Rajya Sabha TV – Big Picture – 03 March 2021 – Biosciences to Bio-Economy

Rajya Sabha TV – Big Picture – 03 March 2021 – Biosciences to Bio-Economy

03 March 2021
Topic: Transforming Lives Over the tagline- Biosciences to Bio-Economy.

Where to use?
Paper 3- Science & Technology and Indian Economic Development

Current Situation

Indian Biotech Industry’s economy is valued presently around 70 billion US dollars in 2020 and expected to grow by 150 billion US dollars by 2025.

Understanding scope of things

  • It is known as the Sunshine Sector and contributing about 3 percent of India’s economy Growth and requirements in this sector which encompasses Industrial Biotech, Clean Tech, Agri Tech, waste to sanitation- Breadth of entire sector, and poised to go at a scale which it can have multiplier and cascading effect contributing to India’s 5 trillion total economy in 2025 and 10

What Is a Sunrise Industry?

  • Sunrise industry is a colloquial term for a burgeoning sector or business in its infancy stage showing promise of a rapid boom. Sunrise industries are typically characterized by high growth rates, numerous start-ups, and an abundance of venture capital funding. trillion by 2030.

Contribution of Private sector

  • The 4 areas where Industry is working very hard
    • Health care related to Biotech
    • Agriculture related to Biotech
    • Environment
    • Employment Generation in Biotech

Biotech sector as multi disciplinary :

  • Biotech is an interdisciplinary sciences E.g. Health care sector…measurement gauging, flow rate calculation through Internet of Things and sensors.

BIRAC - Biotech industry research assistance council

  • Presently India has 4300 startups only in the biotech sector for funding these startups, BIRAC created pipeline of funding from-
    • Granting aid
    • Equity and
    • Private investments
  • From few lakhs to all the way upto 7 crore per startup.
  • For the large Industries which require high investments e.g. for phase 2 & phase 3 clinical trials BIRAC will do 50 percent of contribution and co funding to deliver that product.

BIRAC has also created infrastructure:

  • Department of Biotech for example -has 16 autonomous institutions or high end research institutions nurturing, creating the HR talent, which is trained and skilled in bio sciences.
  • It has created the strong network of 60 bio incubators which are dedicated incubators to provide access to high tech instrumentation, mentorship, skillset at a concentrated presence and exposure to the opportunities in the innovation ecosystem. So that network has been established.
  • Being a govt agency BIRAC has been able to partner with ministries, departments within India as well as through G to G collaboration across the world, this bio connect ecosystem to ecosystem connect so that power innovations can also engage at the international level.

What more to do

  • The need of an hour are the big investments- with the help of Global Bio kind of programs global investors may put big equity money e.g. from US where this business is hugely grown providing India big equity money.
  • In this way they have taken innovations from lab to masses.
  • On the regulatory front we have advanced technologies and policies but they have to be faster. The key areas where Biotech is going to make the max impact in the society in coming 5 to 7 years are the areas of bio manufacture, area of innovation, in area of clinical trials and in bringing solutions.

Role of Private Industry-

  • Since India is going forward as a bio innovation hub, newer innovations can be proposed through startups and Industries by handpicking the innovations that can fit into their product portolio and nurture them by co developing, co-evolving and investing the element of that was reflected very clearly during COVID pandemic

The future roadmap and the future approach of this sector-

  • E.g. In Agritech, BT Cotton is one of the major contributors
    2G ethanol if its yield can be increased by 20 percent of the current yield it can contribute significantly to industrial sector in the industrial bioeconomy.

Conclusion-

  • Biotechnology sector not only helps in the economic development of India but also it serves the purpose of meeting sustainable development goals of-
    • Good health and well being
    • Clean Water and Sanitation
WhatsApp chat