INDIA

BIOECONOMY
REPORT
DECEMBER 2023

©BIRAC

This report has been prepared for “Make In India Facilitation Cell for
Biotechnology” of Biotechnology Industry Research Assistance Coun-
cil (BIRAC) by Association of Biotechnology Led Enterprises (ABLE).
The report is written by Narayanan Suresh, Chie Operating Ocer
of ABLE and Srinivas Rao Chandan, Editorial Consultant for ABLE
under the able guidance of Mr G S Krishnan, President, ABLE

02 | IBER 2023
CONTENTS
Bioeconomy Brilliance 04
Revised India Bioeconomy Estimates For 2020 And 2021 07
Foreword: Dr Jitendra Singh, Minister of State (Independent Charge)
of the Ministry of Science and Technology. 08
From DBT Secretary’s Desk: Dr Rajesh Gokhale, Secretary,
Department of Biotechnology (DBT) and Chairman, BIRAC 10
IBER 2023 Research Methodology 12
Executive Summary 18
Key Highlights Of India’s Bioeconomy 19
Regional & Sectoral Analysis 20
Startups 22
Biotech Investment Landscape 23
BioEconomy Projections 2030 28
Overview 33
India’s BioEconomy Booms 34
Key Segments & Subsegments 38
Regional Overview 42
Future Forecast 43
Startup Ecosystem 45
Biotech New Startups in 2022 46
Top states for New Startups 50
Analysis of Cumulative Startups 52
Regional & Sectoral Analysis of Cumulative Startup Base 53
BIRAC’s Initiatives 55
Biotech Investments 57
Key Insight 58
PE Investments by State 62
Top Deals 64
Innovation Ecosystem 69
Empowering Emerging Biotech Enterprises 70
Dynamic Landscape of Bioincubators 74
New BioClusters 80
New Product Releases in 2022 86
Policy Framework 97
Regulatory Developments 98
BioMedical Policy 100
BioIndustrial Policies 101
Biotech Policies in Various States 102
Key Biotech Developments in 2022 110
Forecast & Recommendations 115
Outlook and Conclusions 116
Leader’s Insights 120
Acknowledgements and Sources 122

03 | IBER 2023
01
$28 MILLION DAILY IN BIOAGRI BIOECONOMY
The cotton crop production for the year stands at 34.2

02
million bales, making a substantial contribution to the
BioAgricultural bioeconomy valued at $10.23 billion. On
a daily basis, this translates to approximately $28.05
million, showcasing the consistent economic output of Bt
cotton within the BioAgri sector. Monthly, the cotton crop
production reaches around 2.85 million bales, contributing
$30 MILLION BIOECONOMY FROM
significantly to the monthly BioEconomy of the BioAgri
DAILY DIAGNOSTICS TESTS:
sector, which amounted to $852 million.
In 2022, the diagnostic market
in India witnessed robust
growth, buoyed by favorable

BIOECONOMY
macroeconomic conditions.
The total bioeconomic value
of Diagnostics, excluding
medical devices, surged to

BRILLIANCE
$10.8 billion. India conducted
approximately 600-700 million
diagnostics tests annually,
with a notable daily average
of almost 2 million tests. The
A Glance at India’s monthly value of diagnostics
within the BioEconomy reached
Top 10 Triumphs in 2022 $0.9 billion, marking a 1.5-fold
increase from 2018. Including

03
medical devices, the daily value
of the diagnostics BioEconomy
amounted to $52.60 million,
equivalent to a monthly value
of $1.6 billion.
$38 MILLION DAILY VACCINES BIOECONOMY
The BioPharma Vaccines (non-Covid alone) market
makes a significant daily contribution of approximately
$38 million, underscoring its substantial impact on the
biopharmaceutical sector. On a monthly basis, this market
adds around $1.16 billion, highlighting its critical role in
public health and reinforcing India’s position as a key player
in vaccine development and distribution. India notably
leads global vaccine supply by volume, producing nearly 2
billion doses annually.

04 | IBER 2023
034
$46 MILLION DAILY IN BIOTHERAPEUTICS
BIOECONOMY
06 $73 MILLION DAILY IN THE BIOETHANOL ECONOMY
India’s ethanol production capacity has surged
to 947 crore liters, more than doubling from the
2020 level of 427 crore liters, marking a growth
of 2.22 times. The government’s objective is to
achieve a 20% blending of ethanol with petrol by
The BioPharma - Therapeutics segment 2025 through the Ethanol Blended Petrol (EBP)
commands an annual value of $16.8 Program. The comprehensive Bioeconomy value,
billion, showcasing its strong presence in encompassing Biofuels, Potable alcohol, and
the broader biopharmaceutical industry. alcoholic beverages, amounted to $26.4 billion.
On a daily basis, this sector generates The monthly average for the Bioethanol economy
approximately $46.03 million in the alone stands at $2.2 billion.
BioEconomy. Monthly, the BioPharma -
Therapeutics segment contributes around
$1.4 billion, emphasizing its substantial
role in shaping the industry.
07 5 SECTORS GENERATE $1 BILLION MONTHLY BIOECONOMY
Bioethanol Economy ($2.2 Billion Monthly)
Diagnostics BioEconomy ($1.6 Billion Monthly)
Biotherapeutics BioEconomy ($1.4 Billion
Monthly)
Enzymes (Poultry and Aqua) BioEconomy ($1.47
Billion Monthly)
Vaccines BioEconomy ($1.16 Billion Monthly)

08 $938.8 MILLION RECORD-BREAKING PEVC CAPITAL

In 2022, the biotech industry witnessed a
remarkable surge in Private Equity (PE) and

05
Venture Capital (VC) investments, reaching a
record-breaking $938.8 million—an outstanding
19% growth in private equity investments
compared to the previous year.

$48.22 MILLION BIOECONOMY CONSIDERATION

OF ENZYMES (POULTRY AND AQUA)
Enzymes play a crucial role in both
Poultry and Aqua (Shrimp) bioindustries,
contributing to their respective annual
09 1391 NEW BIOTECH STARTUPS IN 2022
In 2022, 1391 new biotech startups joined
the ecosystem, bringing the 10-year total to
6,755. This marked a significant chapter in
BioEconomies of $10.3 billion and $7.3 entrepreneurship with a remarkable 29.8% CAGR.
billion. These segments together form The cumulative base grew to 6,755 from 732
a robust $17.6 billion in BioEconomy, startups in 2015—an impressive multiple of
equating to $48.22 million daily or $1.47 almost 9.2 times in just seven years.
billion per month. The use of enzymes
enhances feed efficiency, digestion, and
overall health in both poultry and aqua
farming operations, emphasizing their
10 50+ NEW PRODUCTS UNVEILED
The past year marked a wave of innovation
with the introduction of nearly 50 cutting-edge
integral role in sustainable BioIndustrial products in the expansive life sciences and
practices. healthcare domain.

05 | IBER 2023
 BIOECONOMY BRILLIANCE

HIGHLIGHTS $28 Million

Daily in
BioAgri
BioEconomy
$30 Million
BioEconomy
from Daily
Diagnostics
$46 Million Tests:
Daily in $38 Million
Biotherapeutics Daily
BioEconomy Vaccines
$48.22 Million BioEconomy
BioEconomy
Consideration
of Enzymes
(Poultry and
5 Sectors Aqua)
generate $73 Million
$1 Billion Daily in the
Monthly Bioethanol
BioEconomy Economy
$938.8 Million
Record-breaking
PEVC Capital

1,391
New Biotech 50+
Startups in New Products
2022 Unveiled

06 | IBER 2023
 BIOECONOMY BRILLIANCE

REVISED INDIA BIOECONOMY ESTIMATES FOR 2020 AND 2021

India BioEconomy Report 2023 (IBER, As a best practice, the data for this seg-
2023) presents the latest numbers for the ment the previous two years too has been
performance of India’s BioEconomy in the revised and hence the India BioEconomy
calendar year 2022 (January to December). numbers for the years 2020 and 2021 too
These numbers are signicantly higher have been readjusted with the latest esti-
than the projections that were made for mates. The newly added data pertains to
2022 in the previous edition of India Bio- our estimates of biotech-related compo-
Economy Report 2022. nents used in the manufacture of Pota-
ble and Industrial Alcohol, Poultry Feed,
The signicant increase in India’s BioEco- Shrimp, Textiles, Biscuits, and Vegetable
nomy value for 2022 is due to the inclusion Oil (Rice Bran). The updated estimates
of several categories of products in the Bio- now comprehensively capture the signi-
Industrial segment that use a key biotech cant impact of the BioIndustrial segment,
product, enzymes, in a variety of ways to emphasizing its contribution to a greener
enhance its performance, use as catalysts world through biotech-derived processes.
in the manufacture many other products
as the country strives to incorporate more The BioEconomy estimates and projec-
sustainable processes in the entire value tions or uture years too will refect the
chain of such products. In the past reports addition of the performance of these prod-
these aspects of enzyme use and their crit- uct categories. No changes have been
ical role in several product categories were made in the estimates of other major seg-
underplayed due to non-access to some ments of BioEconomy such as BioPharma,
of the related data. This data gap has now BioAgri, BioIndustrial, and BioServices. All
been bridged after a lot of discussion with revisions are related to the BioIndustrial
the experts engaged in this segment. segment.

BIOECONOMY FIGURES IN INDIA: 2020-2022 ($ BILLION)

REVISED
SEGMENT 2020 2021 2022 2020 2021 2022
BIOPHARMA 38 39.4 49.8 38 39.4 49.8
Vaccines 12.5 8.7 14.0 12.5 8.7 14.0
Therapeutics 7.5 10.3 16.8 7.5 10.3 16.8
Diagnostics 18 20.4 19.0 18 20.4 19.0
COVID Economy 5.5 14.6 7.7 5.5 14.6 7.7
Covid Vaccines 0 8.7 5.7 0 8.7 5.7
Covid Testing 5.5 5.9 1.9 5.5 5.9 1.9
BIOAGRI 11.1 10.5 11.5 11.1 10.5 11.5
Bt Cotton 10.1 9.6 10.2 10.1 9.6 10.2
BioPesticides 1 0.9 1.2 1 0.9 1.2
BIOIndustrial 5.1 10.3 14.1 20.9 36.4 59.0
Enzymes 2.6 4.3 7.3 18.4 30.4 52.3
Source: ABLE Analysis

Biofuels 2.5 6.0 6.8 2.5 6.0 6.7

BIOIT/Research Services 10.5 5.4 9.3 10.5 5.4 9.3
TOTALS ($Billion) 70.2 80.1 92.3 86.0 106.3 137.2

07 | IBER 2023
 FOREWORD

India’s $ 137 billion BioEconomy is

Unleashing Innovation, Transforming
Health, and Paving the Path to ‘Amrit
Kaal’”

I am thrilled to share the good news that

India’s BioEconomy has experienced
a remarkable surge of 29 percent, sur-
passing the signicant milestone o $100
billion. Our BioEconomy has reached an
impressive $137.2 billion in 2022. Each
month, our BioEconomy has contributed
$11.4 billion to the national GDP. India’s
BioEconomy now accounts for nearly 4%
of our $4 trillion national Economy. The
innovation ecosystem continues to four-
ish, and we aspire to become one of the
Dr. Jitendra Singh top 5 Global Bio-manufacturing Hubs
and among the top 10 biotechnology des-
Union Minister of State (Independent Charge), Science
tinations globally.
& Technology, MoS PMO, Personnel, Public Grievances,
Pensions, Atomic Energy and Space, Government of India Under the visionary leadership of Hon’ble
Prime Minister Shri Narendra Modi ji, our

INDIA’S $ 137 BILLION

Bioeconomy has witnessed a double-digit
year-on-year growth rate for the past nine

BIOECONOMY IS
years. In 2014, our bioeconomy stood at
$10 billion; today, it has grown to $137

UNLEASHING INNOVATION,
billion, and is expected to achieve $300
billion by 2030.

TRANSFORMING HEALTH, The rise of Biotech Startups is pivotal

AND PAVING THE PATH TO

for our future economy. These startups
have experienced remarkable growth,

‘AMRIT KAAL’”
increasing from just about 50 in 2014 to
over 6,756 in 2022. I am happy to see that

08 | IBER 2023
in 2022, a total of 1,391 biotech startups Biotechnology has emerged as a trend-
were incorporated in the country. This ing career option among our youth, with
means on an average, every day in 2022, tools like Synthetic Technology, Genome
four biotech startups were formed in the Editing, Microbial Bioresources, and Met-
country. abolic Engineering gaining increased
attention.
As our industry friendly policies perco-
late to all sectors, biotechnology too has Hon’ble Prime Minister Modi ji’s vision
beneted immensely. Nearly a billion o Atmanirbhar Bharat has signicantly
dollar was invested in the industry in infuenced our vaccine strategy, exempli-
the country. As the national progresses ed by Mission Suraksha, ostering col-
towards the “Zero carbon” state, we pro- laboration among pharma, industry, and
duced a record 443 crore litres of biofu- academia. Our scientic achievements,
els in 2022, enabling to reach the 10% including Chandrayaan-3 and the devel-
blending target, and thus saving nearly $ opment of DNA vaccines, have elevated
8 billion in foreign exchange. We are con- our scientic raternity recognition to a
dent o achieving the 20% blending tar- global level. India is now acknowledged
get by 2030 as the industry delivers with as the vaccination hub of the world.
increased production capacities using
indigenous technologies and raw materi- It is time for broader synergy among all
als. professions to achieve the “Amrit Kaal”
goals over the next 25 years. Our col-
Biotechnology, being the technology of lective efforts and advancements in the
tomorrow, can leverage our wealth of biotechnology sector underscore India’s
bioresources, unique biodiversity in the potential as a global player in the eld.
Himalayas, and a vast 7,500 km-long
coast line. Initiatives like Samudrayaan, I am very happy to note the signicant
exploring biodiversity beneath the seas, achievements of the national BioEco-
highlight our commitment to harness- nomy has been recorded in the India
ing our bioresources. The Department BioEconomy Report 2023, brought out
of Biotechnology (DBT) supports R&D by the Make in India cell of the DBT-Bio-
innovations and Bio-manufacturing in technology Industry Research Assistance
Advanced Biofuels and ‘Waste to Energy’ Council (BIRAC) in association with the
technologies, foreseeing a green and sus- Association of Biotechnology Led Enter-
tainable future. prises (ABLE).

09 | IBER 2023
 FROM DBT SECRETARY’S DESK

The journey of India’s BioEconomy is

indeed a fascinating tale of growth, inno-
vation, and global impact. This year, in
the dynamic landscape of India’s BioEco-
nomy, ve key sectors have emerged as
robust contributors, collectively gener-
ating over $1 billion each month. These
sectors, namely Diagnostics, Bioethanol,
Vaccines, Biotherapeutics, and Enzymes
showcase diversity and resilience, shap-
ing India’s economic narrative. These ve
sectors collectively underscore the mul-
tifaceted strength and economic impact
of India’s BioEconomy. Beyond their
BioEconomic contributions, they strate-
gically position the nation in the global
biopharmaceutical and bioindustrial are-
nas.

The year 2022 has seen a rise in Pri-

vate Equity (PE) and Venture Capital
(VC) investments in the biotech indus-
try, reaching a record-breaking $938.8
million—a 19% growth compared to the
FROM DBT previous year. The entrepreneurial land-
scape has also fourished, with 1391 new
SECRETARY’S DESK biotech startups joining the ecosystem,
marking a signicant chapter in innova-
Dr Rajesh Gokhale tion.

