India’s bioeconomy in right direction to cross $300 billion mark by 2030: Report
Posted on September 23, 2024 Updated on September 22, 2024
 The Association of Biotechnology Led Enterprises (ABLE) plays an intrinsic role as India’s bioeconomy propels innovation to leap towards the next phase of bio-manufacturing potential.At the Global Bio 2024 held in New Delhi from September 12-14, with the theme as ‘Transforming lives from Biosciences to Bioeconomy’ had experts note that future of India’s bioeconomy looks exceptionally promising. By 2030, the India bioeconomy is projected to double to $300 billion, up from $151 billion in 2023, with a compound annual growth rate (CAGR) of 12.3%. The sector growth projections are from biomedicals that is expected to experience rapid growth with a CAGR of 19%, reaching $42.4 billion. The three-day event unveiled the annual India BioEconomy Report (IBER) which was instrumental in capturing the sector’s rapid transformation. The 2024 edition, prepared by the Make in India Facilitation Cell of BIRAC with research support from ABLE, highlights that India’s bioeconomy achieved a landmark value of $151 billion in 2023, reflecting impressive double-digit growth. The report also gives hope that India is in the right direction to cross the $300 billion mark by 2030. The report is written by Narayanan Suresh, COO, ABLE and Srinivas Rao Chandan, Editorial Consultant for ABLE under the guidance of G S Krishnan, president, ABLE. By nurturing collaboration and innovation among biotech entrepreneurs, ABLE helps to propel the industry forward, particularly in the realm of bio-manufacturing. ABLE looks forward to working with DBT to take forward this path-breaking initiative and nudge the sector towards a new transformative path, to take global leadership in biotechnology in the next few decades, said Krishnan. According to Union minister of state (independent charge) for science and technology, minister of state (independent charge) for earth sciences, minister of state PMO, department of atomic energy, department of space, personnel, public grievances and pensions, India is on the verge of a biotech revolution that will shape the future, with our nation leading the charge. The recently launched BioE3 (Biotechnology for Economy, Environment and Employment) Policy is central to this transformation. Dr. Rajesh S. Gokhale, secretary, Department of Biotechnology, DG BRIC and chairman, BIRAC, noted that as the world faces pressing challenges like climate change, resource depletion, and biodiversity loss, the BioE3 Policy positions biomanufacturing as a crucial solution for sustainable growth. Although the concept of the bioeconomy is relatively recent, it has gained global traction, especially as bio-based products impact sectors like healthcare among others. India has been at the forefront of this movement, with DBT playing a pivotal role in fostering an enabling ecosystem for biotechnology research and innovation. DBT/BIRAC’s catalytic and enabling initiatives are promoting Made in India development of vaccines, biosimilars, and medical devices that address critical healthcare challenges, stated Dr Gokhale. The BioE3 Policy harnesses the potential of bio-manufacturing to drive green growth. Biomanufacturing Hubs will address gaps in scaling up research and production. These hubs will provide essential infrastructure for pilot and pre-commercial manufacturing, ensuring that novel bio-based products reach the market efficiently. They will also serve as training centers to develop a skilled workforce adept in biomanufacturing technologies, thus supporting sectoral growth, said Dr Gokhale. |
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