Synopsis
Jitendra Singh, Minister of State for Science and Technology, announced that India's biotech startups surged from 50 in 2014 to 8,531 in 2023, according to the India BioEconomy Report 2024.Key Takeaways
- India's biotech startups grew from 50 in 2014 to 8,531 in 2023.
- The Department of Biotechnology established BIRAC in 2012 to support biotech initiatives.
- BIRAC has set up 95 bio-incubators and funding schemes.
- New BioE3 policy aims to develop bio-based products.
- 24 biofoundry projects have been recommended for support.
New Delhi, March 12 (NationPress) The count of biotech startups in India has skyrocketed from 50 in 2014 to 8,531 in 2023, according to Jitendra Singh, the Minister of State (Independent Charge) for the Ministry of Science and Technology, during a statement in the Lok Sabha.
Singh made this announcement in a written response, referencing the India BioEconomy Report (IBER) 2024.
The growth trajectory of biotech startups has been consistent, moving from 50 in 2014, to 732 in 2015, 1,022 in 2016, 1,732 in 2017, 2,662 in 2018, 3,397 in 2019, and 4,237 in 2020.
Even during the challenges posed by the Covid-19 pandemic, the number of startups increased; in 2021, the figure reached 5,365, which then rose to 6,755 in 2022 and hit 8,531 in 2023, as per the report.
Singh highlighted that to foster and enhance the startup ecosystem with a focus on the biotech sector, the Department of Biotechnology (DBT) established the Biotechnology Industry Research Assistance Council (BIRAC) in 2012.
BIRAC acts as a vital interface agency that addresses the product development needs relevant to the nation. It aligns its initiatives with various National Policies announced by the Government.
To support the biotech startup landscape, BIRAC has set up bio-incubators through multiple funding schemes, including the Equity Funding Schemes, Amrit Grand Challenge, and BioE3 Policy. So far, it has successfully established 95 centers, Singh stated.
“BIRAC’s schemes and programs undergo regular internal assessments and are updated to meet the evolving ecosystem needs. New initiatives are introduced as necessary. Furthermore, BIRAC collaborates with various national and international agencies to consistently support the biotech startup ecosystem,” the Minister of State mentioned.
Recently, the DBT launched the BioE3 policy with Cabinet approval aimed at promoting bio-based products through the establishment of BioEnablers, which include Bio-Artificial Intelligence (Bio-AI) hubs, biofoundries, and biomanufacturing hubs across the nation.
The DBT and BIRAC have jointly issued a call for proposals to set up ‘BioEnablers – Biofoundries and Biomanufacturing Hubs’ in both academia and industry.
“Out of over 253 applications, 24 projects focusing on biofoundries and biomanufacturing hubs have been recommended for support,” Singh noted. These initiatives are being rolled out nationwide, with a two-year timeline.
Further initiatives are also in progress for establishing bio-AI hubs and biomanufacturing facilities,” he added.