Secretary, Department of Biotechnology (DBT) Though the concept of BioEconomy

and Chairman, BIRAC is a recent phenomenon, the world is
increasingly realizing that the impact of
various biotechnological tools goes far
beyond just the products and services.
The impact of bio-based products cuts
across many segments of any economy,
be it food, fuel, health care, agriculture,
environmental sustainability or clothing,
and many production processes utilizes
green chemicals to lessen the adverse

10 | IBER 2023
impact on the environments. network with 75 bio-incubators across 21
states/UTs, supporting 1,800+ incubates.
As the word ‘BioEconomy’ gained atten- Funding initiatives like the ‘Biotech Igni-
tion in many large bio-based economies, tion Grant-in-aid, Equity Fund, SBIRI,
the impact of biotech-based products and BIPP and investment through Fund of
services has become evident. The rst Funds-AcE Fund further bolster biotech
India BioEconomy Report (IBER) was innovation in the country.
brought out in 2016 and since then updat-
ed annual versions have been released to This year’s India BioEconomy Report
capture the tremendous transformation. (IBER, 2023) has given insights revealing
the brilliance of India’s BioEconomy. This
The Department of Biotechnology since its annual report has been prepared by the
inception has been providing an enabling Make in India Facilitation Cell of BIRAC
ecosystem to promote biotechnology with research support from the Associ-
research and improve capacity building ation of Biotechnology Led Enterprises
across the country. The emphasis has (ABLE).
been on fostering cutting edge-research
and innovation, with strong emphasis on An attempt has been made to accurately
translation research. Through its various capture some of the key economic activ-
initiatives towards promoting innovative ities that rely signicantly on biotech
research, empowering people, building products such as enzymes and other
world class infrastructure and supporting bio-based materials in this edition of the
public-private partnership, the Depart- report. Inclusion of a big chunk of bio-
ment has made a huge impact on Indi- based product segments in this report
an agriculture, healthcare, industry, and that was not covered in previous editions
environment on one hand, while raising has accounted for more than $ 40 billion
global standing of India in the sphere of in value.
biotechnology on the other.
The overall BioEconomy has surged to
For example, under the National BioPhar- an impressive $137.2 billion in 2022. It
ma Mission, 15 vaccine candidates and 4 is gratifying to note that the report incor-
related technologies for various diseases porates segments such as Aqua, Poultry,
are underway. Additionally, 21 Biosimilar Ethanol, and Food Enzymes, besides oth-
products for diseases like Diabetes and er emerging areas, to derive the gures.
Cancer, along with 29 Medical Devices & This alignment with BioEconomy deni-
Diagnostics, have received support. tions signies a positive trend towards
data harmonization. It is our vision that
The government, through BIRAC, cham- India’s BioEconomy reaches $300 Billion
pions biotech innovation, supporting over by 2030 and accounts for 5-6% share of
4,800 startups and entrepreneurs. It has India’s GDP. I congratulate team for this
established a robust biotech innovation timely report.

11 | IBER 2023
 RESEARCH METHODOLOGY

HOW INDIA BIOECONOMY

NUMBERS EMERGE
The India BioEconomy Report 2023 provides an in-depth analysis of the economic impact of
biotechnological advancements across diverse sectors. The methodology employed involves the
calculation of BioEconomy values for different segments, similar to the structure outlined in the US
National BioEconomy Blueprint. BioEconomy numbers are derived from the total economic value
created by the basic biotech product. The calculations vary for each product category.

US BIOECONOMY DEFINITIONS
U.S. BIOECONOMY
Economic activity that is driven by research and innovation in the life
sciences and biotechnology, and that is enabled by technological advances
in engineering and in computing and information sciences

AGRICULTURAL BIOMEDICAL BIOINDUSTRIAL

Criteria for inclusion include the Criteria for inclusion include any Criteria for inclusion include
use of: medical products, or services products or chemicals produced
(i) Genetic engineering when resulting from research and using a biosynthetic route
creating a strain or seed development, or innovation, in utilizing recombinant DNA
(ii) Advanced molecular biology life sciences technology
technique for marker-assisted
breeding programs
(iii) Large informatics databases EXAMPLES EXAMPLES
and computational techniques Bio-based chemicals, Bio-based chemicals,
for either breeding applications biofuels, bio-based biofuels, bio-based
or enhanced land use plastics plastics
capabilities

EXAMPLES
Genetically modified
crops/animals,
precision agriculture

TOOLS, KITS, AND SERVICES

Criteria for inclusion include tools, kits, and services that support or enable
the advancement of biotechnology or life science research

EXAMPLES
Life sciences or biotechnology-related software and
databases, specialized equipment or instruments for use in
the bioeconomy (e.g., pipetting robots, mass spectrometers,
DNA sequencing and synthesizers), bioscience patent lawyers

Sources: Adapted from Figure 2-2, National Academies of Sciences, Engineering, and Medicine Safeguarding the Bioeconomy

12 | IBER 2023
 RESEARCH METHODOLOGY

BIOECONOMY DEFINITIONS AND SCOPE VARIABILITY

IN A GLOBAL CONTEXT
The term ‘bioeconomy’ lacks a stan- These visions are not mutually exclusive,
dardized denition, with variations and a nation’s bioeconomy scope often
infuenced by a nation’s technological refects a combination o these perspec-
capabilities, natural resources, and eco- tives.
nomic policies. Despite this variability, all
denitions perceive the bioeconomy as a HOW OTHER COUNTRIES’ DEFINITIONS BIOECONOMY
crosscutting force encompassing sectors Germany: Production, exploitation,
such as agriculture, textiles, chemicals, and use of biological resources across all
energy, and pharmaceuticals. economic sectors.

The National Academies of Sciences, Italy: Integration of sustainable pro-

Engineering, and Medicine (NASEM), duction of renewable biological resourc-
USA, identies three visions characteriz- es into value-added products like food,
ing bioeconomy denitions: feed, bio-based products, and bioenergy.

Biotechnology Vision: Focuses on activi- Japan: Expansion of a sustainable and

ties centering around DNA manipulation, renewable circular economy through
molecular-level production processes, biotechnology and renewable biological
commercialization, and the development resources.
of new products through biomanufactur-
ing. United States: Infrastructure, inno-
vation, products, technology, and data
Bioresource Vision: Involves convert- derived from biologically-related pro-
ing biomass and biological materials into cesses driving economic growth and
power sources or new products like bio- societal benets.
plastics and biofuels.
The U.S. lacks an ocially accepted
Bioecology Vision: Emphasizes eco- denition, with NASEM proposing a
logical processes optimizing energy and denition ocused on lie sciences, bio-
nutrient use, promoting biodiversity, and technology, and technological advances
avoiding monocultures and soil degrada- in engineering and computing.
tion.

13 | IBER 2023
 RESEARCH METHODOLOGY

BIOECONOMY DEFINITIONS IN THE INDIAN CONTEXT

India covers the main subsectors of the bioeconomy:

BioPharma or BioMedical: This sub- use in the bioeconomy, and bioscience

sector includes the development and patent lawyers, and services.
production of medical products and ser-
vices, such as pharmaceuticals, medical MEASUREMENT OF INDIA’S BIOECONOMY
devices, and lab-grown organoids. Diag- The comprehensive methodology cap-
nostic reagents and tests are also includ- tures the intricate value chains in each
ed. Key areas of focus in the biomedical sector, showcasing the diverse contribu-
subsector include Cancer immunother- tions of biotechnology to India’s economy.
apy, Gene editing, Precision medicine, The calculations emphasize the evolving
Regenerative medicine, Biologics, Bio- nature o the eld and provide a ounda-
similars, etc.. The terms “BioPharma” or tional understanding of the BioEconomic
“BioMedical” are interchangeably used to landscape in 2023.
refer to the broader category encompass-
ing Biopharmaceuticals, Medical Devices, BIOAGRI AND BIOINDUSTRIAL CALCULATIONS FOR BT
MedTech, and Diagnostics. COTTON:
Utilizing Government of India data, the
BioAgri: This subsector includes the BioEconomy value of Bt cotton is calcu-
development and production of geneti- lated using three methods, with a focus
cally modied crops and animals, pre- on cotton textiles.
cision agriculture technologies, and
bio-based products. Bt Cotton is the sin- Method A: Average market price of cot-
gle largest crop. ton produced in the country multiplied
by the average price per bale of cotton.
BioIndustrial: This subsector includes
the development and production of bio- Method B: Based on the nished prod-
based chemicals and products using uct, estimating the BioEconomy in tex-
enzymes, biosynthetic routes, and tiles.
recombinant DNA technology. Biofuels,
bio-based plastics, Biomass conversion Method C: Considering the value of
activities, Biogas, Enzymatic applications India’s total textile markets.
in the alco-beverages sector, microbial
enzymes in baking, dairy industry, starch For IBER, Method B was chosen to bifur-
industry, feed enzymes for shrimp, poul- cate the value between BioAgri and BioIn-
try, laundry, and washing detergent dustrial segments.
enzymes have been considered. The bio-
industrial subsector is a relatively new BIOINDUSTRIAL BIOECONOMY CALCULATIONS
and emerging subsector in the calcula- BioFuel: The calculated economic
tion of the BioEconomy of most countries. value of BioFuel is $6.7 billion, encom-
passing biofuel, bio-plastics, and bio-
BioResearch & BioIT (BioServices): gas. This calculation is derived from
Contract Research, Clinical Research data provided by the Ministry of Con-
and trials, Drug Discovery Services. BioIT sumer Affairs, Food & Public Distribu-
includes life sciences or biotechnolo- tion, Indian Sugar Mills Association,
gy-related software and databases, spe- and Oil Marketing Companies. India’s
cialized equipment or instruments for ethanol production capacity, intend-

14 | IBER 2023
 RESEARCH METHODOLOGY

ed for blending with petrol and other BioEconomy Calculations are also
purposes, stands at approximately 947 based on various reports by Econo-
crore liters, comprising 619 crore liters mists to measure the true economic
of molasses-based production capac- value of any product.
ity and 328 crore liters of grain-based
production capacity. Nearly 46 percent For example, take an SUV that a buy-
of this capacity is allocated for blended er gets it from, say Hyundai, for Rs
ethanol. 20 lakh

Potable & Industrial Alcohol contrib- Of this price, the actual invoice from
utes $14.52 billion to the BioEconomy. Hyundai will be just about Rs 10
The calculation considers a total of 432 lakh. That is the price realized by
crore liters of ethanol, based on estimates Hyundai and this further includes
of the total ethanol production capacity. excise duty etc.
The BioEconomy value is determined at
40 percent of the average price per liter The balance 10 lakh is various state
and central taxes, insurance, regis-
BIOECONOMIC VALUE OF BIOSERVICES: tration charges etc. So if one adds
The BioServices segment, including Con- only the revenues of all automobile
tract Research Services (CRO) and BioIT, manufacturers and importers, it will
is conservatively valued by considering give only half the actual picture.
the revenues of the CROs and IT compa-
nies with life science practices. Various estimates indicate that
the lifetime value creation of a car
BIOECONOMY VALUATION OF BIOPHARMA bought for Rs 20 lakh will be at least
Vaccines: The BioEconomic value of 3X or Rs 60 lakh over an assumed
vaccines, encompassing both human and lifetime of 10 years. The manufac-
animal categories, is calculated by multi- turer captures only about 16.6 % of
plying the overall vaccine supplies with the value created by a car. Rest of it
the weighted average price per dose. is garnered by fuel makers, acces-
sories, local governments as taxes,
Therapeutics, biosimilars, etc.: This insurance, tourism and other sec-
is measured based on the data insights of tors beneted by the mobility given
EY & IQVIA, import and export data. to the owner, infrastructure provid-
ers like road construction compa-
MedTech BioEconomy Calculations: nies, toll collection agencies, and so
The MedTech BioEconomy is valued at on.
tests and the medical devices’ revenue
size. Similar attempts are made to capture
the full economic value of various
biotech products. It is an evolving
eld.

15 | IBER 2023
EXECUTIVE
SUMMARY
EXECUTIVE
SUMMARY
India’s BioEconomy - A Powerhouse
of Innovation and Growth

India’s BioEconomy experienced robust

growth in 2022, surging by 29% to reach
a substantial value of $137.24 billion.
This sector, encompassing economic
activities derived from biological
resources, played a pivotal role in India’s
economy, contributing 4% to the gross
domestic product (GDP) and employing
over 2 million people. The growth
was propelled by escalating demand
for bio-based products and services,
supportive government initiatives, and
decreasing costs in biotechnology and
biomanufacturing.

18 | IBER 2023
 EXECUTIVE SUMMARY

KEY HIGHLIGHTS OF INDIA’S BIOECONOMY

11.47
BIOAGRI
BIOECONOMY
$137.24 BILLION 9.29
BIOIT RESEARCH
CY 2022 ($ Billion) SERVICES

58.97 49.79 7.66

BIOINDUSTRIAL BIOPHARMA
COVID ECONOMY
Source: ABLE Analysis

India’s BioEconomy stands as a diverse 3. BIOAGRI

and integrated force, with distinct seg- MARKET SIZE: $11.47 BILLION
ments contributing to its overall growth PERCENTAGE SHARE: 8%
and impact. From the dominance of BioIn- Focus on agriculture, including Bt Cot-
dustrial and Biopharma to the expanding ton, pesticides, and other agricultural
horizons of BioAgri and BioITResearch biotechnologies. Potential or signicant
Services, the sector showcases resilience growth with the impetus on circular
and adaptability, especially in the chal- economy practices in the sector.
lenging times of the COVID Economy.
This executive summary provides stake- 4. BIOIT RESEARCH SERVICES
holders with a comprehensive overview MARKET SIZE: $9.28 BILLION
of the current state and future potential PERCENTAGE SHARE: 7%
of the BioEconomy. Growing importance of Information
Technology in the biotech sector, strong
1. BIOINDUSTRIAL presence in CROs, CDMOs, and BioIT ser-
MARKET SIZE: $58.97 BILLION vices. Forecasted to quadruple, reaching
PERCENTAGE SHARE: 43% $26.6 billion, refecting the critical role o
Dominant player with the highest mar- IT in biotech advancement.
ket share, diverse applications including
enzymes, biofuels, and industrial bio- 5. COVID ECONOMY
technology. Growth driven by the Prime MARKET SIZE: $7.66 BILLION
Minister’s vision of Atmanirbhar Bharat PERCENTAGE SHARE: 6%
and emphasis on energy independence Refects the impact and adaptation during
by 2047. the COVID-19 pandemic. Notable con-
tributions from COVID Vaccines, testing,
2. BIOPHARMA and related services indicate resilience
MARKET SIZE: $49.79 BILLION and adaptability within the BioEconomy
PERCENTAGE SHARE: 36% during global challenges.
Substantial contribution to the BioEcon-
omy, biosimilar products gaining global 6. TOTAL BIOECONOMY
acceptance, expected growth to nearly MARKET SIZE: $137.17 BILLION
$63 billion by 2025, refecting a promis- PERCENTAGE SHARE: 100%
ing trajectory. Comprehensive overview of the com-
bined contribution of major segments,
demonstrating the diverse and integrat-
ed nature of the BioEconomy.

19 | IBER 2023
 EXECUTIVE SUMMARY

REGIONAL AND SECTORAL ANALYSIS OF

BIOECONOMY & BIOTECH STARTUPS
REGIONAL OVERVIEW OF INDIA’S BIOECONOMY
The BioEconomy in India thrives as a collaborative effort, with various states emerging as
key contributors to the sector’s growth, innovation, and sustainability. Maharashtra, Kar-
nataka, and Telangana lead the charge, showcasing diverse strengths in biotechnology,
research, pharmaceuticals, and the BioIndustrial sectors.

TOP STATES BY ECONOMY

37.46

27.71

16.74 16.41
11.02 10.32 10.08
7.5

MAHARASHTRA KARNATAKA TELANGANA GUJARAT UTTAR PRADESH DELHI ANDHRA PRADESH OTHERS

Source: ABLE Analysis

LEADERS IN BIOECONOMY CONTRIBUTION BY SHARE ($ MILLION)

1. MAHARASHTRA Share: 8% | BioEconomy Contribution: $10.32 Billion
Share: 27% | BioEconomy Contribution: $37.46 Billion Diversified contributions, including agriculture and
A leading state with substantial contributions, healthcare, driving BioEconomy growth.
emphasizing diverse bio-based sectors. Leading in both 6. DELHI
share and actual BioEconomy value. Share: 7% | BioEconomy Contribution: $10.08 Billion
2. KARNATAKA Notable contributions from the research and
Share: 20% | BioEconomy Contribution: $27.71 Billion healthcare sectors, leveraging the capital’s resources.
Prominent in biotechnology and research, making 7. ANDHRA PRADESH
significant contributions to the national BioEconomy. Share: 6% | BioEconomy Contribution:
3. TELANGANA $7.5 Billion
Share: 12% | BioEconomy Contribution: $16.74 Billion Andhra Pradesh has been the anchor of aquaculture
Notable contributions from the pharmaceutical and in India; generates 70% of India’s BioIndustrial shrimp
biotech sectors, fostering innovation. bioeconomy
4. GUJARAT 8. OTHERS
Share: 8% | BioEconomy Contribution: $11.02 Billion Share: 12% | BioEconomy Contribution:
Strong emphasis on BioIndustrial applications and $16.41 Billion
sustainable practices. Cumulative contribution from other states,
5. UTTAR PRADESH highlighting the collective strength of diverse regions.

These leading states underscore the collaborative nature of India’s BioEconomy, each
bringing unique strengths to the table. The distributed contributions from Maharashtra’s
diverse sectors, Karnataka’s prowess in biotechnology, and Telangana’s innovation in
pharmaceuticals collectively shape the dynamic landscape of the national BioEconomy.
The comprehensive overview serves as a guide or stakeholders, showcasing the signi-
cant regional players and their distinct contributions to India’s fourishing BioEconomy.

