From Biosciences to BioEconomy

Attending Global Bio India 2024 on 12th and 13th September in New Delhi, was an eye opener for me! Representing Ideaspring Capital , an early-stage venture capital firm, the conference offered a unique opportunity to engage with the burgeoning biotechnology and life sciences sectors in India. This event, organised by the Biotechnology Industry Research Assistance Council (BIRAC) served as a pivotal platform for stakeholders across the biotechnology landscape, including startups, corporates, investors, researchers, and policymakers. The conference not only showcased India's advancements in biotechnology but also highlighted the government's strategic initiatives, particularly the BioE3 Policy, aimed at fostering a sustainable bio-economy.

Overview of Global Bio-India 2024

Global Bio-India 2024 proved to be a landmark event in the biotechnology sector, featuring over 500 exhibitors, 1000+ startups and attracting more than 5,000 delegates from across the globe. The event provided a comprehensive overview of the latest innovations and trends in the biotech industry, including bio-pharma, bio-agriculture, and bio-industrial applications. It facilitated networking opportunities, across stakeholders, thereby enhancing collaboration within the ecosystem.

The conference included various sessions, including policy dialogues, startup pitches, and exhibitions showcasing cutting-edge technologies. I particularly enjoyed the session on “Steering New Generation Therapeutics”, moderated by Dr Ajith Kamath , External R&D head, Ex- Pfizer, which included some great insights from Dr. Gaurav Narula, Tata memorial Hospital, Mumbai and Dr. Shridhar Narayanan , co-Founder, Peptris Technologies .

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Participants and startups who wished to engage in discussions about funding opportunities and the commercialisation of biotech innovations attended the Master Forum. The MASTER FORUM (Mentoring and?Assistance for?Successful?Translational and?Entrepreneurial?Research) is a BIRAC initiative?to?provide essential support for early-stage ventures in transforming innovative research into market-ready products. The session was excellently moderated by Deepanwita Chattopadhyay , Chairman and CEO, IKP Knowledge Park and the conversation was largely around what investors like and do not like when a startup pitches to them. The panellists for the session were:

Mark Kahn , Managing Partner, Omnivore

Vish Viswanathan , CEO, Anikode Management Consultants

Rema Subramanian , Co-Founder and Managing Partner, Ankur Capital

Anand Govindaluri , CEO, Govin Capital

Vijay Kannan Vijayaraghavan.CMC.,FSTEM.,RTTP , Chairman, Sathguru Management Consultants

and myself ( Aniketh MJ , Ideaspring Capital )

The discussion emphasized the importance of discovering the right investors, having the right tools for entrepreneurial success, and the critical role of psychology in deal-making. Topics also covered the need for product IP, global scalability, and the significance of execution and long-term strategies in startups. India was highlighted as an ideal environment for building innovative products and gaining global exposure. The panelists agreed that although adoption is still in its early stages, execution remains key to long-term success in the entrepreneurial journey.

The BioE3 Policy: A Strategic Initiative

A significant highlight of Global Bio-India 2024 was the introduction of the BioE3 policy, which stands for Biotechnology for Economy, Employment, and Environment. This policy represents a strategic intervention aimed at harnessing biotechnology to address pressing global challenges with the key drivers of change being Climate Change, Unsustainable Material Consumption and Waste Generation.

Some of the Salient Features of the BioE3 Policy include:

• Innovation driven engagement and support to R&D and entrepreneurship across thematic sectors
• Accelerate technology development and commercialization by establishing bio foundries for biomanufacturing
• Prioritise regenerative bioeconomy model of green growth and job creation with ethical and biosafety consideration
• Harmonize regulatory reforms with global standards

The BioE3 policy focuses on 6 thematic sectors in specific, which can be seen below:

• Biobased Chemicals and Enzymes: The specialty chemicals market represents 22 per cent of India's overall chemicals and petrochemicals market and is valued at USD32 billion. In terms of trade, specialty chemicals account for a significant portion—more than 50 per cent of all chemical exports. Pursuing sustainable alternatives to conventional industrial processes has never been more urgent in mounting environmental challenges. Bio-based chemicals and enzymes are derived from renewable biological resources, such as plants, microorganisms, and agricultural waste. Unlike their petroleum-based counterparts, these bio-based products offer several advantages, including reduced greenhouse gas emissions, lower energy consumption, and minimal environmental impact. Enzymes, in particular, are highly specific biocatalysts that can drive chemical reactions under mild conditions, reducing the need for harsh chemicals and high temperatures. The shift towards bio-based chemicals and enzymes is not just a matter of environmental responsibility; it also presents significant economic opportunities. The global market for bio-based chemicals is expected to grow rapidly as industries recognise the potential for cost savings, improved efficiency, and enhanced sustainability. Moreover, this shift supports the development of a circular economy, where waste is minimised, and resources are continually reused, further reducing the environmental footprint of industrial activities. KCAT ENZYMATIC PRIVATE LIMITED , one of our portfolio companies is an early mover in this space and received a lot of interest for enzyme kits in their stall at Global Bio-India 2024.

