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Bio-E3 policy to ignite bio-revolution in India; Jitendra Singh
Industry News- Sep 16,24
The policy will also drive the creation of biotech hubs across India, facilitating collaboration between startups and established companies and bridging the gap between research and commercial manufacturing.
Union Minister Jitendra Singh announced that India's new Bio-E3 policy is poised to ignite a "bio-revolution" akin to the IT revolution in the West. Launched last month, the policy aims to drive sustainable and efficient use of biological resources, focusing on innovation and the bio-manufacturing of specialty chemicals, enzymes, bio-polymers, functional foods, smart proteins, veterinary products, and precision bio-therapeutics.
Addressing the Global Bio-India Summit 2024, Singh emphasised the policy's role in establishing India as a global leader in the bio-economy. He highlighted the importance of the Global Biotech platform, which unites diverse stakeholders including startups, SMEs, large industries, research institutions, and international bodies.
Singh outlined the policy's focus on biotechnology's impact on the economy, employment, and environment. It aims to foster innovation in bio-based chemicals, climate-resilient agriculture, and carbon capture, contributing to India's green transition and global climate goals.
The policy will also drive the creation of biotech hubs across India, facilitating collaboration between startups and established companies and bridging the gap between research and commercial manufacturing. These hubs are expected to generate jobs, particularly in tier two and tier three cities, and support regional economic development.
Singh projected significant growth for India's biotech industry, which expanded from $10 billion in 2014 to $100 billion in 2020, with expectations to reach $300 billion by 2030. This growth is attributed to government support under Prime Minister Narendra Modi, which has nurtured a favorable environment for biotech innovation.
He praised the Global Bio-India Summit as a vital platform for business networking and collaboration, showcasing India's biotech potential. Singh also noted India's leadership in vaccine manufacturing, holding 60% of the global market share, and its status as the second-largest hub for FDA-approved manufacturing plants outside the United States.
Dr Rajesh S. Gokhale, Secretary of the Department of Biotechnology (DBT) and Chairman of the Biotechnology Industry Research Assistance Council (BIRAC), commended the Bio-E3 Policy for positioning India's bio-economy to address global challenges such as climate change, food security, and healthcare. He highlighted DBT and BIRAC's role in advancing research, innovation, and industrial partnerships.
Dr N. Kalaiselvi, Director General of the Council of Scientific and Industrial Research (CSIR), emphasised the biotechnology sector's potential to transform lives through advancements in biofuels, agriculture, and bio-pharmaceuticals. She also noted India's strengthened global position due to its achievements in vaccine exports during the pandemic.
"It is an exciting time to be part of the biotech sector," Singh concluded, urging participants to focus on innovations that enhance healthcare accessibility and drive sustainable solutions. "The best is yet to come."
(Business Standard)
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