North America, Europe, Eastern Europe and the Middle East are all engaging with India in the biotechnology sector, recognising its significant potential for international collaboration, he stated.