20 | IBER 2023
 EXECUTIVE SUMMARY

TOP 10 STATES FOR NEW STARTUPS (2022)

The entrepreneurial landscape in India witnessed dynamic growth in 2022, with start-
ups emerging as key drivers of economic development. Maharashtra, Karnataka, and
Telangana led the way, showcasing substantial growth rates and signicant shares in the
overall startup ecosystem. This overview highlights the vibrant and multifaceted nature
of the startup ecosystem across various states.

TOP 10 STATES BY NEW STARTUPS

196
155
136
122 115
97
82
48 40 33

MAHARASHTRA KARNATAKA TELANGANA DELHI UTTAR GUJARAT TAMIL NADU WEST ANDHRA ODISHA
PRADESH BENGAL PRADESH
Source: ABLE Analysis

LEADERS IN STARTUP REGISTRATIONS (2022)

1. MAHARASHTRA (196 STARTUPS): 6. GUJARAT (97 STARTUPS):
Remarkable 35% growth from the previous year. 29% growth rate.
Substantial 14% share in the overall startup count. Contributed 7% to the total startup count.
2. KARNATAKA (155 STARTUPS): 7. TAMIL NADU (82 STARTUPS):
Impressive 63% growth rate from 2021. 26% growth rate.
Significant 11% share in the total startup count. Held a 6% share in the overall startup landscape.
3. TELANGANA (136 STARTUPS): 8. WEST BENGAL (48 STARTUPS):
Commendable 36% growth rate. 20% growth rate.
Contribution of 10% to the total startup landscape. Contributed 3% to the overall startup ecosystem.
4. DELHI (122 STARTUPS): 9. ANDHRA PRADESH (40 STARTUPS):
36% growth rate. 33% growth rate.
Held a 9% share in the overall startup count. Held a 3% share in the total startup count.
5. UTTAR PRADESH (115 STARTUPS): 10. ODISHA (33 STARTUPS):
Marked a growth rate of 24%. 32% growth rate.
Contributed 8% to the total startup ecosystem. Held a 2% share in the total startup count.

The “Others” category, encompassing various states, contributed 26% to the overall startup count. In 2022, a
total o 1391 startups were registered, refecting a substantial 23% growth rom the previous year’s count o
1128. This overview provides valuable insights into the diverse and expanding startup ecosystem, empha-
sizing the prominent role o specic states in driving entrepreneurial growth.

21 | IBER 2023
 EXECUTIVE SUMMARY

CUMULATIVE BASE OF STARTUPS SINCE 2016

REGIONAL BASE OF CUMULATIVE BASE OF STARTUPS SINCE 2016
The landscape of biotech startups in India is undergoing dynamic growth, as highlighted
by the regional and sectoral analysis of 2022. Maharashtra, Karnataka, and Telangana
emerged as leaders in fostering biotech innovation, showcasing impressive growth rates
and cumulative bases. This analysis provides a comprehensive overview of the regional
distribution and sets the stage for understanding implications and trends in the biotech
startup ecosystem.

IMPLICATIONS AND TRENDS:

Understanding the sustainability and scalability of startups is crucial for shaping future
policies in the biotech sector. The positive sentiment, coupled with government sup-
port and stakeholder participation, foresees the industry having nearly 31,000 startups
between 2021 and 2023. This analysis lays the groundwork for strategic planning and
collaborative efforts to further enhance the thriving biotech startup ecosystem.

REGIONAL CUMULATIVE STARTUPS SINCE 2016

1,162
852
712 699
544 522 458

197 182

MAHARASHTRA KARNATAKA DELHI TELANGANA UTTAR GUJARAT TAMIL NADU WEST ODISHA
PRADESH BENGAL
Source: ABLE Analysis

REGIONAL DISTRIBUTION OF BIOTECH STARTUPS

1. MAHARASHTRA (1162 STARTUPS): 6. GUJARAT (522 STARTUPS):
Leading with a cumulative base of 1162 biotech Contributing to the overall expansion with a
startups, experiencing a commendable growth of 20%. cumulative base of 522 startups, growing by 23%.
2. KARNATAKA (852 STARTUPS): 7. TAMIL NADU (458 STARTUPS):
Exhibiting a significant increase, reaching a cumulative Continuing to be a key player, reaching 458 biotech
base of 852 startups, reflecting a growth rate of 22%. startups with a growth rate of 22%.
3. TELANGANA (699 STARTUPS): 8. WEST BENGAL (197 STARTUPS):
Showcasing robust growth with 699 biotech startups, Demonstrating exceptional growth, reaching 197
indicating a growth rate of 24%. biotech startups, with a growth rate of 32%.
4. DELHI (712 STARTUPS): 9. ODISHA (182 STARTUPS):
Maintaining its prominence with 712 biotech startups, Contributing to the diversity with 182 biotech
showing a growth rate of 21%. startups, growing by 22%.
5. UTTAR PRADESH (544 STARTUPS): 10. OTHERS (COLLECTIVE CONTRIBUTION):
Experiencing rapid growth, reaching 544 biotech Other regions collectively contributing significantly,
startups, and a growth rate of 27%. showcasing a remarkable growth rate of 42%.

22 | IBER 2023
 EXECUTIVE SUMMARY

BIOTECH INVESTMENT LANDSCAPE AND FUNDING TRENDS

OVERVIEW
The analysis of the Indian biotech investment landscape from 2013 to 2022 reveals a
dynamic journey characterized by fuctuations in deal counts, investment amounts, and
substantial percentage changes. Notably, the years 2021 and 2022 emerged as pivotal
periods marked by heightened activity and signicant deal-making in the lie sciences
sector.

DEAL AMOUNT PEAKS remained the most common type, indi-

The highest deal amounts in the life sci- cating growing capital demand.
ences sector were recorded in 2021 and
2022. In 2015, 36 deals marked the peak, INVESTOR CONFIDENCE AND GROWING DEMAND:
and in 2022, 31 deals showcased sub- Increasing average funding round size
stantial transactional activity, under- and valuation refect heightened investor
lining these years as key periods for the condence in Indian biotech companies.
sector. The growing number of funding rounds
signies increasing demand or capital,
INVESTMENT PEAKS while decreasing time between rounds
The years 2021 and 2022 stood out for suggests quicker fundraising, potentially
substantial investment amounts. In 2022, accelerating company growth.
the total deal amount reached $938.77
million, a historic high, following 2021’s STRATEGIC INSIGHTS AND FUTURE LANDSCAPE:
total deal amount of $789.94 million. The trends observed emphasize a rap-
idly changing funding landscape for
PEVC INVESTMENTS TRENDS (2021-2022): early-stage biotech companies in India.
In 2022, PEVC investments in the life Successful companies are those capa-
sciences sector witnessed a 5% growth, ble o raising signicant capital, execut-
building on the substantial 15% year-on- ing business plans, and demonstrating a
year increase in 2021. The dominance of clear path to market. Investor selectivity
pharmaceuticals declined from 87% in underscores the importance of a strong
2020 to 45% in 2022, refecting evolving product or service offering.
trends.
This comprehensive analysis provides
FUNDING ROUND SIZE AND TRENDS: a valuable understanding of the trends,
The average funding round size increased peaks, and shifts within the Indian bio-
over the years, notably with Series C tech investment landscape, offering
rounds receiving an average funding of strategic insights for stakeholders in nav-
$47.1 million in 2022. Series B rounds igating the evolving market dynamics.

23 | IBER 2023
 EXECUTIVE SUMMARY

PE INVESTMENTS BY STATE (2013-2022)

OVERVIEW:
The comprehensive analysis of biotech investments in India spanning from 2013 to 2022
illuminates key trends, regional dominance, and the signicant contributions o states to
the evolving biotech landscape. The South and West regions emerge as strongholds, com-
manding a combined 73% share of the total biotech investment, amounting to $4.87 billion.

REGIONAL CUMULATIVE STARTUPS SINCE 2016

SOUTH
1,162 WEST NORTH OTHERS
46% 29% 17% 8%

Source: ABLE Analysis

REGIONAL BREAKDOWN
1. SOUTH (46%) 3. NORTH (17%)
Led by Karnataka and Telangana, the Southern states The northern states, including Delhi, Haryana, and Uttar
dominate with a substantial 46% share, showcasing Pradesh, collectively contribute 17%, showcasing a
diverse biotech hubs and a proactive investment climate. noteworthy presence in the evolving biotech sector.
2. WEST (29%) 4. OTHERS (8%)
Gujarat and Maharashtra jointly contribute 29%, States beyond major regions contribute 8%, highlighting
underscoring the region’s significance in fostering emerging players and unique biotech narratives outside
biotech innovation. primary focus areas

TOP STATES
Karnataka consistently emerges as a ments (13%) and a leading cumulative base
leader across all three data tables, com- of biotech startups (1162). Moreover, Maha-
manding a substantial share in biotech rashtra holds a leading position in BioEcono-
investments (30%), having a signicant my contributions ($37.46 Billion).
cumulative base of biotech startups (852),
and making a substantial contribution to Gujarat stands out with a signicant
the BioEconomy (20% share). share in biotech investments (14%) and
contributing substantially to the BioEco-
Maharashtra, fueled by the Mumbai-Pune nomy ($11.02 Billion). The state’s proac-
biotech axis, is a consistent player, boasting tive approach is evident in shaping the
a considerable share in both biotech invest- nation’s biotech future.

UNICORN STATUS
In a groundbreaking achievement, billion, showcasing an 8X increase
Molbio Diagnostics achieved unicorn from its previous valuation of $182.7
status following a remarkable funding million. This milestone positioned
round led by Temasek, which raised Molbio Diagnostics as the second uni-
an impressive $85 million. This signif- corn to emerge from India in Septem-
icant investment catapulted the com- ber 2022 after Tata1MG.
pany’s valuation to a staggering $1.53

24 | IBER 2023
 EXECUTIVE SUMMARY

DRIVING FORCES AND FUTURE LANDSCAPE

OF INDIA’S BIOECONOMY
BIOECONOMY DYNAMICS: STRATEGIC INSIGHTS AND FUTURE OUTLOOK:
The growth of India’s BioEconomy is The dynamic growth observed in the bio-
propelled by an increasing demand for technology sector positions it as a key
bio-based products and services. These player in India’s economic landscape.
encompass a wide range of items, from Strategic insights reveal the resilience
biofuels and bioplastics to biopharma- of the industry, with Biopharma, Ther-
ceuticals, all derived from biological apeutics, and BioIndustrial leading the
resources. India’s preference for bio- way. The future outlook is shaped by key
based products is rooted in their sustain- drivers, including global acceptance of
ability, oering environmental benets biosimilars, ongoing innovation in ther-
such as renewable energy sources and apeutics, sustainable practices in BioIn-
sustainable alternatives to traditional dustrial, and the integration of technology
plastics. in BioITResearch Services.

GOVERNMENT SUPPORT AND INITIATIVES: CHALLENGES AND MITIGATION STRATEGIES:

India’sBioEconomyisbolsteredbythegov- While the BioEconomy presents
ernment’s proactive measures. Various immense opportunities, it is not without
initiatives support research and develop- challenges. Pandemic-related volatility,
ment in the sector, coupled with nan- as seen in the Vaccines and Diagnostics
cial incentives for companies engaged sub-segments, underscores the need for
in commercializing bio-based products. fexible strategies and continued invest-
This strategic approach addresses the ment in research and development for
rising demand for biofuels, renewable rapid response capabilities. Additional-
energy, and affordable healthcare, align- ly, strong regulatory support and infra-
ing with India’s commitment to a sustain- structure development are essential for
able and bio-centric future. capitalizing on emerging opportunities,
emphasizing the importance of collab-
TECHNOLOGICAL ADVANCEMENTS: oration between the government and
The declining costs of biotechnology industry stakeholders.
and biomanufacturing play a pivotal role
in expanding the BioEconomy. These India’s BioEconomy stands at the inter-
technologies, essential for producing section of sustainability, innovation, and
bio-based products and services, are economic growth. With a robust founda-
becoming more economically accessi- tion and strategic foresight, it is poised
ble, making sustainability a feasible and to address global challenges, contribute
affordable choice. to job creation, and play a pivotal role in
shaping a bio-centric future.

25 | IBER 2023
26 | IBER 2023
27 | IBER 2023
 EXECUTIVE SUMMARY

PROJECTIONS

28 | IBER 2023
 EXECUTIVE SUMMARY

BIOECONOMY PROJECTIONS FOR 2022-2023 ($ BILLION) | CONSERVATIVE ESTIMATE

BIOSERVICES BIOAGRICULTURE BIOINDUSTRIAL BIOMEDICAL

350

300
241.3
250 224.6
181.4 209.1
168.9 194.7 25.8
157.6 22.7
200 147 15.5 20
137.1 17.6
13.6
12 97.5
150 10.6 86 91.6
9.3 80.8
75.8
71.2
100 59 66.9 20.9 22.7
62.8 19.2
16.2 17.6
12.5 13.6 14.8
11.5
50 95.3
57.3 61.1 65.1 69.3 73.9 78.7 83.9 89.4
0
2022 2023 2024 2025 2026 2027 2028 2029 2030

BIOECONOMY PROJECTIONS FOR 2022-2023 ($ BILLION) | OPTIMISTIC ESTIMATE

BIOSERVICES BIOAGRICULTURE BIOINDUSTRIAL BIOMEDICAL

350 330.7
295.2 42.4
300
263.7 35.1
236
250 29
211.2 121
189.4 24 110.6
169.9
200 19.9
152.6 16.4 101.1
137.1 13.6 92.5
11.2
150 9.3 84.5
77.3 39.3
64.6 70.6 33.7
28.9
100 59 21.2 24.8
18.2
13.4 15.6 115.8 128
11.5 94.7 104.7
50 77.5 85.6
57.3 63.4 70.1
0
2022 2023 2024 2025 2026 2027 2028 2029 2030
NOTES ON SEGMENTS
BioMedical: Biopharmaceuticals, diagnostics, medical devices
BioAgriculture: Bt Crops, Animal biotech, Biomass, Pesticides, Fertilizers
BioIndustrial: Aqua - Shrimp industry, Food and Beverage industry, Industrial sector, Laundry and Cleaning industry,
Paper and Pulp, Poultry Industry, Textile Industry, Vegetable Oils industry
BioServices: BioIT, Platforms, Contract Research, Drug Discovery, Patent Services, etc.

29 | IBER 2023
 EXECUTIVE SUMMARY

ANALYSIS OF KEY SEGMENTS IN THE

BIOECONOMY FOR THE YEAR 2030
The BioEconomy in India is forecasted to exhibit conservative growth, reaching $241.3 billion by
2030, with optimistic projections indicating a potential expansion to $330.7 billion, reflecting a
Compound Annual Growth Rate (CAGR) of 12%.

YEAR 2030 | KEY SEGMENTS

Biofuels 45
BioServices 42
Therapeutics 40
BioAgri, including Bt Cotton 39
Medical Devices 34
Medical Diagnostics 29
Vaccines 25
Potable and Industrial Alcohol 18
Poultry Feed 16
Textile 15
Aqua (Shrimp) 14
Beer 8
Baking Industry 6
0 10 20 30 40 50
Source: ABLE Analysis

KEY SECTOR TRENDS: substantial growth underscores the sector’s

BIOMEDICAL: pivotal role in fostering sustainable industrial
The BioMedical sector is poised for consistent processes, including biofuels and industrial
growth, with the potential to increase from enzymes.
$57.3 billion in 2022 to an estimated $128
billion by 2030. This trend underscores BIOSERVICES:
the sector’s resilience and evolving market BioServices are poised for significant growth,
demand for medical innovations and expanding from $9.3 billion to a projected
healthcare solutions. $42.4 billion by 2030. This sector’s notable
upward trajectory emphasizes the rising
BIOAGRICULTURE: demand for bio-related services, spanning
BioAgriculture exhibits a steady upward research, testing, and other essential services
trajectory, growing from $11.5 billion to an within the BioEconomy.
anticipated $39.3 billion by 2030. Sustained
growth reflects the increasing importance of IDENTIFYING KEY TRENDS:
Bt cotton and the need for sustainable and $100 BILLION SEGMENTS:
innovative farming practices. Transitioning to the identification of key
trends, we observe that both the BioMedical
BIOINDUSTRIAL: and BioIndustrial sectors are on track to
The BioIndustrial sector follows a similar surpass the $100 billion mark, signifying
growth pattern, projecting an increase from their crucial roles in the overall growth of the
$59 billion to $121 billion by 2030. This BioEconomy.

