On June 9, 2022, Indian Prime Minister Narendra Modi inaugurated Biotech Startup Expo 2022. The event was held at Pragati Maidan in New Delhi, India. The Department of Biotechnology and the Biotechnology Industry Research Assistance Council organised the event (BIRAC) to commemorate BIRAC’s tenth anniversary since its foundation. The Expo’s theme is ‘Biotech Startup Innovations: Towards AatmaNirbhar Bharat.”.
The Prime Minister also launched the Biotech products e portal. Union Ministers such as Piyush Goyal, Dharmendra Pradhan, Dr Jitendra Singh, stakeholders of biotech sectors, experts, SMEs, and investors attended the event.
Purpose of Biotech Startup Expo 2022
The Expo will serve as a platform to connect entrepreneurs, investors, industry leaders, scientists, researchers, bio-incubators, manufacturers, regulators, government officials, etc.
The Expo will host around 300 stalls which will display biotechnology applications. These biotech applications will showcase various fields such as healthcare, genomics, biopharma, agriculture, industrial biotechnology, waste-to-value, and clean energy, among others.
What the Prime Minister said during the event
Commenting on India’s bio-economy, the Prime Minister said, “We have grown from $10 billion to $80 billion. India is not too far from reaching the league of the top-10 countries in biotech’s global ecosystem. For the biotech sector, too, unprecedented steps are being taken, manifested in the startup ecosystem. In the last eight years, the number of startups in our country has increased from a few hundred to 70,000. These 70,000 startups are made in about 60 different industries. In this also, more than 5,000 startups are associated with biotech. Every 14th startup in the biotechnology sector and more than 1100 such biotech startups emerged in the last year itself.”
“Trust in the skill and innovation of our IT professionals worldwide is at new heights. This same trust and reputation, this decade, we are seeing happening in the biotech sector of India and for the bio professionals of India… There are five big reasons why India is a land of opportunities in the field of the biotech— diverse population and diverse climatic zones, India’s talented human capital pool, increasing efforts for ease of doing business in India, the demand for bio-products is increasing continuously in India and India’s biotech sector and its track record of success,” he further said.
The Prime Minister also emphasised the stress on ‘the whole of the government approach. The mantra of Sabka Saath-Sabka Vikas is applicable in the different sectors of India. Commenting further on it, he said, “Inculcating the spirit of Sabka Prayas, the government, through new institutions, is bringing together the industry’s best minds on a single platform. This is another big benefit to the country. The country gets breakthroughs from research and academia, the industry helps in what is a real-world view, and the government provides the necessary policy environment and necessary infrastructure.”
India and the Biotech Sector
In the past eight years, India’s bio-economy increased over eight times. India is only a few steps away from becoming one of the top ten biotech countries in the world.
The biotech sector will bring a plethora of opportunities to the nation. The biotech segment in India looks good due to the following factors: a diversified population, varied climates and a talented workforce, initiatives to relax corporate regulations and growing demand for bio goods.
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