Biotechnology sector is recognized as one of the key drivers for contributing to India's USD 5 Trillion economy target. Indian Biotechnology sector is poised to grow exponentially over the next decade. Policy initiatives of the Government of India (GoI) such as Startup India and Make in India programs are aimed to develop India as a world-class Biotechnology and Bio-manufacturing hub. India is among the Top-12 destinations for biotechnology in the world and 3rd largest destination for biotechnology in Asia Pacific, with approximately 3% share in the global Biotechnology industry.
In 2022, India became the fifth-largest economy globally and is recognized as a top innovation economy in Central and Southern Asia, ranking 40th according to the Global Innovation Index (GII) Report 2023. The "Amrit Kaal Vision" for India@2047 targets a nominal GDP of $32.8 trillion, with a focus on employment-intensive sectors like manufacturing and services.
India is also actively promoting a circular economy, aligning with the goal of becoming a "Net Zero" carbon economy.The "Lifestyle for the Environment (LiFE)" campaign, initiated by our Honorable Prime Minister, encourages all to adopt environmentally friendly solutions across all aspects of life.
The Indian Biotechnology industry was valued at $93.1 billion in 2022, with expectations of reaching $300 billion by 2030. The Department of Biotechnology (DBT), Government of India, which is playing a pivotal role in realizing the sector's potential, aims to foster high-performance biomanufacturing to enable a circular bioeconomy. This approach combines scientific and technological advancements with public-private partnerships and international cooperation to drive innovation and green growth.
Global Bio-India 2023 is going to deliberate on the opportunities and key challenges in the areas of bio-manufacturing, capacity-building, clinical trials, drug discovery, regulation & policies creating global supply chains for achieving a growth-oriented road-map for the biotechnology sector in the country. Technical Sessions & Policy dialogues on topics of National & Global Importance, Bio- Partnering, Startup Pavilion, B2B meetings and Mega Biotech Exhibition by Startups & SMEs, Biotech Large Companies, BioIncubators, Bio-Services, are a few salient components of the event. The event also aims to showcase and identify key biotechnological innovations, products, services, technologies from national and international companies, start-ups and research institutes, as well as foster collaboration and funding opportunities for research and development
The focus of Global Bio-India 2023 will extend to Bio-Enablers, including Biomanufacturing Hubs and Bio-Artificial Intelligence (AI) Hubs and other platforms that will facilitate bio-transformation by providing access to infrastructure, scientific data, and advanced technologies such as AI and machine learning. The emphasis remains on biosafety, ethics, and inclusive growth as the sector looks to accelerate its entrepreneurial momentum.
The outlook for the biotechnology sector in India seems promising with strong government support for the country's expanding economy and dedication to sustainability and innovation.