Over the years, India, with other countries, has confronted irreparable changes to its climate, unprecedented exploitation of natural resources through unsustainable development paths, and social upheaval caused by high unemployment rates and inequality. Thus, the well-being of our current and future generations depends on how the countries may tackle these complex and interconnected socio-economic challenges.
Given the obstacles, government support for research and development and increasing investments from both domestic and international companies emerged as a dire need for nations to guarantee consistent growth and prosperity. This is where biotechnology appeared as a potential solution for a creative and resource-efficient economy due to its holistic nature. In fact, biotechnology in India is further divided into four sectors: biopharmaceuticals, bio-agriculture, bio information technology, and services.
The term ‘Biotechnology’ is coined as an amalgamation of biology with technology. Simply put, it is a field that creates new goods by utilizing biological processes, enzymes, and animals. Biotechnology is not a new field, it has been around for thousands of years. For instance, beer production using fermentation techniques is one of biotechnology’s oldest and most visible applications. Live organisms, such as yeast, are used in their natural form in this method to elicit a biochemical response in food products. And since its inception, the technique has stayed the same.
It is undeniably true that the advent of COVID-19 has had a significant impact on the biotechnology industry, just like every other sector. However, with the adoption of innovation, improvement in the manufacturing process, rising economic prosperity, increased health consciousness, and a billion-plus population base, the industry has witnessed significant growth and continuously striving for a new growth phase. According to IBEF, India has become one of the top 12 biotechnology destinations, contributing 3 to 5% of the worldwide biotechnology sector.
Though COVID-19 has wreaked havoc across businesses, simultaneously unrivalled various opportunities by assisting in setting up an ideal ecosystem for producing, sourcing, and exporting medical devices and vaccination. The government’s initiatives have also been instrumental in promoting the growth of the biotechnology industry in India. In this context, the Department of Biotechnology (DBT) under the Ministry of Science and Technology has actively promoted research and development in the sector. The government has also launched initiatives such as the Biotechnology Industry Partnership Program (BIPP) and the Biotechnology Ignition Grant (BIG) to financially support biotechnology startups and entrepreneurs. According to IBEF, in 2022, we will have over 5000 biotech startups, and it is expected to touch 10,000 by 2024. In addition to government initiatives, the biotechnology industry in India has also witnessed increasing investments from both domestic and international companies. According to the Government of India, investment in bio-economy surged 400 times from INR 10 crore in 2014 to INR 4200 crore in 2022, producing over 25,000 high-skilled jobs. The report highlights that the sector is expected to attract further investments due to the country’s skilled workforce, cost-competitive manufacturing capabilities, and favorable regulatory environment.
Moreover, biotechnology firms are increasingly developing products that incorporate a number of cutting-edge technologies. Many industries have witnessed growth in career prospects, including microbiology, DNA sequencing technology, bioinformatics, synthetic biology, and genetic engineering. As a result, India’s biotech industry has risen to become one of the most important industries in the country. Consider how India’s biotech industry has proliferated. Massive government investments, the availability of competent professionals, low-cost research tools, and the application of government rules have all contributed to its success. Thus, biotechnology will certainly improve many aspects of human life and will become a well-position sector in India.
The biotechnology industry in India has expanded quickly in recent years and is anticipated to grow further in the coming years. India offers a vast pool of experienced biotechnology personnel and solid research infrastructure, making it an appealing destination for biotech enterprises. Pharmaceuticals, agriculture, bioinformatics, and environmental biotechnology are some of the essential areas of growth in the Indian biotechnology industry. The Indian government has also shown its support for business through initiatives such as the Biotechnology Business Partnership Programme, which attempts to foster collaboration between academia and industry.
One of the issues confronting the Indian biotechnology industry is a lack of significant research and development funding. However, with a greater emphasis on innovation and entrepreneurship, the number of startups in the biotechnology sector in India has increased. Overall, the biotechnology industry in India has a bright future, with the potential for continuous growth and development in crucial areas such as healthcare, agriculture, and the environment. According to IBEF, India’s biotechnology industry will grow at a CAGR of 16.4% by 2025, reaching $150 billion (Rs 10,95,000 crores).
As the potential to modify human traits and capabilities both before and after birth grows, the sector is likely to encounter disagreement, if not conflict, over the limits and ramifications of changing human biology. Biotechnology may provide more control and predictability of human form and behavior, allowing for specialisation to provide compatibility with computer interfaces, for personal reproductive or performance advantage, or to accomplish sizeable social change. In addition, as the fastest expanding business, we may expect some people and societies to embrace new challenges.
In contrast, others will strive to regulate the availability of these possibilities to benefit or defend themselves and their supporters. Indeed, increased investment, government assistance, and startup expansion will undoubtedly increase the number of biotech incubators, which is critical for the biotech industry’s success. Thus, as different communities or countries battle with fundamental problems about human development and the environment over the next 20 years, biotechnology may become a component in divisive identity politics.
The writer, Nishant Patel, is Senior Business Manager, Quantumzyme
