LIFE
The biotechnology sector is going to be an upcoming and lucrative market for Indian entrepreneurs, said Jitendra Singh, minister of state (independent charge) of the ministry of science and technology. He said that the government is committed to supporting the biotechnology sector which is evident from the launch of venture funds and policies that have spurred significant growth in biotech startups. “In 2014, we had just 50 biotech start-ups. We didn’t even know what the biotechnology was about. Today, we have 6,000 biotech start-ups, and some of them are world class. We have come out with bio- economy policy. It’s called BioE3 policy where E3 stands for economy, employment and environment,” he said at Confederation of Indian Industry ’s (CII’s) pharma and life sciences summit 2024 on Wednesday. Singh said that bio-economy in India which stood at just $10 billion in 2014 has gone up to $100 billion now, and the projections suggest that it will touch $150 million by 2030. “India is fast evolving as a high-quality, affordable medicine hub. In the pharma production, we are ranked 3rd globally by volume, and 14th in value terms. The medical tourism has become one of the major revenue earners for India. This has happened because of the enabling policies of the current government. Going forward, our strategies and yardsticks have to be global,” Singh said. The minister asked for a stronger collaboration between the public and private sectors, and highlighted the need to create a robust research ecosystem with biotechnology being a focal point for the next industrial revolution. “The next industrial revolution will be in the biotechnology sector. There’s a big opportunity in the biotech sector. The sooner we understand, the better it is for us. We have to remove demarcation between public and private sectors. Also, there’s need for an inclusive innovation ecosystem that balances intellectual property, data protection and clinical trials,” he said. None
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