30 | IBER 2023
 EXECUTIVE SUMMARY

The BioEconomy’s trajectory in India is

marked by promising growth across key 35000 CUMULATIVE STARTUPS
sectors, with the projected $100 billion PROJECTED FOR 2030
milestones in BioMedical and BioIndustrial
segments signaling pivotal advancements.
UNVEILING GROWTH TRENDS
This positions India as a key player in the The cumulative base of startups and growth trends in
global BioEconomy landscape. startups unveil a dynamic and flourishing entrepreneurial
landscape, with the cumulative base expected to reach
The diversity of key segments 35,460 by 2030. Notably, the years 2024 and 2027
underscores the comprehensive impact emerge as potential inflection points, symbolizing key
of the BioEconomy across various milestones in the industry’s trajectory. It is anticipated
industries. From energy solutions that the cumulative base will surpass the 10,000 mark in
(Biofuels) to healthcare innovations 2024, with an even more significant milestone of 20,000
(Therapeutics, Medical Devices, Vaccines) expected in 2027.
and agricultural advancements (BioAgri),
the BioEconomy plays a vital role in This cumulative base of startups functions as a crucial
shaping sustainable and innovative metric for evaluating the vibrancy and competitiveness
practices across multiple sectors. These of the entrepreneurial ecosystem. The calculated
projections for the year 2030 suggest a Compound Annual Growth Rate (CAGR) for the
robust and interconnected BioEconomy cumulative base of startups from 2021 to 2030 is
landscape with significant economic and approximately 31.1%. This CAGR underscores the
environmental implications. robust and sustained growth of the startup ecosystem,
highlighting its resilience and attractiveness to
SEGMENTATION BY ECONOMIC CONTRIBUTION:
entrepreneurs and investors alike.
$40-45 BILLION CLUB:
Biofuels (45.0 Billion)
35,460
BioServices (42.4 Billion)
Therapeutics (40.0 Billion)
CUMULATIVE STARTUP
$30-40 BILLION CLUB: BASE 2021-2030 29,890
BioAgri, including Bt Cotton (39.0
Billion) 25,380
Medical Devices (34.2 Billion)

$20-30 BILLION CLUB: 20,950

Medical Diagnostics (28.7 Billion)
Vaccines (25.1 Billion) 16,760

$10-20 BILLION CLUB: 13,470

Potable and Industrial Alcohol (18.2 10,890
Billion) 8,555
Poultry Feed (15.5 Billion) 6,755
Textile (14.6 Billion) 5,365
Aqua (Shrimp Billion) (14.0 Billion)

< $10 BILLION:

Beer (8.1 Billion) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Baking Industry (5.9 Billion) Source: ABLE Analysis

31 | IBER 2023
32 | IBER 2023
OVERVIEW
33 | IBER 2023
 OVERVIEW

I N D I A’ S B I O E C O N O M Y

A POWERHOUSE
OF INNOVATION
AND GROWTH
India’s BioEconomy Booms,
Registers 29% Growth in 2022,
Valued at $137.24 Billion

34 | IBER 2023
 OVERVIEW

BIOECONOMY (2020-2022)

$137.2
$106.3 Billion
CY 2022
$86 Billion
CY 2021
Billion
CY 2020

Source: ABLE Analysis

India’s BioEconomy, which encompasses to produce products or deliver services.

all economic activities derived from bio-
logical resources, grew by 29% in 2022, India’s growing preference for bio-based
reaching a value of $137.24 billion. Sev- products stems from their sustainability
eral factors fueled this growth, including and environmental benets. For example,
increasing demand for bio-based prod- biofuels are a renewable source of energy
ucts and services, government support that can help to reduce India’s reliance on
for the BioEconomy, and declining bio- fossil fuels. Bioplastics are a sustainable
technology and biomanufacturing costs. alternative to traditional plastics. Bio-
pharmaceuticals are drugs and vaccines
India’s BioEconomy is a signicant con- that are produced using biotechnology.
tributor to the country’s economy. In
2022, it accounted for 4% of India’s gross The Indian government is also supporting
domestic product GDP) of $3.47 trillion. the growth of the BioEconomy. The gov-
The BioEconomy employs over 2 million ernment has launched several initiatives
people in India and is expected to grow to support research and development in
further in the coming years. the BioEconomy. The government has
also provided nancial incentives or
A key driver of India BioEconomy’s companies to commercialize bio-based
growth is the surging demand for bio- products and services and address the
based products and services. Bio-based needs of increasing demand for biofuels,
products are products that are made from renewable energy, affordable healthcare.
biological resources, such as plants, ani-
mals, and microbes. Bio-based services The declining costs of biotechnology and
are services that use biological resources biomanufacturing are contributing to

35 | IBER 2023
 OVERVIEW

drive the growth of India’s BioEconomy. Sustainable Practices in BioIndustrial:

Biotechnology and biomanufacturing are The focus on sustainable industrial prac-
the key technologies that are used to pro- tices, including increased biofuel pro-
duce bio-based products and services. duction and the application of enzymes,
The declining costs of these technologies aligns with global trends towards envi-
are making bio-based products and ser- ronmental consciousness, providing a
vices more affordable. signicant growth avenue or the BioIn-
dustrial sub-segment.
India’s rapidly growing BioEconomy
holds immense potential for job creation, Technology Integration in BioI-
economic growth, and addressing global TResearch Services: The integration of
challenges. This change emphasizes the technology in biotechnology research
strength of India’s BioEconomy and its services is expected to accelerate, driven
potential to address global challenges. by advancements in areas like bioinfor-
matics, data analytics, and articial intel-
STRATEGIC INSIGHTS AND FUTURE OUTLOOK ligence. This integration will enhance
The trends observed in the biotechnolo- research capabilities and contribute to
gy sector lay the foundation for strategic the growth of the BioITResearch Services
insights and future planning. The sec- sub-segment.
tor’s dynamic nature, as evident in the
growth of Biopharma, Therapeutics, Bio- CHALLENGES AND MITIGATION STRATEGIES:
Industrial, and steady contributions from Pandemic-Related Volatility: The sec-
other sub-segments, underscores the tor’s sensitivity to global health crises,
resilience and adaptability of the Indian as seen in the Vaccines and Diagnos-
biotechnology industry. tics sub-segments, highlights the need
or fexible strategies that can adapt to
KEY DRIVERS FOR FUTURE GROWTH unforeseen challenges. Continued invest-
Global Acceptance of Biosimilars: The ment in research and development for
global acceptance of India-made bio- rapid response capabilities is crucial.
similars presents an opportunity for the
Biopharma sector to further expand its Regulatory and Infrastructure Support:
market share in developed economies. To capitalize on emerging opportunities,
especially in areas like smart proteins
Innovation in Therapeutics: Contin- and fermentation capacities, the indus-
ued innovation in therapeutic solutions, try requires strong regulatory support
including the development of BioPhar- and infrastructure development. Col-
maceuticals, personalized medicine, and laboration between the government and
precision treatments, is likely to drive the industry stakeholders will be essential in
growth of the Therapeutics sub-segment. fostering growth.

36 | IBER 2023
 OVERVIEW

KEY HIGHLIGHTS OF INDIA’S BIOECONOMY

The BioEconomy’s major segments play distinct yet interconnected roles, contributing to the
sector’s overall growth and impact. The dominance of BioIndustrial and Biopharma highlights
the significance of industrial applications and pharmaceutical advancements. BioAgri and
BioITResearch Services showcase the expanding horizons of sustainable agriculture and
information technology in biotechnology. The COVID Economy segment underlines the sector’s
resilience during challenging times. The comprehensive overview provides stakeholders with
valuable insights into the current state and future potential of the BioEconomy.

11.47
BIOAGRI
BIOECONOMY
$137.24 BILLION 9.29
BIOIT RESEARCH
CY 2022 ($ Billion) SERVICES

58.97 49.79 7.66

BIOINDUSTRIAL BIOPHARMA
Source: ABLE Analysis COVID ECONOMY

1. BIOINDUSTRIAL: 3. BIOAGRI:
Market Size: $58.97 billion Market Size: $11.47 billion
Percentage Share: 43% Percentage Share: 8%

Key Highlights Key Highlights

Dominant player with the highest mar- Focus on agriculture, including Bt Cot-
ket share. ton, pesticides, and other agricultural
Diverse applications, including biotechnologies.
enzymes, biofuels, and industrial bio- Potential or signicant growth with
technology. the impetus on circular economy prac-
Growth driven by the Prime Minis- tices in the sector.
ter’s vision of Atmanirbhar Bharat and
emphasis on energy independence by 4. BIOIT RESEARCH SERVICES:
2047. Market Size: $9.28 billion
Percentage Share: 7%
2. BIOPHARMA:
Market Size: $49.79 billion Key Highlights
Percentage Share: 36% Growing importance of Information
Technology in the biotech sector.
Key Highlights
Substantial contribution to the BioEco- Strong presence in Contract Research
nomy, emphasizing pharmaceuticals Organizations (CROs), Contract Devel-
and biotechnological innovations. opment and Manufacturing Organiza-
Biosimilar products gaining accep- tions (CDMOs), and BioIT services.
tance in global markets, contributing Forecasted to quadruple, reaching
to growth. $26.6 billion, refecting the critical role
Expected growth to nearly $63 billion of IT in biotech advancement.
by 2025, refecting a promising trajec-
tory. 5. COVID ECONOMY:

37 | IBER 2023
 OVERVIEW

Market Size: $7.66 billion 6. TOTAL BIOECONOMY:

Percentage Share: 6% Market Size: $137.17 billion
Percentage Share: 100%
Key Highlights
Refects the impact and adaptation Key Highlights
during the COVID-19 pandemic. Comprehensive overview of the com-
Notable contributions from COVID Vac- bined contribution of major segments.
cines, testing, and related services. Demonstrates the diverse and integrat-
Indicates resilience and adaptability ed nature of the BioEconomy.
within the BioEconomy during global
challenges.

TREND ANALYSIS OF MAJOR SEGMENTS BASED ON THEIR

CONTRIBUTION TO THE BIOECONOMY IN 2022
The latest data on India’s BioEconomy
sub-segments for the year 2022 indicated CY 2022 ($ 137.24 BILLION)
a robust and diversied growth pattern,
further solidifying the nation’s position in
the global biotechnology landscape. 43%
BIOINDUSTRIAL

In 2022, the BioIndustrial segment

accounted for the largest share of the
total BioEconomy, at 43%. This segment
includes activities such as the production
of biofuels, biomaterials, biochemicals, 36%
and enzymes application. BIOPHARMA

The BioPharma segment was the sec-

ond largest segment, accounting for 36%
8%
BIOAGRI
of the total BioEconomy. This segment
includes activities such as the production
of BioPharmaceuticals, biotherapeutics, 7% 6%
BIOIT RESEARCH SERVICES COVID ECONOMY
and biodiagnostics. Source: ABLE Analysis

The BioAgri segment was the third larg- 1. BIOAGRI THRIVES WITH SUSTAINABLE PRACTICES
est segment, accounting for 8% of the BioAgri Resilience (2020-2022): The
total BioEconomy. This segment includes BioAgri sub-segment showcased resil-
activities such as the production of Bt ience, maintaining consistent growth
Cotton, biofertilizers, biopesticides, and from $11.1 billion in 2020 to $11.47 bil-
bio-based agricultural products. lion in 2022. This stability was driven by
advancements in biotechnology-driven
The BIOITresearch segment accounted for agriculture, increased adoption of Bt Cot-
7% of the total BioEconomy. This segment ton, and a growing focus on sustainable
includes activities such as the development and circular agriculture practices.
of bioinformatics tools, the conduct of bio-
based research, clinical research, and the BioAgri Sub-segments:
provision of bio-based consulting services. BioPesticides, Biofertilizers, BioStim-

38 | IBER 2023
 OVERVIEW

ulants: With a notable 1% share, this and more ecient industrial processes.
sub-segment highlighted the growing
importance of sustainable agricultural Enzymes - Alcohol, Beer, Wine Mak-
practices, contributing to pest manage- ing: The category of BioIndustrial
ment and soil health. Enzymes played a pivotal role, contrib-
uting signicantly to the production o
Bt Cotton: Emerging as a dominant Potable & Industrial Alcohol (10.58%),
force with a 7.45% share, Bt Cotton Beer (3.64%), and Wine (0.12%).
rearmed India’s prowess in bio-
tech-enhanced crops, showcasing 3. BIOIT AND RESEARCH SERVICES FUEL
technological advancements and con- TECHNOLOGICAL ADVANCEMENTS
tributing signicantly to the agricultur- BioITResearch Services Growth (2020-
al sector’s economic footprint. 2022): The BIOITResearch Services
sub-segment demonstrated steady growth,
2. BIOINDUSTRIAL BOOM with value increasing to $9.3 billion in
BioIndustrial Growth (2020-2022): 2022. Large IT companies with dedicated
The BioIndustrial sub-segment, includ- biotechhealthcare practices signicantly
ing Enzymes and Biofuels, experienced contributed to this growth, aligning with
substantial growth, surging from $20.92 the increasing integration of technology in
billion in 2020 to an impressive $59.04 biotechnology research and development.
billion in 2022. Increased emphasis on
sustainable industrial practices, support- BioIT Research Services Sub-segment:
ed by the Indian Government’s amend- With a 6.77% share, this sub-segment
ments to the National Policy on Biofuels, refected the increasing reliance on bio-
played a crucial role in driving this growth. technology for research and technolog-
ical advancements. The growth signaled
BIOINDUSTRIAL INNOVATIONS: a synergy between biotechnology and
Aqua (Shrimp): The BioIndustrial information technology, driving innova-
sector demonstrated versatility with tions in healthcare and life sciences.
notable contributions in aquaculture
contributing over 5.32% to the BioEco- 4. BIOPHARMA CONTINUES TO LEAD THE WAY
nomy. Biopharma Growth (2020-2022): The
Biopharma sub-segment stood out as a
Biofuels: Positioned at 4.88%, the Bio- dominant force, experiencing consistent
fuels sub-segment highlighted India’s growth from $38 billion in 2020 to $49.79
commitment to sustainable energy billion in 2022, demonstrating resilience
solutions, aligning with the nation’s and robustness. Factors contributing
focus on reducing carbon footprints. to this growth included the increasing
acceptance of India-made biosimilars in
Poultry Feed: Poultry Feed accounted developed markets.
for 7.51%) across various sectors
Vaccines Sub-segment: The Vaccines
Baking Industry (Biscuits & Breads), sub-segment exhibited interesting fuc-
Textile, Dishwashing Enzymes: Con- tuations, experiencing a dip from $12.5
tributions from Textile (5.03%), Dish- billion in 2020 to $8.67 billion in 2021,
washing Enzymes (0.05%), and Baking followed by a notable rebound to $13.96
industry (2.33%) showcased the wide- billion in 2022. This volatility refect-
spread infuence o BioIndustrial appli- ed the sector’s responsiveness to global
cations. The shift is towards greener health challenges, with the resurgence in

39 | IBER 2023
 OVERVIEW

2022 aligning with intensied global vac- testing demand and a subsequent decline
cination campaigns. in 2022 as the emphasis shifts towards
recovery and post-pandemic strategies.
Therapeutics Sub-segment: The Thera-
peutics sub-segment showcased steady Combined Contributions (Therapeutics,
growth, doubling its nancial contribu- Diagnostics, Vaccines, Covid Testing,
tion from $7.5 billion in 2020 to $16.81 Covid Vaccines): The BioPharma sec-
billion in 2022. This indicated a rising tor collectively contributed over 41.8%,
demand for therapeutic solutions and with contributions from Therapeutics
underscored advancements in biotech- (12.24%), Diagnostics (13.86%), Vaccines
nological research, aligning with the (10.17%), Covid Testing (1.40%), and
increasing focus on precision medicine, Covid Vaccines (4.18%). These collective-
personalized treatments, and innovative ly demonstrated the sector’s resilience
BioPharmaceuticals. and strategic importance, particularly in
the context of global health challenges.
Diagnostics Sub-segment: Diagnostics
witness a mixed performance, reaching a The diverse contributions from BioAg-
peak of $20.4 billion in 2021, followed by ri, BioIndustrial, BioIT, and BioPharma
a slight decrease to $19.0 billion in 2022. showcased India’s prowess in harness-
This fuctuation may be attributed to the ing biotechnology across various sectors.
evolving landscape of diagnostic tech- This data underscored not only economic
nologies and the impact of the COVID-19 growth but also the nation’s commitment
pandemic. The COVID Economy sub-seg- to sustainable and innovative practices
ment refects the pandemic’s infuence, in agriculture, industry, healthcare, and
with a spike in 2021 driven by increased research.

PERFORMANCE ANALYSIS OF BIOECONOMY SUB-SEGMENTS (2022)

The BioEconomy is a multifaceted sector with diverse sub-segments contributing to its growth. A
detailed analysis of the performance of key sub-segments in 2022 provides valuable insights into
their respective contributions and market shares.

