INDIAN BIOTECH INDUSTRY

The most noticeable aspect of the living sciences is biotechnology. Simply said, biotechnology is a toolkit that allows us to use what we know about the natural sciences to develop solutions to many of the problems facing our planet today. We utilize biotechnology to produce medications and vaccines to fight sickness as well as to raise food to feed our families. Even biotechnology is being used to identify alternatives to fossil fuels for a better, healthier environment. India is one of the world's fastest expanding marketplaces for bioeconomy. According to Union Minister Jitendra Singh, India's bioeconomy would be worth 80 billion USD by 2022, having expanded eight times in the previous eight years. In 2021, there were 1128 biotech startups in total. As of December 31, 2022, India had about 5300 biotech startups. Over 25000 highly trained employment will be created thanks to an increase in investment in biotech companies from 10 crores INR in 2014 to 4500 crores INR in 2022. India's biotechnology sector is expected to reach $92 billion in 2023, up 15% from the previous year. In the last eleven years, the Indian Bioeconomy has seen a multiplication in valuation, with COVID-19 offering the sector a much-needed boost. Biopharma continues to make up the lion's share of the Indian bioeconomy. Biopharma made up 49% of the bioeconomy and contributed an estimated US$ 39.4 billion in overall economic output. The Indian vaccination market is anticipated to generate $3.04 billion in revenue by 2025.

The Indian government has consented to include a new program to promote pharmaceutical R&D in the Union Budget for 2023–2024. The Department of Biotechnology (DBT) was given US$ 162.7 million (Rs. 1,345 crore) in the Union Budget 2023–24 to support research and development, agricultural biotechnology, etc. The Department of Biotechnology has built Biotechnology Parks/Incubators to support the infrastructure needed to transfer research into goods and services across the nation. It offers facilities to researchers, small and medium-sized businesses (SMEs), and scientists for technological incubation, technology demonstration, and pilot plant studies for the country's accelerated commercial development of the biotechnology sector.

More than 2700 biotech companies are already operating in India's biotechnology sector, which is expected to grow to 10,000 by 2024. This sector aspires to give affordable access to high-quality medicines, improved diagnostic tools, and MedTech goods. Around 300 biotech firms from a variety of fields, including biopharma, genomics, agriculture, and industrial biotech, were recently on display at the Biotech Startup Expo 2022, which was recently held in India. ?The expansion of start-ups and the progress of research are essential to the success of the Indian biotech sector, and both will be facilitated by a rise in the number of biotech incubators.