India is seeing the same respect and reputation for its Biotech Startups sector and bio professional that it has seen for its IT professionals in the last few decades PM Narendra Modi. The number of investors in the biotech sector has increased ninefold since 2014, while funding has increased sevenfold during the same period, Modi said. PM Modi also presented an electronic portal of 750 biotech products during the launch of Biotech Startups Expo 2022
Biotech Startups Emerged In India
Prime Minister Narendra Modi said on Thursday June 9 that every 14 new companies in the country come from the biotech sector and almost 1,100 new biotech companies have sprung up in the country in the past year.
We are witnessing the same respect and reputation for our biotech sector and for India’s bioprofessionals that we have seen for our IT professionals in the last few decades, the prime minister said in his speech at the opening of the Biotech Startups Expo 2022. in New Delhi.
Union ministers Piyush Goyal, Dharmendra Pradhan and Jitendra Singh also attended the event. Various industry stakeholders as well as experts and investors were also present at the event.
More than 5,000 startups are associated with biotechnology. Of these, 1,100 new biotech companies emerged in the last year, Modi said.
He further added that the number of investors in the sector has increased ninefold since 2014 under his rule, while funding has increased sevenfold during the same period.
India’s bioeconomy has grown 8 times in the last 8 years. We have grown from $10 billion to $80 billion. India is not very far from reaching the league of top 10 countries in the global biotech ecosystem, he said.
PM Modi also unveiled an electronic portal of 750 biotech products at Thursday’s event.
The prime minister also touted the diversity of the population and climatic zones, along with a large pool of talents, as the drivers of the country biotech sector.
The Expo is a two day event that will take place in the national capital from June 9 to 10. The event has been organized by the Department of Biotechnology in collaboration with the Biotechnology Industry Research Assistance Council BIRAC. The theme of the Expo is Biotech Startups Innovations: Towards AatmaNirbhar Bharat.
The Expo will showcase 125 biotech startups incubated and supported by BIRAC and the Department for the Promotion of Industry and Domestic Trade DPIIT. Up to 300 booths were also set up at the event to showcase biotech products in a large number of domains.
The Expo aims to provide a platform to connect investors and entrepreneurs in one place.
Recently, the government also launched a unique national portal for biotech startups and researchers in the country.
The Indian biotech industry was estimated at $63 billion in 2019 and is expected to cross the $150 billion mark by 2025, growing at a CAGR of 16.4%.
The space is populated by major players like Biocon and the Serum Institute of India, as well as startups like MedGenome.
Biotech startups Zaara recently raised an undisclosed amount of funding from US based Transcend International. In May, BIRAC announced a partnership with the Indian Angel Network IAN to launch a network of angel investors, BioAngels, to drive the growth of startups in the space.
Bangalore based Bugworks Research raised an $18 million Series B1 round in February this year, led by Lightrock India. In January, Epigeneres Biotech raised $6 million in a series B funding round from Kotak Investment Advisors, Satya Capital’s Moez Daya and LetsVenture Angel Fund.