Releasing the India BioEconomy Report at the three-days Global Bio-India (GBI) 2024 event on September 12 in New Delhi, Dr Rajesh Gokhale, Secretary, Department of Biotechnology (DBT) said“With more than five sectors generating over $1 billion each month, India’s BioEconomy reached a value of $151 billion in 2023. This growth is matched by a thriving entrepreneurial landscape, with 1,776 new biotech startups joining the ecosystem, showcasing India’s robust innovation capabilities”.
The report highlights the sector’s increasing significance as it now accounts for 4.25 per cent of India’s Gross Domestic Product (GDP) of $3.55 trillion in 2023. India’s BioEconomy registered a 10 per cent growth rate in 2023, characterised by a strong industrial focus, with BioIndustrial and BioPharma collectively accounting for over 83 per cent of the sector’s value.
Indian startups have developed over 800 products and raised more than $600 million in follow-on funding, as per the report. However, while 2022 saw 31 deals totalling $938.8 million, 2023 saw a dip, with only 16 deals worth $199.6 million. On a positive note, the medtech sector witnessed a robust growth in Foreign Direct Investment (FDI), rising from $370 million in 2022 to $480 million in 2023. In contrast, FDI in pharmaceuticals dropped from $2 billion to $1 billion in the same period, signalling shifting investment priorities.
The report predicts a surge in biotech startups, from 8,531 in 2023 to an impressive 35,460 by 2030. This growth will significantly boost employment, creating 35 million jobs. The report highlights five states as leaders in the biotech startups space, which includes Maharashtra (1,421), Karnataka (1,054), Telangana (872), Delhi (875), and Uttar Pradesh (699). These states account for over 50 per cent of all biotech startups in India.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Promega unveils GloMax Galaxy Bioluminescence Imager for illuminating protein dynamics in real time
US-based Promega Corporation, a life-sciences research partner dedicated to providing intuitive tools that empower scientists to innovate, has unveiled the new GloMax Galaxy Bioluminescence Imager.
Singleron and Bioscreen to enhance access to single cell multi-omics solutions for Indian researchers
Singleron Biotechnologies, a leading innovator in single cell multi-omics solutions, has announced a strategic partnership with Bioscreen, a renowned distributor of advanced life science products in India.
Eppendorf brings CO2 incubator shaker with integrated 180 °C sterilisation routine
Eppendorf has announced the launch of a CO2 incubator shaker with integrated 180 °C sterilisation routine.
Waters introduces new bioseparations tools to improve development of RNA-based vaccines using LC-MS analysis
US-based Waters Corporation has introduced a comprehensive set of sample preparation enzymes, reagents, and waters_connect software that simplify sequence and modification confirmation of large molecule RNA therapeutics using liquid chromatography-mass spectrometry (LCMS) analysis.
Singapore designs novel gene therapy offering hope for epilepsy patients
Researchers from the Yong Loo Lin School of Medicine, National University of Singapore are working on a therapy that holds potential in treating patients with epilepsy, a neurological disorder defined by recurring seizures due to abnormal brain activity.
Spider venom heart drug moves to clinical trials in Australia
A University of Queensland (UQ)-led project in Australia to develop the first-ever drug to treat heart attack and protect donor hearts will move to human clinical trials, after receiving $17.8 million in funding from the Medical Research Future Fund (MRFF).
India develops portable ultrasound scanner for sports injury diagnosis
A team of researchers at the Indian Institute of Technology Madras (IIT-M) has developed an indigenous portable Point-of-CareUltrasound (POCUS) Scanner for sports injury diagnosis and management.
Integris appoints medtech veteran Probir Das as new CEO
Integris Healthcare, a global diversified medical technology company, has announced the appointment of Probir Das as Chief Executive Officer (CEO). He will join effective November 2024 and will be based in New Delhi.
Clarity Pharma promotes Michelle Parker to CEO
Australia-based Clarity Pharmaceuticals has announced the appointment of Michelle Parker as Chief Executive Officer (CEO), effective from October 11, 2024.
Dr Makoto Sugita steps in as President of Nxera Pharma Japan
Nxera Pharma Co., formerly known as Sosei Group or Sosei Heptares, has announced the appointment of Dr Makoto Sugita, as President of Nxera Pharma Japan, and Executive Officer, Executive Vice President and Chief Medical Officer (CMO) of Nxera Pharma.
