Biotechnology industry in India: A sector overview & future prospects

The biotechnology industry in India has been experiencing swift development in recent years, with its sights set on achieving valuations of $150 billion by 2025 and $300 billion by 2030 based on its present worth of $92.3 billion.

Biotechnology combines two words, biology and technology, i.e., it is the field of harnessing living organisms and their products for various applications in health, agriculture, industry, and the environment. 

India possesses great promise to emerge as a leading global centre for biotechnology, owing to its rapidly growing bioeconomy sector, a large talent pool, robust research and development framework, and increasing governmental support. 

In this article, we will examine the current situation, the emerging trends, the promising opportunities of the biotechnology industry, and the biotechnology companies in India. 

Overview: Biotechnology industry in India 

India is one of the top 12 spots for biotechnology worldwide, and within the Asia Pacific area, it’s third. India’s Department of Biotechnology (DBT) works under the Ministry of Science and Technology. 

So, what is its mission? It wants to promote an ecosystem that fosters excellence and innovation in various biotechnology domains in India.

Due to these factors, India has developed into a prominent centre for bio innovation and biomanufacturing, designating biotechnology as a rising industry and an essential part of India’s aim to attain a $5 trillion economy by 2024.

India’s biotechnology sector comprises four sub-sectors: 

1. Biopharmaceuticals: India has established itself as a major provider of affordable drugs and vaccines globally. The country’s biopharmaceutical industry has played a large role in making essential medicines available at low costs to patients globally. In addition to generic drugs, India also has significant expertise in biosimilars.

2. Bio Agriculture: With its large-scale production of Bt-Cotton and its vast area of organic farmland, India is a global leader in both these forms of agriculture. Bio Agriculture, which includes Bt Cotton, marine biotech, pesticides, and animal biotech, has the potential to increase its contribution to the bioeconomy from $10.5 billion to $20 billion by 2025.

3. Bioindustrial: Biotechnology is transforming industrial processes and improving manufacturing and waste management across the nation. Various applications of biotechnology are optimising operations in multiple industries.

4. Bio IT & services: India has significant capabilities in the fields of bio IT and related services. The country has established itself as a major provider of contract manufacturing, handling various stages of clinical trials, as well as research activities. Many US FDA-approved pharmaceutical plants are located in India.

Also read: Automobile industry in India 

Industry scenario 

India’s bioeconomy industry aims to reach $300 billion by 2030, driven by domestic and global demand for biotechnology products and services.

With the help of government initiatives like Make In India and Aatmanirbhar Bharat, India’s biotechnology sector is witnessing fast growth, as they enhance local manufacturing and creativity.

India also has a strong presence in the global market, especially in vaccines and biopharmaceuticals, which are known for their high quality and affordability. India is a global leader in vaccine supply and supplies to more than 150 countries. India is also a top place for clinical trials and contract manufacturing. India’s biotechnology industry accounts for about 3% of the global market share.

The Department of Biotechnology’s Biotech-KISAN program supports sustainable and innovative agriculture solutions in India by creating 51 hubs that link Indian farmers, especially women farmers, with top scientists and institutions for soil health, irrigation, and new Agri-technologies advice and information.

Biopharma remains the largest segment of India’s bioeconomy, followed by bioindustry, bio agriculture, and bioIT & bioservices. The table below shows the percentage share and value of each segment.

Must read: The healthcare industry in India: An overview 

Industry trends 

• As a leading supplier of vaccines globally, India has benefited from various initiatives by the government. Programs like the Electronic Vaccine Intelligence Network, Mission Indradhanush, and the National Cold Chain Management Information System have provided crucial support.
• India has the most biosimilars globally, with over 127 of them approved for use. Experts say that India’s biologics and biosimilars market will grow very fast, reaching $12 billion by 2025.
• The Department of Biotechnology has always supported and boosted the biotechnology sector in India. Spe­cifically, they have establishe­d 9 large biotech parks across the country, 74+ Bio-Incubators and 4 Biotech Science Clusters.
• The DBT and World Bank program is aiming to strengthen India’s biopharmaceutical sector through a $250 million funding initiative. 

With a vision of developing the country’s technological and production capabilities in this important industry, the collaborative effort sought to help prepare domestic capabilities to support both product development and manufacturing.

Future of biotechnology in India

Biotech in India relies on innovation, entrepreneurship, cultivating local skills, and delivering cost-effective care. India has a long tradition of addressing diseases and has built considerable scientific know-how in avoidance and remedy. Both the requirement and provision of diagnostic and medical instruments in India are anticipated to develop substantially. 

Additional biotech incubators will nourish investigation and back novice enterprises, which are crucial for success in the Indian biotech part. The biotech industry can offer solutions to various areas, such as the environment, healthcare, agriculture, etc., thanks to its cross-disciplinary way of dealing with tackling complex issues. 

This developing field has enormous potential to enhance life in India and drive further development through creative remedies.

Also read: The renewable energy industry in India: A game-changer for the environment 

Top biotechnology companies in India

Here is the list of biotech companies in India.

Bottomline

Biotechnology is a diverse and dynamic field that has the potential to transform various sectors of the Indian economy and society. With its rich resources, talent, and innovation, India is poised to become a global leader in biotechnology, offering solutions for health, agriculture, industry, and the environment. 

The biotechnology industry in India is on a fast track to achieving its ambitious targets, contributing to the country’s vision of becoming a $5 trillion economy by 2024. India’s biotechnology story is one of resilience, excellence, and creativity, and it is only the beginning of a bright and promising future.