As the year 2020 began, Prime minister Narendra Modi came up with good news for the biotechnology sector. Speaking at the inauguration of the 107th session of the Indian Science Congress at the University of Agricultural Sciences in Bengaluru last month, Modi said, “We aim to develop India as a world-class $100-billion biomanufacturing hubby 2024.”
“The growth story of India depends on its achievements in the science and technology sector. There is a need to revolutionize the landscape of Indian science, technology and innovation. My motto for the young scientists burgeoning in this country has been -innovate, patent, produce and prosper. These four steps will lead our country towards faster development. If we innovate, we will patent and that, in turn, will make our production smoother and when we take these products to the people of our country, they will prosper. Innovation for the people and by the people is the direction of our ‘New India’,” he added.
While the biotechnology sector is one of the key drivers for contributing to India's $5 trillion economy target by 2024, the Indian biotechnology sector is poised to grow exponentially over the next decade. Further, the country is among the top-12 destinations for biotechnology in the world, with approximately three per cent share in the global biotechnology industry.
The biotech sector can be broadly divided into five major segments — biopharma (which accounts for around 55 per cent of the revenue of the total sector), bio-agri (22 per cent of market share), services, bioindustrial and bioinformatics. According to Invest India, the National Investment Promotion and Facilitation Agency, the Indian biotechnology industry was valued at $51-billion in 2018 and is growing at almost 15 per cent year-on-year.
Potential that the biotechnology sector holds
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