1. BIOAGRI: Percentage Share: 5.32%

BIOPESTICIDES, BIOFERTILIZERS, BIOSTIMULANTS: Highlights the importance of BioIndus-
Market Size: $1.24 billion trial applications in aquaculture.
Percentage Share: 0.90%
A niche sub-segment focusing on sus- BAKING INDUSTRY (BISCUITS, BREADS):
tainable agricultural practices. Combined Market Size: $3.20 billion
Percentage Share: 2.33%
BT COTTON: Indicates the role of BioIndustrial pro-
Market Size: $10.23 billion cesses in the baking industry.
Percentage Share: 7.45%
Substantial contribution to BioAgri, BIOFUELS:
refecting the signicance o genetical- Market Size: $6.70 billion
ly modied crops. Percentage Share: 4.88%
Growth in biofuel production, aligning
2. BIOINDUSTRIAL: with sustainable energy goals.
AQUA (SHRIMP):
Market Size: $7.30 billion

40 | IBER 2023
 OVERVIEW

2022: SUB-SEGMENT ($ BILLION)

10.3 7.3 6.9

Poultry Feed Aqua (Shrimp) Textile

19.02 14.52
Diagnostics Potable & Industrial
Alcohol
10.23 6.7 5.74
Bt Cotton Biofuels Covid 1.24
Vaccines BioPesticides,
Biofertilizers,
BioStimulants
2.6 1.92
Baking Covid 0.72
Industry Testing Vegetable Oil
(Breads) (Rice Bran)*
0.9
16.8 16.8 9.29 5 Cheese 0.6
Therapeutics Vaccines BIOIT Research Beer 2.1 Baking Industry
Services making Laundry (Biscuits)

0.82 0.35 0.16

BioAgri BioPharma BIOIT Research BioIndustrial Starch Ice Wine making
Services BioIndustrial derivatives cream
0.08
Enzymes using
Source: ABLE Analysis Dishwashing
enzymes
enzymes

POULTRY FEED: 4. BIOPHARMA:

Market Size: $10.30 billion Therapeutics, Diagnostics, Vaccines: -
Percentage Share: 7.51% Combined Market Size: $49.78 billion -
Signicant contribution to the BioIn- Percentage Share: 36.27% - Dominant
dustrial sector, emphasizing animal segment within BioEconomy, empha-
biotechnology. sizing pharmaceutical and diagnostic
innovations.
TEXTILE:
Market Size: $6.90 billion Covid Testing and Vaccines: - Com-
Percentage Share: 5.03% bined Market Size: $7.66 billion - Per-
Highlights the application of biotech- centage Share: 5.58% - Refects the
nology in the textile industry. immediate response and adaptability
during the COVID-19 pandemic.
ENZYMES (VARIOUS APPLICATIONS):
Combined Market Size: $20.76 billion The BioEconomy sub-segments exhibit
Percentage Share: 15.15% a diverse range o contributions, refect-
Diverse applications in potable and ing the integration of biotechnological
industrial alcohol, beer making, wine advancements across industries. Bio-
making, and more. Agri, BioIndustrial, BIOITResearch Ser-
vices, and BioPharma play pivotal roles,
3. BIOIT RESEARCH SERVICES: with notable contributions from specif-
RESEARCH SERVICES: ic applications such as Bt Cotton, Aqua
Market Size: $9.29 billion (Shrimp), and Enzymes. The sector’s
Percentage Share: 6.77% ability to address global challenges, as
Growing importance of Information seen in the Covid Testing and Vaccines
Technology in BioIndustrial advance- sub-segment, underscores its resilience
ments. and adaptability.

41 | IBER 2023
 OVERVIEW

FUTURE FORECAST
2025 Projection: The cumulative impact of the discussed trends and drivers positions the Indian
biotechnology sector for significant growth, with the BioEconomy projected to reach the ambitious
$150 billion mark by 2025. Continued focus on innovation, global market penetration, and
sustainable practices will be pivotal in achieving this milestone.

2030 Vision: Looking ahead to 2030, the forecast suggests a BioEconomy worth $270-300 billion,
accounting for 3.3-3.5% of India’s GDP. Key contributors include a robust Biopharma sector, a
thriving BioIndustrial segment, and a flourishing BioServices sector. Achieving this vision will require
sustained government initiatives, strategic collaborations, and a commitment to technological
advancements. The sector’s ability to navigate challenges, capitalize on global opportunities, and
embrace innovation positions it as a key driver of India’s economic growth. Strategic planning,
regulatory support, and continuous collaboration will be paramount in realizing the full potential of
the Indian biotechnology sector.

growth and sustainability of India’s BioEconomy.

CHARACTERISTICS OF INDIA’S BIOECONOMY Strategic initiatives during the pandemic and
amendments to support BioEconomy growth.
AMBITIOUS GROWTH TARGETS:
India aims to touch the $150 billion threshold GLOBAL RECOGNITION AND EXPORT
by 2025, showcasing its determination for rapid POTENTIAL:
growth in the BioEconomy. India’s biosimilars gaining acceptance in
developed markets positions the nation as
DIVERSE CONTRIBUTION SECTORS: a potential global supplier of cost-effective
BioPharma, BioAgri, BioIndustrial, and BioIT BioPharmaceuticals.
are major contributors, reflecting a diversified
approach to harnessing biotechnological GROWTH TARGETS:
advancements. Value: Aims to reach $150 billion by 2025, with
a potential to double to $300 billion by 2030.
NOTABLE RESILIENCE DURING PANDEMIC: GDP: The US contributes over 5% to GDP and
The BioEconomy, particularly the Vaccine India is at 4%. This emphasizing the importance
manufacturers, played a pivotal role during the of a mature and substantial BioEconomy.
pandemic, contributing nearly a quarter of the
2021 BioEconomy. CHALLENGES AND SCOPE:
Potential challenges in sectoral diversification
and global market penetration.
INDIA BIOECONOMY’S FUTURE OUTLOOK
BIOTECHNOLOGICAL APPLICATIONS:
SECTORAL GROWTH PREDICTIONS: Growing emphasis on green and sustainable
BioPharma, Diagnostics, Vaccines, BioIndustrial, practices, circular economy, and fostering
BioAgri, and BioServices are expected to innovation.
experience significant growth, propelling the
BioEconomy toward the $150 billion mark. India exhibits a dynamic and growing BioEconomy
with a focus on emerging sectors, while the U.S.
GOVERNMENT SUPPORT: boasts a mature and diverse landscape with a
Government initiatives, such as amendments to broad impact on its economy.
the National Policy on Biofuels, contribute to the

43 | IBER 2023
44 | IBER 2023
STARTUP
ECOSYSTEM
45 | IBER 2023
 STARTUP ECOSYSTEM

THE BIOTECH STARTUP

BOOM CONTINUED IN 2022
In 2022, 1391 biotech startups joined the ecosystem, expanding the 10-year total to 6,755.
The incorporation of new biotech startups in 2022 marked
a remarkable chapter in the entrepreneurial landscape.
With a total of 1391 startups formed, the year not
only showcased quantitative growth but also
witnessed an impressive 23.3% increase
in the startup growth rate. This surge,
compared to the previous year,
highlights the resilience and
adaptability of entrepreneurs
amidst economic
challenges.

46 | IBER 2023
 STARTUP ECOSYSTEM

YEARLY OVERVIEW
Startup Count Trends: In 2020, the mar- positive trend signals continued growth
ket saw the emergence of 840 startups, and innovation within the startup sector,
and this number experienced a signif- emphasizing its pivotal role in driving
icant surge to 1128 in 2021, boasting a economic development and fostering a
substantial growth rate of 34.3%. The culture of entrepreneurship.
upward trajectory persisted in 2022, with
1391 startups and a growth rate of 23.3%. Quarterly Dynamics: In 2022, the start-
up landscape maintained its growth
Yearly Growth Comparison: Compar- momentum, with the second quarter
ing growth percentages reveals a note- (Q2) witnessing the highest number of
worthy expansion from 2020 to 2021, startups. Despite occasional declines in
with a substantial 20 percentage point specic quarters, the overall trend show-
increase. Although the growth rate slight- cased the resilience and adaptability of
ly decreased by 11 percentage points in the startup ecosystem, demonstrating its
2022, the absolute number of startups ability to rebound and thrive.
continued to rise, indicating a sustained
positive trend in the entrepreneurial sec- Average Quarterly Registrations: The
tor. average quarterly registrations in 2022
reached approximately 348 startups, sur-
Exceptional Performance in 2022: The passing the 2021 average of 282 startups.
exceptional performance of startups This suggests a higher rate of startup reg-
in 2022, characterized by a signicant istrations per quarter in 2022. The aver-
increase in both quantity and growth rate, age quarterly registrations growth from
underscores the resilience and vibrancy 2021 to 2022 is estimated at approxi-
of the entrepreneurial ecosystem. This mately 23.32%.

1391
NEW STARTUPS 2022
2020-2222
1128
2021
840
2020

Source: ABLE Analysis

47 | IBER 2023
 STARTUP ECOSYSTEM

TOP MONTHS FOR REGISTRATIONS IN 2022

May 2022: May emerged as the para- April 2022: Claiming the third spot, April
mount month for startup registrations 2022 contributed signicantly to the
in 2022, witnessing an impressive count overall growth of the year with 124 start-
o 136 startups. This remarkable gure ups. The month demonstrated the eager-
showcased a pinnacle in entrepreneurial ness to form startups at the beginning of
activity, signifying a period of heightened the Indian nancial year starting on April
interest and engagement in the startup 1, 2022.
landscape.
March 2021: March 2021 stood out as the
June 2022: Securing the second position, leading month for registrations in 2021,
June 2022 registered a robust count of experiencing a surge with 135 startups.
130 startups. This urther exemplied the This robust start to the year indicated a
consistent and dynamic nature of startup period of heightened entrepreneurial
registrations, reinforcing the year’s posi- activity and innovation.
tive trend.
305
NEW STARTUPS: 263
A QUARTERLY 342
OVERVIEW QTR 4
289 279
(2020-2022)
QTR 3 390
213 268
Source: ABLE Analysis QTR 2 153
318 354
QTR 1 185
2020 2021 2022

MONTHLY AVERAGES
2022: The monthly average for startup registrations in 2022 was approximately 116. In 2021,
the monthly average for startup registrations was approximately 94. This average highlighted the
sustained and vibrant nature of entrepreneurial activities throughout the year.

160 NEW STARTUPS BY MONTH (2020-2022)

140
2022 2020
120

100

80

60 2021
Source: ABLE Analysis

40

20
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

48 | IBER 2023
 STARTUP ECOSYSTEM

CATEGORIZATION OF STARTUPS
The startup registrations were widely distributed across nature of activities. This highlighted the
dynamic and multifaceted nature of startup activities. The concentration in health, manufacturing,
and business services indicated a robust entrepreneurial ecosystem that contributed to various
sectors, fostering overall economic development.

Health and Social Work (32%): The viding diverse professional services.
largest segment, comprising 32%,
signified a substantial focus on Trading (9%): Trading activities con-
health-related services and social tributed 9%, indicating the crucial role
initiatives. This underscored a grow- startups played in facilitating com-
ing emphasis on well-being and com- merce and trade. This segment refect-
munity welfare within the startup ed a diverse range of startups offering
ecosystem. products and services.

Manufacturing (Chemicals and prod- Agriculture and Allied Activities (7%):

ucts thereo) (24%): At 24%, the man- Accounting for 7%, startups engaged in
ufacturing of chemicals and related agriculture and allied activities jumped
products emerged as a signicant sec- into the agricultural sector.
tor. This showcased the pivotal role
startups played in industrial produc- Research and Development includ-
tion and innovation. ing IT (2%): At 2%, the Research and
Development, including IT, segment
Business Services (16%): Representing underscored the contribution of inno-
16% of the total, the business services vation-driven startups to technolog-
sector demonstrated a substantial ical advancements and knowledge
presence of startups engaged in pro- creation.

24%
16%
10%
ACTIVITY
DESCRIPTION 7%
32%
6% 2%
1%
HEALTH AND MANUFACTURING (CHEMICALS
SOCIAL WORK AND PRODUCTS THEREOF)

BUSINESS SERVICES TRADING AGRICULTURE AND ALLIED ACTIVITIES

2%
MANUFACTURING MANUFACTURING ELECTRICITY, GAS & RESEARCH AND
(MACHINERY & EQUIPMENT) (FOOD STUFFS) WATER COMPANIES DEVELOPMENT INCLUDING IT

Source: ABLE Analysis

49 | IBER 2023
 STARTUP ECOSYSTEM

122 startups, experiencing a growth growth rate of 20%. The state contrib-
rate of 36% and holding a 9% share in uted 3% to the overall startup ecosys-
the overall startup count. tem.

Uttar Pradesh (115 Startups): Uttar Andhra Pradesh (40 Startups): Andhra
Pradesh emerged as a signicant play- Pradesh showcased growth with 40
er with 115 startups, marking a growth startups, marking a 33% increase. The
rate of 24%. The state contributed 8% state held a 3% share in the total start-
to the total startup ecosystem. up count.

Gujarat (97 Startups): Gujarat eatured Odisha (33 Startups): Odisha eatured
prominently with 97 startups, showcas- in the top 10 with 33 startups, exhibit-
ing a growth rate of 29%. The state con- ing a growth rate of 32% and holding a
tributed 7% to the total startup count. 2% share in the total startup count.

Tamil Nadu (82 Startups): Tamil Nadu Other States and Grand Total: The
registered 82 startups, exhibiting a “Others” category encompassed var-
growth rate of 26% and holding a 6% ious states, contributing 26% to the
share in the overall startup landscape. overall startup count. In 2022, there
were a total o 1391 startups, refecting
West Bengal (48 Startups): West Ben- a 23% growth from the previous year’s
gal recorded 48 startups, refecting a count of 1128.

14% MAHARASHTRA 11% KARNATAKA 8% UTTAR PRADESH 7% GUJARAT

6% TAMIL NADU 3% ANDHRA PRADESH 4% WEST BENGAL 2% ODISHA

Source: ABLE Analysis

51 | IBER 2023
 STARTUP ECOSYSTEM

HIGHLIGHTS AND OVERALL

PERFORMANCE OF BIOTECH STARTUPS
ANALYSIS OF CUMULATIVE STARTUPS (2015-2022) tech startup ecosystem in the country.
The cumulative growth of startups expe-
rienced a consistent upward trajectory BIRAC’s Contribution to the Biotech
between 2015 and 2022. The cumulative Innovation Ecosystem: BIRAC, estab-
count of startups continued to increase, lished by the Department of Biotechnolo-
reaching 6755 by the end o 2022, refect- gy (DBT), served as an industry-academia
ing an overall growth rate of 26.0%. In interface, aiming to strengthen and
2015, there were 732 startups. By 2016, empower emerging biotech enterpris-
the number crossed the 1000 milestone. es for strategic research and innovation.
The startups grew by approximately 9.22 Its mandate was to nurture innovation
times since 2015. So, the Compound throughout the entire product devel-
Annual Growth Rate (CAGR) since 2015 opment chain, from the idea stage to
was approximately 37%. proof-of-concept, early and late-stage
translational research, validation, and
Yearly Growth Rate: Noteworthy scale up to commercialization. Over the
accelerations were observed in 2016- past 10 years, BIRAC undertook various
2017 (69.61%) and 2017-2018 (54%). initiatives, including providing funds
This is clearly an outcome of the for high-risk translational research,
establishment of the Biotechnology supporting nascent ideas, and capacity
Industry Research Assistance Council building through specialized bio-incuba-
(BIRAC) in 2012 to promote the bio- tion centers.

A LOOK AT THE CUMULATIVE

GROWTH FROM 2015 TO 2022
Source: ABLE Analysis

732 1,022 1,732 2,662 3,397 4,237 5,365 6,755

2015 2016 2017 2018 2019 2020 2021 2022

BIRAC’S IMPACT FROM 2014 TO 2022

Biotech Startups: Grown from less than 700 Jobs Created: Grown over 60 times to over
to 6755, a multiplier of 9x. 30,000.
Incubators: Increased from 6 to 75, a BIRAC’s relentless efforts have significantly
multiplier of 12x. contributed to the growth and development
Number of Products: Expanded from 10 to of the biotech innovation ecosystem in India.
800, a multiplier of 80x. Despite economic challenges, the startup
Fund Raised: Increased from less than $2 ecosystem displayed resilience, maintaining
million to $535 million, a multiplier of 268x. positive growth rates.

52 | IBER 2023
 STARTUP ECOSYSTEM

showing a steady upward trajectory of 28%. While these projections are based on the
2025 to 2026: A 26% percent increase is provided data, several external factors could
forecast, with the cumulative startups influence the actual growth of startups,
reaching 12523. such as economic conditions, government
2026 to 2027: If the growth trend con policies, technological advancements, and
tinues, India is expected to have 16713 global events. It’s essential to consider these
cumulative startups. variables and regularly update predictions to
2027 to 2030: The cumulative startups account for changing circumstances in the
base is forecast to further increase to entrepreneurial landscape.
31223, based on consistent upward
trajectory.

