Bioscience to Bioeconomy-US$ 100 Bn By 2025 – India Upward bound

New Delhi: India has set forth a target of achieving US$ 100 billion biotech industry by 2025 and is backed by a strong growth trajectory that is currently being witnessed. This sector has developed itself into one of the important sectors of the nation in promoting India on a global scale as well as contributing to the growth of the economy. India currently is one of the top 12 biotech destinations in the world and ranks third in the Asia-Pacific region. Against this backdrop, CII in partnership with the Department of Biotechnology and BIRAC have created the necessary platform at Global Bio-India 2019 scheduled from 21-23 November at Aerocity, New Delhi to help achieve these targets.

At the Inaugural Session today three reports were released: Indian Bio-Economy report 2019, India the emerging hub for Biological and Biosimilars and Indian biotechnology landscape – an international perspective.

Dr Harsh Vardhan, Hon’ble Union Minister of Science & Technology, Health & Family Welfare and Earth Sciences stated that US$ 100 billion target that the country has set for itself is a modest target and that we should strive to achieve more. He emphasised that science has the potential to solve any problem of mankind and that there are hardly any sectors in the country in which Biotechnology does not contribute to in an immense manner. He spoke on the current environment where India ranks 3rd globally in nano tech, 5th in scientific publications, and among the top 4 nations to predict cyclones and tsunamis.

Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas, Minister of Steel spoke on the need for India to use bio-fuels more effectively. India presently has no dearth of technologies and have transferred biotechnology into an entrepreneurial mode. He stated that Bio-fuel synergy is the solution to cut down the use of fossil fuels and we aim to process the same with our efforts together.

Dr Renu Swarup, Secretary, Department of Biotechnology, stated the need for providing a platform such as Global Bio-India for stakeholders to grow together. She emphasised that with the government enabling policies present we have been able to create a vibrant environment and moving forward it is imperative that we need to further reach out to Tier II and Tier III cities.

Dr Vinod K. Paul, spoke on the success of Ayushman Bharat and how it represents a transformative change in the health system. He stated that more than 6 million people have been provided secondary and tertiary care and how this has brought the public and private sector together. He also stated the need to bridge the interaction between the medical community and the bio-tech community which was also emphasised by Dr Naresh Trehan, Chairman CII National Council on Healthcare & Chairman and MD Medanta – Medicity. Dr Trehan further spoke on how India took the initiative to create its own biotech ecosystem with the goal to take biotech to the global ecosystem.

Smt Kiran Mazumdar Shaw, Chairperson and MD, Biocon also emphasised how we are going to exceed the targets we have set and how Biotech has an impact on health and food security along with environmental sustainability. She spoke on the socio-economic impact that biotech has across demographics and how the entire spectrum is accruing of these benefits. She stated the need for the right enabling factors that need to be in place for India to prolifically patent its products. Shri Chandrajit Banerjee, Director General, CII also emphasised the importance of such a platform to show India’s strengths in this sector and to attract investment across this spectrum where both the sectors of Science & Technology and Healthcare are converging.