India has a 3-5% market share of the global biotechnology industry
India is set to achieve US$150 billion Bio-Economy by 2025, especially following the extension of existing partnerships with the US to advanced biotechnology and biomanufacturing as well as enhance biosafety and biosecurity innovation, practices, and norms. It is currently worth US$100 billion.
Minister of State Science & Technology Dr Jitendra Singh said this at the signing up of the ‘Implementation Arrangement’ between the Department of Biotechnology (DBT) and the United States-National Science Foundation (US-NSF) on 21 Aug 2023 in New Delhi.
Dr Jitendra Singh pointed out that India’s ever-growing Bio-Economy graph is going to contribute significantly to the country’s overall economy. India has a 3-5% market share of the global biotechnology industry and its biotech sector is ranked 12th in the world and 3rd in Asia-Pacific.
India’s ranking in global science and technology indices continues to rise from the ranking of 40 among the innovative economies as per Global Innovation Index, 2022.
The Minister pointed out that the Department of Biotechnology has created and nurtured a strong foundation in biotechnology innovation, research and manufacturing across segments such as bio-pharma, bio-services, agri-biotech, industrial biotech, and bioinformatics through public-private partnership, Make-in-India and Atma Nirbhar Bharat initiatives of the Government.
The Indian Government has always supported technology-driven innovation towards the creation of a ‘future-ready’ technology.
He congratulated DBT and NSF for building on the bilateral collaborations between India and the US through this Implementation Arrangement.
The ‘Implementation Arrangement’ will lay the foundation for collaboration between the two countries on accelerating innovations in the area of ‘Biotechnology Innovation and Biomanufacturing’.
This will advance knowledge, technologies, and innovation through supportive collaborative research to empower biotechnology industries and promote bioeconomy of both the countries, he added.
Dr Sethuraman Panchanathan, Director, NSF, added, “The US and India can together address pressing global needs such as climate mitigation and energy goals through biotechnology innovation and biomanufacturing.”
Dr Rajesh S. Gokhale, Secretary, DBT, pointed out, “This partnership will be an important step to mutually address the challenges in the innovation space as well as for enhancing technological opportunities.
“This will also bring synergy to DBT’s initiatives for fostering high performance Biomanufacturing – an integrated approach towards promoting circular economy for Green, Clean and Prosperous India”. Fiinews.com