BIRAC’S INITIATIVES:
STRATEGIC COLLABORATIONS AND PARTNERSHIPS
BIRAC’s programs, schemes, and policy initiatives were supplemented through strategic
collaborations and public-private partnerships with national and international bodies, government
departments, states, industry, investors, mentors, experts, philanthropic organizations, and NGOs.
Central Enabler and Impact on the Biotech Innovation Ecosystem: BIRAC, as a central enabler,
played a crucial role in nurturing the biotech innovation ecosystem in India, aiming to develop
globally competitive and affordable products to address the unmet needs of society.
Entrepreneurship and Start-up Support: BIRAC fostered a culture of biotech entrepreneurship,
creating a pipeline of over 11,000 aspiring entrepreneurs and 6300+ biotech startups. Recognizing
that the biotech innovation ecosystem is largely driven by startups, BIRAC supported 4800+
startups, entrepreneurs, and other beneficiaries.
Biotech Innovation Network: BIRAC established a vibrant biotech innovation network, including
75 bio-incubators across 21 statesUTs supporting 1800+ incubatees. This network also included
four regional centers for mentoring and handholding, seven technology transfer offices, and twelve
daughter funds under the Fund of Funds initiative.
Regulatory Information Facilitation Centre and IP Impact: BIRAC supported about 800 regulatory
queries from startups, entrepreneurs, and innovators through the BIRAC Regulatory Information
Facilitation Centre platform. BIRAC’s efforts led to the filing of over 1300 intellectual property (IP)
applications, with over 800 biotech productstechnologies reaching the market.
Biotechnology Innovation Fund-Accelerating Entrepreneurs (AcE) Fund: The Biotechnology
Innovation Fund-Accelerating Entrepreneurs (AcE) Fund, a ‘Fund of Funds,’ was launched to invest
equity in startups, providing the risk capital for innovation, research, and product development. AcE
mobilized over $120 million, with BIRACDBT committing $15 million in biotech startups and small
to medium-sized enterprises (SMEs).
Funding Support to Startups: Out of 11,000+ new innovative ideas, BIRAC supported:
950+ startups under the ‘Biotech Ignition Grant.’
159 startups provided equity investment through SEED and LEAP Fund.
77 companies provided investment through Fund of Funds-AcE Fund.

55 | IBER 2023
56 | IBER 2023
BIOTECH
INVESTMENTS
57 | IBER 2023
 BIOTECH INVESTMENTS

ital health, consumer health, self-care, Ignition Grant (BIG), equity invest-
medical devices, platform technology, ment through SEED and LEAP Fund,
point-of-care devices, animal health, and investments through Accelerat-
drug discovery, and biotech. ing Entrepreneurs (AcE), a fund under
Biotechnology Innovation Fund, and
This transformation has been driven the fostering of high-performance bio-
by two main actors: rstly, the impact manufacturing.
of the coronavirus pandemic, and sec-
ondly, favorable government policies The disruptions in the global supply
such as the Ayushman Bharat health chains due to COVID-19 prompted
insurance scheme introduced in 2019, major pharmaceutical companies to
the National Digital Health Mission reconsider their strategies, leading to
(NDHM) initiated in 2021, the Arti- a diversication o sourcing. India is
cial Intelligence (AI) initiative, BIRAC’s expected to benet signicantly rom
programs to nurture the biotech inno- this trend.
vation ecosystem through Biotech

PE & VC INVESTMENTS IN INDIAN BIOTECHS

Biotech Industry booms with Record-Breaking investments and expanding opportunities

VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENTS

789.94
728.87

495.13
438.61 417.90
362.62

175.38 158.74 164.05

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: ABLE Analysis
DISCLAIMER
• The life sciences sector, • Various investment tracking within the realms of Biotech
encompassing healthcare, pharma, reports, such as Ernst & Young and bioinformatics, diagnostic
and biotech, stands out as one of the (EY) analysis of VC Edge data, Bain services, drug discovery in
most exciting and promising areas for reports, Tracxn Reports, or Venture biotech, biopharmaceuticals,
private equity (PE) investment. This Intelligence Lifesciences Reports, biomanufacturing, medical devices,
sector benefits from several favorable indicate that the overall life sciences agritech companies, alternate fuels,
trends, including aging populations, sector deals fall within the range of etc. It intentionally excludes sectors
an increase in chronic diseases, $4.1-4.5 billion. This figure represents such as hospitals, pharma distribution
and advancements in technology. the total PEVC investments e-commerce companies, pure-play
Consequently, PE firms have been across the life segments, including pharma companies, etc.
making substantial investments in pharmaceuticals and healthcare. • The analysis has been conducted
these sectors, placing their bets on • However, this IBER report based on data sourced from Venture
the long-term growth potential. specifically focuses on deals Intelligence, Tracxn, and EY Reports.

59 | IBER 2023
 BIOTECH INVESTMENTS

A comprehensive analysis of the biotech contributing 4% to the overall share of

investment landscape spanning from biotech investments.
2013 to 2022 revealed a dynamic journey
marked by fuctuations in the number o 2014 (3% Share, -9% Change): Despite
deals, investment amounts, and signi- a 9% decrease in investment, the num-
cant percentage changes. The years with ber of deals dropped to 20, resulting in
the highest deal amount in the life scienc- a 3% share.
es sector were 2021 and 2022. In 2015,
there were 36 deals, marking the highest 2015 (10% Share, 212% Change): A
number of deals in the provided data. substantial increase of 212% in invest-
Similarly, in 2022, there were 31 deals, ment led to 36 deals, capturing a 10%
making it one of the years with a sub- share and signiying a signicant boom
stantial number of transactions. These in the biotech sector.
years stood out as periods of heightened
activity and signicant deal-making in 2016 (7% Share, -27% Change): The
the life sciences sector. number of deals reduced to 29, and a
27% decrease in investment marked a
The best years in terms of deal amounts temporary slowdown in growth.
in the life sciences sector were 2021 and
2022. In 2022, the total deal amount 2017 (3% Share, -55% Change):
reached $938.77 million, making it the Investment plummeted by 55%, reach-
highest recorded amount in the gathered ing $164.05 million, and the number of
data, while in 2021, the total deal amount deals reduced to 24, refecting a chal-
was $789.94 million. These years stood lenging year for biotech investments.
out as periods with substantial invest-
ment amounts in the life sciences sector. 2018 (15% Share, 344% Change): A
remarkable recovery occurred in 2018,
In 2022, PEVC investments in the life sci- with 27 deals amounting to $728.87
ences sector witnessed a 5% growth, fol- million, signaling a 344% increase in
lowing a substantial 15% year-on-year investment.
increase in 2021. Notably, the dominance
of pharmaceuticals in 2020 with an 87% 2019 (9% Share, -40% Change):
share declined to 51% in 2021 and fur- Despite a decrease in both deals and
ther to 45% in 2022. investment, 2019 remained a signi-
cant year for the biotech sector.
OVERALL TRENDS:
Deal Count: The number of biotech 2020 (9% Share, -5% Change): The
deals fuctuated over the years, reaching investment decreased slightly by 5%,
a peak in 2015 with 36 deals and averag- with 26 deals contributing to a 9% share.
ing around 27 deals in a year since 2013.
2021 (16% Share, 89% Change): A
Investment Amounts: The total invest- robust year for biotech investments,
ment amounts showcased signicant 2021 witnessed 32 deals with a total
variations, with 2018 and 2022 stand- investment of $789.94 million, mark-
ing out as peak years, marked by sub- ing an 89% increase.
stantial increases.
2022 (19% Share, 19% Change): The
YEARLY ANALYSIS: positive trend continued in 2022, with
2013 (4% Share): The year started with 31 deals and an investment increase of
24 deals amounting to $175.38 million, 19%, capturing a 19% share.

60 | IBER 2023
 BIOTECH INVESTMENTS

DISTRIBUTION OF INVESTMENTS BY DEAL SIZE

Quick analysis of decade of funding trends from 2014 to 2022, focusing on key parameters such as
Funding Round Size, Funding Multiples, Funding Round Valuation, Time between Funding Rounds,
Acquisitions, IPOs, and overall benchmarks.

250 FUNDING BENCHMARKS SERIES C ($M)

200 SERIES B ($M)

150 SERIES A ($ M)
SEED ($M)
100
ANGEL ($M)
50

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: ABLE Analysis

FUNDING ROUND SIZE: signicant capital and execute on their

The average funding round size in million business plans were well-positioned for
dollars increased over time between 2013 success. Investors became more selec-
and 2022, with Series C rounds receiving tive, so companies needed to have a
an average funding of $47.1 million in strong product or service and a clear path
2022. The number of funding rounds also to market to attract funding.
increased over time, with Series B rounds
being the most common type of funding FUNDING ROUND VALUATION:
round. The time between funding rounds Average Valuation: The average fund-
decreased over time, reaching an average ing round valuation stood at $4.94 mil-
of 41 days between rounds in 2022. lion. This metric gauged the perceived
worth of companies during various
The increasing average funding round funding rounds.
size and valuation were signs that inves-
tors became more condent in the poten- Yearly Trends: The highest average
tial of biotech companies in India. The valuation was recorded in 2016 at
increasing number of funding rounds $8.39 million.
suggested there was a growing demand
for capital from biotech companies, and TIME BETWEEN FUNDING ROUNDS:
investors were willing to provide that Average Time Gap: The average time
capital. The decreasing time between between funding rounds was 8.66
funding rounds suggested that biotech months. A shorter time gap might indi-
companies were able to raise capital cate rapid growth or fundraising suc-
more quickly, which could help them cess.
accelerate their growth.
Yearly Insights: Notable variations
OVERALL TRENDS: existed, with the longest time gap
The funding landscape for early-stage occurring in 2015 at 13.6 months. Sub-
biotech companies in India changed rap- sequent years exhibited a relatively
idly. Companies that were able to raise consistent pattern.

61 | IBER 2023
 BIOTECH INVESTMENTS

PE INVESTMENTS BY STATE
Biotech Investment Deals Analysis (2013-2022) - Regional Distribution.

Analysis of biotech investments by region ments in the South and West regions of
and state in India from 2013 to 2022 India could be attributed to several fac-
showed that the South and West regions tors, including:
dominated biotech investments, with a
combined share of 73%. The total size of The presence of leading biotech com-
investments during the period was $4.87 panies and research institutions in
billion. these regions.

Karnataka and Gujarat were the top-rank- The proactive approach of state gov-
ing states, with shares of 30% and 14%, ernments in promoting biotech invest-
respectively. Maharashtra, Telangana, ments.
and Delhi also made signicant contri-
butions to the biotech investment land- A strong entrepreneurial ecosystem.
scape. The Rest of the States category
accounted for 8% of the total biotech REGIONAL BREAKDOWN:
investment share. North (17%): The northern states col-
lectively contributed 17% to the total
The concentration of biotech invest- biotech investment deals. This region,

Region State Investment Deal Amount Percent Share

$Million (2013-2022) of Total Deals
South 2255.45 46%
Karnataka 1448.31 30%
Telangana 663.09 14%
Tamil Nadu 127.45 3%
Kerala 11.1 0%
AP 5.5 0%
West 1405.7 29%
Gujarat 658.92 14%
Maharashtra 626.78 13%
Goa 120 2%
North 810.63 17%
Delhi 368.32 8%
Haryana 296.43 6%
Uttar Pradesh 145.88 3%
Rest of the States 398.04 8%
Grand Total 4869.82 100%
Source: ABLE Analysis

62 | IBER 2023
 BIOTECH INVESTMENTS

comprising Delhi, Haryana, and Uttar state and its role in shaping the nation’s
Pradesh, showcased a noteworthy biotech future.
presence in the evolving biotech sector.
Maharashtra Momentum (13%):
South (46%): The Southern states, led Mumbai-Pune Biotech Axis: Maha-
by Karnataka and Telangana, emerged rashtra followed closely, boasting a
as the powerhouse, commanding a 13% share fueled by the Mumbai-Pune
substantial 46% share. The region’s biotech axis. It was a bustling biotech
prominence was evident in its diverse corridor o the nancial and cultural
biotech hubs and proactive investment hub of India.
climate.
Delhi Drift: The Capital’s 8% Biotech
West (29%): Gujarat and Maharashtra Share: The national capital secured
in the West jointly contributed 29%, the th spot with an 8% share. Delhi’s
underlining the region’s signicance in infuence reverberated in the biotech
fostering biotech innovation. Mumbai landscape, blending politics and inno-
and Pune played pivotal roles in this vation.
vibrant ecosystem.
Haryana Hustle: A 6% Slice of Biotech
Others (8%): States beyond the major Glory: Haryana, the rising star in the
regions and the listed states collec- north, snatched a 6% share. The stra-
tively contributed 8%, showcasing a tegic location positioned Haryana as a
mosaic of innovation. This catego- noteworthy contender in the biotech
ry highlighted emerging players and race.
unique biotech narratives outside the
primary focus areas. Uttar Pradesh Unleashed: Breaking
Biotech Barriers (3%): Uttar Pradesh
TOP STATES broke barriers with a 3% share, mark-
Karnataka Occupied Biotech Throne ing its presence in the evolving biotech
(30%): Karnataka emerged as the narrative of the north.
undisputed king, commanding a whop-
ping 30% share of biotech investments. Southern Flourish: Tamil Nadu’s 3%
The top-ranking state, Karnataka, Biotech Symphony: Tamil Nadu played
attracted investments totaling $1.45 a melodious tune with a 3% share, add-
Billion. Bangalore’s magnetic pull for ing a southern fourish to India’s bio-
biotech innovators and investors drove tech symphony.
the deals.
Goa’s Biotech Beachhead (2%): Small
Telangana Triumph: Hyderabad’s State, Big Impact: Goa, though small,
Biotech Power Play (14%): Hyder- made a big impact with a 2% share.
abad’s rise in the biotech realm pro-
pelled Telangana to a commendable Rising Stars: The Collective Force of
second place with a 14% share. “Rest o the States” (8%): In the biotech
constellation, the “Rest of the States”
Gujarat’s Biotech Blitz (14%): A West- shone bright, contributing a collective
ern Dynamo Gujarat, a western dyna- force of 8%. Witness how these ris-
mo, claimed a signicant 14% share in ing stars added diversity and depth to
India’s biotech bonanza. The success India’s biotech investment galaxy.
came from the proactiveness of the

63 | IBER 2023
 BIOTECH INVESTMENTS

a quarter of the total funding that was rounds showed substantial investments of
raised by companies in the healthcare $91.3 million and $150.37 million, respec-
industry. This suggested that the Medical tively. This balanced distribution suggest-
Devices sector was also a very attractive ed investor condence in both early-stage
sector for investors. development and subsequent scaling.

The BioIndustrial and Research sectors Private Equity Dominance: Private

raised the least amount of funding among Equity (PE) was a major contributor, rep-
all the sectors. resenting a substantial deal amount of
$210 million. PE investments often indi-
DIVERSE FUNDING MIX cated interest from established investors
In 2002, a diverse funding mix was wit- looking for mature companies with prov-
nessed, showcasing the availability of en business models.
capital across different stages of compa-
ny development. This diversity was pos- Seed and Angel Investments: Seed and
itive for the overall health of the startup Angel rounds had smaller deal amounts,
ecosystem. totaling $0.55 million and $0.44 mil-
lion, respectively. These rounds typically
involved early-stage startups and served as
Round Name Deal Amount initial capital to kickstart their operations.
($ Million)
The PE round accounted for the largest
PE 210
share of the total deal amount, at 28.5%.
Series C and Series B rounds followed, at
Series A 91.3
31.8% and 20.4%, respectively. The Seed
and Angel rounds accounted for a very
Series B 150.37
small share of the total deal amount, at
Series C 233 0.07% and 0.06%, respectively.

