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.
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