Minister says 3 Biotech Startups were incorporated every day
India’s bio-economy has grown 8 times to over US$80 billion in 2022 from US$10 billion in 2014 while Biotech Startups have grown 100 times to 5,300 plus in 2022 from 52 odd in 2014.
Giving this update on 3 Dec 2022 at an “International Conference on Emerging Trends in Biosciences and Chemical Technology – 2022” in Jammu, Minister of State for Science & Technology Dr Jitendra Singh said, “Investment in Bio-economy has increased to Rs.4,200 crore in 2022 from Rs.10 crore in 2014.”
Three Biotech Startups were incorporated every day and a total of 1,128 biotech startups were set up in 2021 alone, signaling the rapid growth of the sector in India.
The Minister informs that Biotech industry has spent US$1.02 billion on R&D in 2021, almost trebled within a year from US$320 million dollars in 2020
The conference was organized by Shri Mata Vaishno Devi University, School of Biotechnology, Jammu in collaboration with CSIR-IIIM Jammu and The Biotech Research Society of India, from 3-5 Dec 2022.
He added that the conference was attended by 14 international participants like USA, Greece, South Korea, Scotland, Singapore, Thailand, Argentina, Brazil, Mexico, Malaysia and Vietnam.
Twenty-four keynote addresses were delivered at the conference, with around 300 participants from almost every state.
He listed five reasons for India being a land of opportunities in the field of biotech.
First – diverse population and diverse climatic zones;
Second – India’s talented human capital pool;
Third – increasing efforts for ease of doing business in India;
Fourth – The demand for Bio-Products is increasing continuously in India
And fifth – India’s Biotech Sector and its track record of success. fiinews.com