Series D 50 The trends indicated that investors were

more willing to invest in later-stage com-
Seed 0.55 panies, which were more likely to be suc-
cessful.
Angel 0.44
Despite the focus on later-stage start-
Grand Total 735.66 ups, there were also notable successes
in the early-stage realm. For instance,
Source: ABLE Analysis
Elucidata raised $16 million in a Series A
round, while Immuneel secured $15 mil-
Signifcant Funding in Series C: The lion in a similar round. These achieve-
Series C round attracted the highest ments highlighted the continued interest
investment with $233 million, indicat- in early-stage startups with promising
ing a phase where companies had likely potential.
demonstrated substantial growth and
were seeking capital for further expan- Overall, the data painted a positive pic-
sion or market penetration. ture of India’s thriving startup ecosystem.
Investors were eager to support startups
Balanced Distribution Across Series A at various stages, and successful exits
and Series B: The Series A and Series B were on the rise. This momentum posi-

65 | IBER 2023
 BIOTECH INVESTMENTS

tioned the Indian startup ecosystem for

continued growth in the years to come.
INDIA’S BIOTECH UNICORNS:
TRAILBLAZING THE FUTURE
Monthly analysis of investments provid-
ed valuable insights into the temporal
OF HEALTHCARE
Biocon Biologics and Molbio Diagnostics are
dynamics of investment activities.
both Indian biotechnology companies that have
Peak in February: February stood out been valued at over $1 billion, making them
with the highest total investment of latest unicorns.
$245.5 million. This could be attributed India’s biotechnology sector witnessed
to strategic planning, annual budget allo- a remarkable surge in recent years, with
cations, or specic industry events. several companies achieving unicorn
status – a valuation of over $1 billion.
Consistent Monthly Investments: While These biotech unicorns drove innovation
February was a standout month, other and transformed the healthcare land-
months also showed substantial invest- scape, shaping the future of medicine and
ment activity, contributing to a diverse improving the lives of millions worldwide.
and consistent funding landscape.
BIOCON BIOLOGICS: A PIONEER IN BIOLOGICS
Seasonal Fluctuations: The data sug- DEVELOPMENT
gested variations in investment amounts Biocon Biologics, a subsidiary of Biocon
across different months, which might be Limited, was a leading biotech company
infuenced by seasonal trends, industry specializing in the development and man-
cycles, or specic events impacting inves- ufacturing of biologics, drugs derived from
tor sentiment. May and July, with $154 living organisms. With a strong track record
million and $118.94 million, respec- of innovation, Biocon Biologics developed
tively, indicated robust funding during several rst-in-class biologics, establish-
these periods. October and November ing itself as a global leader in the biologics
showed comparatively lower investment industry. The company’s products were
amounts at $6.16 million and $7.25 mil- utilized in over 70 countries, making a sig-
lion, respectively. This could be due to nicant impact on healthcare worldwide.
actors such as year-end nancial plan-
ning, industry-specic considerations, or Biocon Biologics secured a total of $632.4
other external factors affecting investor million in funding over six rounds,
behavior. demonstrating its strong investor appeal
and growth potential. In a major strategic
move, the company entered into a revised
strategic alliance with Serum Life Scienc-
es (SLSL), a wholly-owned subsidiary of
Serum Institute of India (SII). SLSL made
an additional equity investment of $150
million in Biocon Biologics, bringing its
total investment to $300 million. This
strategic partnership further strength-
ened Biocon Biologics’ position in the
global biologics market.

MOLBIO DIAGNOSTICS: A UNICORN ON THE RISE

Molbio Diagnostics, a Goa-based health-

66 | IBER 2023
 BIOTECH INVESTMENTS

care diagnostics rm, emerged as a ront- Bharat Biotech: A leading biotechnolo-

runner in the Indian diagnostic space. The gy company, Bharat Biotech established
company developed and manufactured a itself as a frontrunner in vaccine develop-
wide range of diagnostic tests for infectious ment. Its Covaxin vaccine for COVID-19
diseases, genetic disorders, and cancer. gained widespread recognition and
Molbio Diagnostics’ fagship product, Tru- approval for emergency use. Bharat Bio-
enat, was a real-time IoT-enabled testing kit tech’s unwavering commitment to inno-
that provided rapid and accurate diagnosis vation propelled its growth and solidied
for over 40 diseases, including COVID-19, its position as a biotech unicorn.
tuberculosis, hepatitis, HIV, HPV, and vec-
tor-borne diseases like dengue, chikun- Hetero Labs: A generic pharmaceu-
gunya, and malaria. The Truenat platform tical company and the world’s largest
was deployed in over 5,000 testing centers producer of anti-retroviral drugs, Het-
across 40 countries worldwide. ero Labs made signicant strides in the
pharmaceutical industry. Its diversi-
Molbio Diagnostics joined the coveted ed business portolio, encompassing
unicorn club after raising $85 million in a APIs, generics, biosimilars, custom
funding round led by Temasek. The com- pharmaceutical services, and branded
pany’s valuation soared to $1.53 billion, generics, contributed to its impressive
marking an 8X jump from its previous growth and unicorn status.
valuation of $182.7 million. This mile-
stone made Molbio the second unicorn Intas Pharmaceuticals: Intas Pharma-
to emerge from India in September 2022. ceuticals, an independent biotechnol-
With this latest funding round, Molbio ogy division of Intas Pharmaceuticals
was well-positioned to achieve its ambi- Ltd., emerged as an attractive com-
tious goal of becoming a billion-dollar pany for investments. The Abu Dhabi
revenue company in the next 3-5 years. Investment Authority (ADIA) agreed to
acquire a 3% stake in Intas Pharma-
OTHER BIOTECH UNICORNS ceuticals for $250-$270 million. This
Several other unicorns made signicant investment valued Intas Pharmaceuti-
contributions to biotech advancements cals at $8.5 billion. ADIA purchased the
and played a pivotal role in shaping the stake from existing investor Temasek
future of the industry. Holdings. This investment marked a
signicant development as it attracted
Anthem Biosciences: This fully inte- a major sovereign wealth fund.
grated pharmaceutical and biotech-
nology rm achieved unicorn status Serum Institute of India: A renowned
following a minority stake acquisition biotechnology and pharmaceuticals
by True North, a private equity fund. company, Serum Institute of India held
Valued at $1 billion, Anthem Biosci- the distinction of being the world’s
ences was poised to make signicant largest vaccine manufacturer. Its Cov-
contributions in the eld o drug dis- ishield vaccine, approved for emergen-
covery and development. cy use in India,

Company Post Money Value Total Equity Funding Lead Investors Include
Biocon Biologics $6B $632M Serum Life Sciences
Molbio Diagnostics $2B $117M Temasek Holdings
Source: ABLE Analysis

67 | IBER 2023
68 | IBER 2023
INNOVATION
ECOSYSTEM
69 | IBER 2023
 INNOVATION ECOSYSTEM

EMPOWERING
EMERGING
BIOTECH
ENTERPRISES
Over the past decade, BIRAC has played a signicant role in
fostering the growth of the biotech ecosystem.

The Biotechnology Industry Research op globally competitive and affordable

Assistance Council (BIRAC), established products that address the societal needs
in 2012 as a Section 8, Public Sector at large. BIRAC's initiatives span from
Enterprise, has been mandated to for- providing funds for high-risk transla-
tify and empower emerging Biotech tional research to supporting nascent
enterprises. The organization has con- ideas, building capacity through the cre-
sistently achieved success in promoting, ation of bioincubation centers as shared
nurturing, and facilitating the Biotech infrastructure, and providing guidance
Innovation Ecosystem, aiming to devel- through mentoring and training. Addi-

70 | IBER 2023
 INNOVATION ECOSYSTEM

10+ YEARS OF BIRAC

Nurturing & Strengthening Biotech Innovation Enterprise

75 7.1 Lakh+ 15 Lakh+

Incubation Sq. ft. Incubation
Students 800+ 1300+
entrepreneurs Products in market IPs led
Centres space
engaged

28,000+ 4,800+ `5,500 Cr+ 100+ 400+

Startups Follow-on-funding National &
Proposals Academia
Entrepreneurs raised by >130 International
assessed Supported
supported startups Partnerships

35,000+ 10,000+ `6,600 Cr+ `4,000 Cr+ `2,600 Cr+

High skilled jobs Co-funding by
Mentor Pool Total Investment BIRAC Funding
created Industry & Others

Source: ABLE Analysis

tionally, BIRAC actively engages in policy as ethanol production from natural

advocacy to empower the biotech ecosys- resources for fuel blending, the devel-
tem in India. opment of bioplastics, biofertilizers, and
biopesticides as alternatives to tradition-
Government of India (GoI) policy initia- al chemicals and pesticides. The biotech
tives, such as "Make in India" and "Startup innovation ecosystem, largely propelled
India," are strategically aligned to posi- by startups, has experienced a consistent
tion India as a world-class Biotechnology annual growth in the total number of bio-
innovation and Bio-manufacturing hub. tech start-ups, thanks to BIRAC's unwav-
BIRAC, in response, has been instrumen- ering support.
tal in nurturing a robust biotech ecosys-
tem capable of effectively addressing the The success of the BIRAC model can be
health, food, feed, and fuel needs of the attributed to the visionary approach of
nation. The BioEconomy target for 2025 the Department of Biotechnology (DBT)
is set at $150 billion, with anticipated in promoting innovation and research
growth in Bio-pharma, Diagnostics, Med- and development (R&D). BIRAC's pro-
ical Devices, and Bio-industrial segments grams, schemes, and activities have
in both consumption and exports. been meticulously designed to meet the
requirements of ecosystem growth. The
Innovative biotech-based solutions are organization focuses on creating schemes
poised to play a critical role in reducing and programs that foster a pipeline of
dependence on non-renewable resourc- entrepreneurs and startups by provid-
es. BIRAC envisions interventions such ing systematic and value-added support

71 | IBER 2023
 INNOVATION ECOSYSTEM

BIRAC’S IMPACT EQUITY SCHEMES- SEED & LEAP

4800+ EQUITY SUPPORT
TO STARTUPS
NO OF
STARTUPS
FOLLOW ON FUNDS
RAISED BY 74 STARTUPS
Startups, 800+ `46 Cr 122 `390 Cr
Entrepreneurs, Products and
Companies Technologies Source: ABLE Analysis
Benefciaries Supported
Supported NO OF PRODUCTS VALUATION OF
COMMERCIALIZED 77 STARTUPS
71 `5,000 Cr
`5,500cr 35,000
Follow on Funding
Employment
Raised by >125
Startups
Generated FUND OF FUNDS- BIOTECHNOLOGY
INNOVATION ACE FUND
75 7.1 Lakh
FUNDS OF FUNDS -
ACE FUND
NO OF
DAUGHTER FUNDS
INVESTMENT COMMIT-
MENT FOR BIOTECH
Bio-Incubation
Square Feet `150 Cr 10 STARTUPS
and Pre-
Incubation
Incubation `300 Cr
Space
Centers Source: ABLE Analysis

NO OF STARTUPS
SUPPORTED INVESTED IN BIOTECH
49 STARTUPS
400+ `349 Cr
1,250 Academic
IPs Generated Institutes
Supported

Note Cr denotes Crore. A crore is equal to 10 million

during the entire journey, from idea mat- received for funding support, a rising
uration to product commercialization. count of startups, national and inter-
national recognition of Indian startups,
Over the past decade, BIRAC has sig- and the successful commercialization of
nicantly contributed to the growth o Made-in-India products.
the biotech ecosystem, evident in the
increasing numbers of applications BIRAC has supported over 4800 ben-

72 | IBER 2023
 INNOVATION ECOSYSTEM

eciaries through various programs,

including the BIG program, dedicated to BIG APPLICANT DATA
nurturing a pipeline of biotech startups.
More than 800 innovative ideas have
NO. OF
received support out of 11,000 applica- STATE APPLICANTS
tions received nationwide. The aspirants,
ANDAMAN NICOBAR ISLANDS 4
spanning 550+ cities and 38 aspiration-
ANDHRA PRADESH 302
al districts pan India, are a testament to
ARUNACHAL PRADESH 7
the extensive reach of BIRAC's initia-
ASSAM 239 TOTAL NO. OF
tives. Early-stage schemes like SITARE
BIHAR 70 APPLICANTS
and Social Innovation Immersion Pro-
gram (SIIP) create a robust pipeline of CHANDIGARH 97
57
9,254
innovators for the BIG scheme. BIRAC’s CHHATTISGARH

Bioincubation (BioNEST) and pre-incu- DELHI 634

bation (EYUVA) programs have success- GOA 44
fully established and supported over 75 GUJARAT 326
bioincubation facilities across the coun- HARYANA 198
try. These facilities serve as nurturing HIMACHAL PRADESH 37
grounds for nascent ideas by providing JAMMU & KASHMIR 56
access to high-end infrastructure, spe- JHARKHAND 66
cialized equipment, business mentor- KARNATAKA 1672
ship, intellectual property (IP), legal and KERALA 289
regulatory guidance, and networking MADHYA PRADESH 154
opportunities. These facilities are stra- MAHARASHTRA 1177
tegically located within Universities, MANIPUR 45
Research Institutes, Research Hospitals, MEGHALAYA 34
or as standalone centers. MIZORAM 4
NAGALAND 5
Under the umbrella of i4: Intensifying the ORISSA 547
Impact of Industrial Innovation, BIRAC’s PONDICHERRY 12
Small Business Innovation Research Ini- PUNJAB 105
tiative (SBIRI) and Biotechnology Indus- RAJASTHAN 188
try Partnership Program (BIPP) Schemes SIKKIM 4
aim to support biotechnological product TAMIL NADU 1030
and technology development by enhanc- TELANGANA 923
ing research and development (R&D)
TRIPURA 9
capabilities.
UTTAR PRADESH 556
UTTARANCHAL 71
BIRAC’s PACE Scheme (Promoting Aca-
WEST BENGAL 292
demic Research Conversion to Enter-
prise) is designed to nurture translational Source: ABLE Analysis

research within academia. Additionally,

equity schemes such as SEED (Sustain- BIRAC is recognized for its active engage-
able Entrepreneurship and Enterprise ment with biotech startups, incubators,
Development) Fund, LEAP (Launching industry, investors, academia, and var-
Entrepreneurial Driven Affordable Prod- ious stakeholders, including partners.
ucts) Fund, and Biotechnology Innova- The organization remains committed to
tion (AcE – Accelerating Entrepreneurs) shaping and sustaining a dynamic and
contribute to BIRAC’s holistic approach. thriving biotech ecosystem in India.

73 | IBER 2023
 INNOVATION ECOSYSTEM

THE DYNAMIC
LANDSCAPE OF
BIOINCUBATORS
IN INDIA

FUELING INNOVATION Historical Perspective: The evolution of

bioincubators in India is a testament to
India’s biotechnology sector is on an upward collaborative efforts between the govern-
trajectory, poised to reach a staggering $150 ment and private players. The pioneering
billion by 2025. This growth is fueled by a Society for Innovation and Development
robust talent pool, increased investment in (SID), established in 1986 at the Indian
research and development (R&D), and a rising Institute of Science, Bengaluru, marked
demand for innovative healthcare solutions. At the inception of bioincubators in the coun-
the forefront of this surge are bioincubators. try. Since then, a multitude of bioincuba-
These are hubs of innovation that nurture and tors has emerged, fostering an ecosystem
propel biotech and life sciences startups. conducive to innovation and growth.

74 | IBER 2023
 INNOVATION ECOSYSTEM

Government Initiatives: The Depart- biotechnology industry, including bioin-

ment of Biotechnology (DBT) and the Gov- cubators, generated over 600,000 direct
ernment of India have played pivotal roles jobs and more than 1.5 million indirect
in nurturing the biotechnology industry. jobs.
Across the country, various biotechnology
parks and incubators, both governmental Success Stories: Several success stories
and private, aim to propel emerging bio- have emerged from India’s bioincubators,
tech startups locally and onto the global contributing signicantly to job creation.
stage. Pro-bioincubator policies, such as Companies like MyLab Discovery Solu-
the Biotechnology Industry Partnership tions and MolBio Diagnostics nurtured
Programme (BIPP) and the Biotechnology by BIRAC-funded bioincubators, have not
Ignition Grant (BIG), provide crucial sup- only created hundreds of jobs but have
port for incubation and early-stage devel- also raised substantial funding.
opment.
The Current Biotech Landscape: The
Private Sector Contributions: Corporate biotech industry in India experienced
giants like Reliance, TATA, and Biocon remarkable growth in 2022, with over
have signicantly contributed to advanc- 1,390 new startup registrations in a sin-
ing bioincubators. Private bioincubators gle year. The Government support, spear-
oer startups access to nance, men- headed by Prime Minister Narendra Modi,
torship, networking opportunities, and has played a crucial role in fostering the
essential facilities. Institutions like the exponential increase in biotech startups,
Centre for Cellular and Molecular Plat- with a goal to surpass 10,000 startups by
forms (C-CAMP) in Bengaluru have played 2025.
a pivotal role in promoting innovation in
the life sciences industry. Bioincubation Challenges and Initia-
tives: The burgeoning growth in biotech
Performance Indicators: The success of startups necessitates the development
bioincubators is measured through var- of world-class bioincubation spaces. The
ious indicators, including the number of Department of Biotechnology has been
startups incubated, jobs created, invest- proactive in establishing biotechnolo-
ment raised, and the success rate of start- gy parks and bioincubators across the
ups. Over time, India’s bioincubators have country to support the transformation
witnessed a substantial increase in their of research into products and services.
ability to support startups, with more Notable examples include IKP Knowl-
than 200 biotech rms incubated across edge Park in Hyderabad, Golden Jubilee
the country. Biotech Park for Women in Chennai, and
C-CAMP in Bengaluru.
Employment Generation: Bioincuba-
tors in India have played a crucial role Regional Examples and Key Play-
in generating both direct and indirect ers: Various bioincubators and biotech
employment. Direct employment within parks have been established in different
incubated startups includes roles such regions, including Hyderabad, Chennai,
as scientists, engineers, technicians, Bengaluru, Pune, Vadodara, and Odisha.
and administrative personnel. Indirect Key players such as IKP Knowledge Park,
employment extends to jobs created by C-CAMP, and KIIT Technology Business
vendors, suppliers, and service provid- Incubator have been instrumental in fos-
ers collaborating with these startups. The tering the growth of biotech startups.