• Functional Foods and Smart Proteins: Smart proteins are alternative protein sources which are nutritionally efficient and cause a reduction in resources required in traditional farming. Smart proteins lower the environmental footprint of intensive farming practices. In countries like India, where there is a high demand for protein-rich foods , smart proteins can prove to be a great solution as it helps in the creation of efficient and sustainable protein sources without over- dependence on non eco – friendly practices. One of our companies, Phyx44 Labs, is a precision fermentation derived Alt-Protein company based in India. Their work involves deep-tech innovation in synthetic biology to make nature-identical as well as Novel, Bespoke functional proteins and fats for replacing traditional sources. They are creating nature-inspired, microbe-created proteins & fats that consume far fewer resources (land, water) along with a low GHG footprint.

• Precision Biotherapeutics: Precision biotherapeutics, a subset of biotechnology, involves tailoring treatments to individual patients based on their unique genetic makeup. This personalized approach offers the promise of more effective and targeted therapies, particularly for complex diseases. Another one of our portfolio companies, Ambee , provides its customers with hyperlocal data on air quality and pollen concentration. This is essential to precision digital therapeutics. From triggers for smart inhalers to customized schedules for each allergy sufferer, Ambee data provides unmatched data accuracy and granularity.
• Climate-Resilient Agriculture: This involves supporting innovations that enhance agricultural productivity while minimizing environmental impact. Climate-resilient agriculture is an approach to agricultural practices that prioritizes adaptation to the impacts of climate change. It involves using techniques and strategies that help farmers and agricultural communities to withstand and recover from climate-related shocks and stresses, such as droughts, floods, and changing weather patterns. One of our portfolio companies, Okulo Aerospace has a long-term vision to build High Altitude pseudo satellites (HAPS) and are well positioned to do so given their expertise in solar-electric architecture for drones. HAPS can support precision agriculture by providing connectivity for IoT devices used in farming. This allows for better monitoring of crop health and resource management through data collection from aerial views. HAPS are also capable of conducting atmospheric studies and monitoring climate change by collecting data on air quality, weather patterns, and other environmental factors from a high vantage point.
• Carbon Capture and Utilization: Carbon Capture and Utilisation (CCU) is an emerging technology that aims to capture greenhouse gases such as carbon dioxide (CO2) from sources like power plants and convert them into fuels and building materials. Technologies like direct air capture, chemical looping and bioprocesses support CCU. DAC is a technology that uses chemicals in aqueous solutions to capture CO2 directly from the air, while chemical looping combustion utilizes oxygen carriers during combustion to separate CO2. Bioconversion use microorganisms to convert CO2 into biofuels, making it useful for CCU.
• Advanced Marine and Space Biotechnologies: Exploring the potential of biotechnology in marine and space applications, which could lead to groundbreaking discoveries and applications. On the marine front, we've looked at some really innovative startups that are using insects to develop commercially scalable applications in Shrimp aquaculture, plant bio stimulants and customization of defense peptides. On the space front, Ambee and NASA - National Aeronautics and Space Administration have a partnership on the PACE mission. The PACE mission will use the latest and most sophisticated technologies to provide unprecedented insight into Earth’s ocean and atmosphere, which impact our everyday lives by regulating climate and making our planet habitable.?Ambee has become an early adopter of the PACE mission’s data. PACE’s hyperspectral and polarimetric data will help Ambee enhance its air quality, pollen, and climate datasets. By using the aerosol data from the satellites, Ambee can improve the data availability, accuracy, and resolution of its environmental datasets.?

Conclusion

When we invested in Ahammune Biosciences Pvt. Ltd. from our first fund, it was our first foray into "Lifesciences". The journey with the team at Ahammune has been fantastic and has encouraged us to look at investing in more companies in the Lifesciences sector. With the advent now of the BioE3 policy and with extra emphasis being given to the 6 thematic sectors, we are particularly excited by the solutions being provided by many of our companies to address critical problems that the policy was drafted to address. The BioE3 policy is a timely initiative that aligns with global sustainability goals, making India an attractive destination for biotech investments. By fostering collaboration and innovation, the Global Bio-India 2024 and many more such events will undoubtedly play a crucial role in shaping the future of the biotechnology landscape in India and beyond.