India's bioeconomy valued at $150 bn, innovation holds key to global leadership: BIRAC MD
India's biotechnology sector is witnessing remarkable growth, with the country's bioeconomy now valued at USD 150 billion but there is still significant untapped potential in innovation and product development, which could further elevate India's global standing in the sector, Dr Jitendra Kumar, Managing Director of the government's Biotechnology Industry Research Assistance Council (BIRAC), said. BIRAC is a not-for-profit public sector enterprise set up by the Department of Biotechnology (DBT) under the government that supports and promotes innovation, entrepreneurship, and research in the sector.
In an interview with PTI, Kumar highlighted India's significant contributions to global healthcare, with 40 per cent of the world's generic medicines being supplied by Indian companies.
«We have enormous potential and capability, but when it comes to the value of our bioeconomy, we are ranked 14th globally. This is because much of the value stems from patented, innovative products' — an area where India still needs to improve,» Kumar said.
«So that emphasis effort from the government and BIRAC side is to actually promote that which is why we will now be promoting innovations… that is why the biotech industry is concentrating on promoting new innovations and promoting and nurturing them,» he said.
To address this gap, BIRAC is emphasising innovation and nurturing startups through various programmes designed to convert academic research into marketable products.
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