Industry Report

India is among the top 12 destinations for biotechnology worldwide. The Department of Biotechnology (DBT), under the Ministry of Science and Technology, has placed great emphasis on developing an ecosystem for the development of excellence and research in a variety of biotechnology fields in India.

Bycreatingandusingavarietyof tools at its disposal, such as vaccines, antivirals, diagnostic tests, and other tools, the biotechnology industry has been at the forefront of the fight against the Covid-19 pandemic. The pandemic has assisted the country in setting up the ideal ecosystem for production, sourcing, and exporting medical devices and vaccines.

The number of biotech startup registrations has surged throughout the nation in 2021, with around 1,128 new startups registered,whichisthehighestin a single year since 2015. Estimatesputthetotalnumberof biotechnology startups at 5,365, as of 2021. The number of startups is expected to touch 10,000by2024.

India has 665 FDA-approved plants in the US; 44% of the global abbreviated new drug applications (ANDA) and more than 1,400 manufacturing plants, which are compliant with WHO’srequirements.Thecountry is also the world’s third-largest producer of recombinant Hepatitis B vaccine, and secondlargest producer of BT cotton (genetically modified pest resistantplantcotton).

Market Size:

The size of India’s bioeconomy is estimated to be at US$ 80.12 billion as of 2021, which is a 14.13% growth over US$ 70.2 billion in 2020. India’s bioeconomy contributes 2.6% to India’sGDP,asof2021.