75 | IBER 2023
 INNOVATION ECOSYSTEM

IN-DEPTH INSIGHTS INTO SELECTED INCUBATORS

Bioincubators have not only shaped the biotech startup ecosystem in India but have also been
recognized for their achievements in various categories. Here are a few examples

Diverse Geographical Presence: Bioin- Collaborative Backing from Public

cubators and biotech parks have sprout- and Private Sectors: The establishment
ed across various regions, exemplifying and sustenance of bioincubators and
the widespread growth of the biotech- biotech parks draw support from both
nology sector. Notable locations include public and private sectors. Noteworthy
Hyderabad, Chennai, Bengaluru, Pune, achievements are meticulously proled
Vadodara, and Odisha. and ranked based on their performance
during the scal year 2021-22.

DIVERSE GEOGRAPHICAL PRESENCE

HYDERABAD: Bangalore Bioinnovation Centre (BBC)
IKP Knowledge Park
Bio-incubator at the University of PUNE:
Hyderabad Venture Center
Atal Incubation Centre (AIC)
GUJARAT:
CHENNAI: Biotechnology Park at Savli Industrial
Golden Jubilee Biotech Park for Women Estate
Crescent Innovation and Incubation
Council in Chennai ODISHA:
KIIT Technology Business Incubator
BENGALURU: (KIIT-TBI)
Centre for Cellular and Molecular
Platforms (C-CAMP)

76 | IBER 2023
 INNOVATION ECOSYSTEM

ACHIEVEMENTS OF SELECTED INCUBATORS

IKP KNOWLEDGE PARK (IKP):
Establishment: Founded in 1999 as
India’s rst wet lab research park.

Mission: Aims to create a world-class

ecosystem for fostering innovation and
increasing competitiveness in India and
the region.

Foundation: Initiated by ICICI Bank and

the State Government of Andhra Pradesh.
BANGALORE BIOINNOVATION CENTRE (BBC):
Evolution: Started with modular lab spac- Formation: A not-or-prot promoted by
es, expanded to house multinational com- Karnataka Innovation and Technology
panies (MNCs) by 2004. Society (KITS) and the Department of Bio-
technology, Government of India.
Success Stories: Matrix
Laboratories and GVK Bio- Facilities: Achieved 100% occupancy
sciences notable for signif- with ull-fedged Central Instrumentation
icant growth. Facility (CIF).

Expansion: Tripled lab Startup Products: Notable products

space by 2004 and intro- include a remote fetal monitoring device,
duced the Internation- PCR detection mixes, herbal supplements
al Knowledge Millennium Conference against COVID-19.
(IKMC) in 2002.
Mentorship: Provides mentorship on
Life Science Incubator: Started in 2006, technical, IP, regulatory, investor connec-
the rst private incubator supported by tions, and commercialization.
NSTEDB, DST.
Networking: Sponsors delegations to
Awards: ABLE awarded IKP as the Best global events and collaborates with aca-
Biotech Park in India in 2012. demic and non-academic organizations.

IKP 2.0: Mission revisited in 2019, focus- Awards: Received various awards,
ing on advancing deep tech and co-creat- including Top Innovation Enabler and
ing solutions. Top Bio-incubator.

Impact and Reach: Supports 1,500+ Government Grants: Approved grants

innovators, startups, and large compa- under the RKVY scheme and sanctioned
nies across 90+ cities. Investment multi- $1.2 million for pandemic preparedness.
plier noted as 30x.
Education Programs: Initiatives like
Initiatives: IKP Policy Centre – CANVAS, DST’s TEDP and Clinical Research and
One Health Incubator, Digital Health Development Course.
Accelerator - DEEP, Virtual Infrastructure
Platform – Athena, and IKP Global Regu-
latory Forum (IGRF).
77 | IBER 2023
 INNOVATION ECOSYSTEM

CENTER FOR CELLULAR AND MOLECULAR VENTURE CENTER:

PLATFORMS (C-CAMP): Overview: A national-award-winning,
Establishment: Founded in 2009 by the non-prot technology business incuba-
Department of Biotechnology (DBT), Gov- tor hosted by CSIR-National Chemical
ernment of India. Laboratory in Pune.

Role: Serves as a platform technology Collaborations: Works closely with gov-

base, industry-oriented innovation hub, ernment ministries and has over 70 resi-
and startup ecosystem. dent startups at any time.

Achievements: Completed 4,250+ proj- Awards: Received National Awards and

ects, contributed to the biosciences recognition for thought leadership and
industry with over 230 publications. operational excellence.

Entrepreneurship Ecosystem: Provides Facilities: Oers scientic and prototyp-

funding, incubation, mentorship, and ing facilities, including specialized labs
accelerator programs for startups. and ISO 13485 certied MedTech Clean-
room.
Focus Domains: Key domains include
Agriculture, Medtech, Diagnostics, Anti- Impact: Supported 700+ startups with
microbial Resistance, Digital Health. contributions to health, agriculture,
energy, environment, digitalization, and
Global Partnerships: Forged partner- automation sectors.
ships with major innovation centers glob-
ally and collaborations with organizations
like QB3, CARB-X, Rockefeller Foundation.

Recognition: Received National Awards

from various Government of India orga-
nizations.

78 | IBER 2023
 INNOVATION ECOSYSTEM

GOLDEN JUBILEE BIOTECH PARK FOR WOMEN KIIT TECHNOLOGY BUSINESS INCUBATOR (TBI):
SOCIETY: Formation: Established in 2009 at KIIT
Inauguration: Established in 2001 in University, Odisha, supported by various
Siruseri, Chennai, with a commitment to government bodies and industries.
empowering women entrepreneurs.
Nurturing: Enabled the creation of over
Leadership: Governed by a commercial 5,000 technical jobs, on-boarded 50+
team led by Prof. PM Murali, with 150 industries, and promoted 200+ manufac-
years of cumulative corporate experience. turing startups.

Empowerment: Focus on supporting Regional Techno-entrepreneurship

women entrepreneurs from R&D to com- Centre: Established a BIRAC Regional
mercialization, with 20 unit modules Techno-entrepreneurship Centre (BRTC).
having 100% occupancy.
Awards: Recognized with the National
Recognition: Received awards, BIRAC Award for Technology Business Incuba-
seed fund, and Startup India seed fund. tion and National IPR Award.
Actively associated with entrepreneur-
ship development and innovation initia- International Collaboration: Building
tives. international collaborations and anchor-
ing the Bhubaneswar City Knowledge
BioNest Bioincubation Centre: Inaugu- Innovation Cluster Foundation.
rated in 2017, supporting aspiring wom-
en entrepreneurs.

79 | IBER 2023
 INNOVATION ECOSYSTEM

NEW BIOCLUSTERS
The Department of Biotechnology in India
has implemented a strategic initiative to
enhance collaboration and networking in the
biotech sector through the establishment of
Bioclusters. Currently, four Bioclusters are
operational in India -- Faridabad (Haryana),
Bangalore (Karnataka), Kalyani (West Bengal),
and Pune (Maharashtra). Under this program,
TCG INTERNATIONAL BIOTECH PARK (TCG IBP): notable achievements include the creation of
Location: Situated on the Mumbai-Pune
advanced facilities like the National Structural
knowledge corridor, incorporated in 2003
Biology Facility with an Electron Cryo-
as a public-private partnership.
microscope, an Advanced Technology Platform
Focus Areas: Dedicated to the Life Sci- Centre with a Bioincubator, and a system
ences industry, particularly in R&D, with medicine platform for generating biological
thrust areas in biotechnology and phar- and medical evidence.
maceuticals.
NCR Biotech Science Cluster in Farid-
Integrated Biotech Park: Spans 80 acres, abad: The NCR Biotech Science Cluster
providing space for R&D and including in Faridabad, an ambitious project span-
residential, commercial, and hotel facil- ning 200 acres, aims to position Farid-
ities. abad as a global biotechnology hub. It
is a collaborative eort involving ve
Notable Tenants: Hosts companies like partner institutions of national impor-
Emcure Pharmaceuticals, Gennova Bio- tance, including the National Institute
pharmaceuticals, Hikal Ltd, Omni Active of Immunology (NII), Regional Centre
Technologies, and more. for Biotechnology (RCB), Translational
Health Sciences and Technology Insti-
Infrastructure: Offers premises ready tute (C), National Brain Research Centre
or t-outs, lab spaces, and biotech land. (NBRC), and National Institute for Plant
Infrastructure includes wide roads, an Genome Research (NIPGR). The cluster
electrical substation, 100% power back- features shared facilities such as labo-
up, and efuent treatment plants. ratories, pilot facilities, clinical research
and data management centers, animal
houses, instrumentation facilities, and
an incubation center for innovative start-
ups. The Oce o Connectivity has been
conceptualized as the cluster oce or
the NCR Biotech Science Cluster and is
responsible to establish a governance
structure for the management and utili-
zation of common facilities.

System Medicine Cluster (SyMeC), Kaly-

ani, West Bengal: The System Medicine
Cluster (SyMeC) in Kalyani, West Bengal,
is a collaborative initiative involving six

80 | IBER 2023
 INNOVATION ECOSYSTEM

national institutions and one clinical cen-

ter in Kolkata. Key members include the
National Institute of Biomedical Genom-
TOP 15 INCUBATORS
ics (NIBMG), Indian Statistical Institute KIIT Technology Business Incubator
(ISI), Bose Institute (BI), CSIR-Indian (TBI), Bhubaneswar
Institute of Chemical Biology (IICB), Tata Centre for Cellular and Molecular
Medical Centre (TMC), and Indian Insti- Platforms (C-CAMP), Bengaluru
tute of Science Education and Research Entrepreneurship Development Center
(IISER). The targets of this biocluster (Venture Center), Pune
were to provide improved genomic sig- Life Science Incubator - IKP Knowledge
natures for prediction of progression, Park, Hyderabad
recurrence and failure of standard treat- Crescent Innovation & Incubation
ment for improved management of oral Council (CIIC), Chennai
and cervical clusters; identify actionable Bangalore Bioinnovation Centre (BBC),
targets on biological pathways and pep-
Bengaluru
tidessmall-molecules to interact with
Startup Incubation and Innovation
some of the targets; and create a platform
Centre (SIIC), IIT Kanpur
for multi-disciplinary training to build a
cadre o scientic, clinical and technical Atal Incubation Centre - Centre for
personnel required to drive and to sustain Cellular and Molecular Biology (AIC-
systems medicine. The SyMeC biocluster CCMB), Hyderabad
has successfully developed a biological Technology Incubation Centre,
molecule (peptide) to block the adverse Guwahati Biotech Park, Guwahati
impact of a DNA change in a key cancer BITS Goa Innovation Incubation &
gene (TP53), identied known drugs that Entrepreneurship Society (BGIIES) –
can reverse the direction of dysregulation BITS BIRAC BioNEST, Goa
of some important cancer-causing genes Aspire-BioNEST, Hyderabad
caused by epigenetic effects, and identi- Savli Technology & Business Incubator
ed ve genomic eatures that can pre- (STBI), Vadodara
dict the spread of oral cancer (metastasis)
Manipal - Government of Karnataka
to other organs with a high accuracy.
(GoK) Bioincubator, Manipal, Karnataka
Golden Jubilee Biotech Park for
Pune Biotech Cluster - “Model Organ-
isms to Human Disease”: DBT supports Women Society – MS Swaminathan
the establishment of the Pune Biotech Bioincubation Centre, Chennai
Cluster, focusing on “Model Organ- Indian Institute of Technology, Madras
isms to Human Disease” at the Nation- (IITM) Bioincubator, Chennai
al Centre for Cell Science (NCCS) and
Indian Institute of Science Education
and Research (IISER) in Pune. The goal
is to develop technology platforms for
detailed molecular analyses leading to lished by the DBT. This in South and it
pathogenesis, utilize model organisms is to promote innovation and entrepre-
to address problems in human disease neurship in the biotechnology sector.
biology, promote lab-to-bed translation- The Bangalore Biocluster is located in
al research. the campus of the National Centre for
Biological Sciences (NCBS) in Bengalu-
Bangalore Biocluster: The Bangalore ru. It comprises three institutions The
Biocluster is the fourth biocluster estab- Centre for Cellular and Molecular Plat-

81 | IBER 2023
 INNOVATION ECOSYSTEM

forms (C-CAMP), The Institute for Stem create a supportive environment for the
Cell Science and Regenerative Medicine growth of biotechnology startups. The
(InStem), and The National Centre for Bangalore Biocluster has made signi-
Biological Sciences (NCBS). The objec- cant contributions to the growth of the
tives of the Bangalore Biocluster are to biotechnology sector in India. Some of
promote collaboration and networking its key achievements include incubation
among researchers in the biotechnology of over 100 biotechnology startups and
sector, facilitate the translation of basic raising of over Rs 500 crore ($60 million)
research into commercial products, and in funding for biotechnology startups.

BIOTECHNOLOGY PARKS
The DBT has established 11 Biotechnology ParksIncubators across India to translate research
into commercial products and services. These parks support scientists and Small & Medium-sized
Enterprises (SMEs) in technology incubation, demonstration, and pilot plant studies. Notable
parks include Biotech Park in Lucknow, Guwahati Biotech Park, KRIBS BioNest in Kochi, Industrial
Biotechnology Parks in Jammu & Kashmir, Chhattisgarh Biotech Park, and Biopharma Growth
Phase Park in Hyderabad.

BIOTECH PARKS
Biotech Park, Lucknow, Uttar Pradesh Biotechnology Park, Bangalore,
Biotechnology Incubation Centre, Karnataka
Hyderabad, Telangana Two Industrial Biotechnology Parks
Tidco Centre For Life Sciences (TICEL) (IBTPs), Jammu & Kashmir
Biotech Park, Chennai, Tamil Nadu Chhattisgarh Biotech Park, Naya
The Golden Jubilee Biotech Park For Raipur, Chhattisgarh
Women, Chennai, Tamil Nadu Biopharma Growth Phase park and
Biotech Park Technology Incubation a common Scale up manufacturing
Centre, Guwahati, Assam facility with training provision in
Biotechnology Incubation Centre, Genome Valley, Hyderabad
Cochin, Kerala KRIBS BioNest, Kochi, Kerala

ACHIEVEMENTS OF ONGOING PROJECTS

Biotech Park, Lucknow: Focused on KRIBS BioNest, Kochi: Provides infra-
bio-pharma, agri-biotechnology, and structure and support for researchers,
bio-services. Actively expanding facilities, investors, and entrepreneurs. Has 29
supporting 12 incubatees, and strength- physical incubatees and 9 virtual incu-
ening HRD programs. batees, contributing to employment and
industry projects.
Guwahati Biotech Park: Inaugurated a
new Technology Incubation Centre (TIC), Industrial Biotechnology Parks in Jam-
supporting entrepreneursstartups, host- mu & Kashmir: Two parks established
ing talent search contests, and organiz- to boost bio-enterprise development and
ing the Assam Biotech Conclave. employment. Inauguration of the Indus-

82 | IBER 2023
 INNOVATION ECOSYSTEM

trial Biotechnology Park at Kathua, Jam- Biopharma Growth Phase Park in

mu, in May 2022. Hyderabad: Envisaged as a state-of-
the-art scale-up manufacturing facility
Chhattisgarh Biotech Park: Facilitates offering R&D lab suites. Aiming to sup-
collaboration between research institutes port early-stage companies and create
and industries for bioresource-based employment in the life sciences sector.
product commercialization. Two-phase B-Hub is designed as a showcase project
project involving a Biotech Incubation for the Government of Telangana, contrib-
Centre and Business Enterprise Zone. uting to the vision for biopharma innova-
tion in India and potential employment
generation in the life sciences sector.

MAKE-IN-INDIA & STARTUP INDIA PROGRAMS

DBT has actively participated in the Make in India 1.0 and Startup India programs, establishing
the Make in India Facilitation Cell at the Biotechnology Industry Research Assistance Council
(BIRAC). The Make in India Cell, initially set up for three years, has been extended to 2026. Key
achievements include significant growth in startups, bio-incubators, regional centers, bio-connect
offices, and products in the market.

SUPPORTING STARTUPS FOR PROGRESSION TO entrepreneurship in the biotechnology

COMMERCIALIZATION: industry. The collaborative efforts of the
International Showcasing: 15 startups government, private sector, and vari-
were supported for national and interna- ous stakeholders have created a thriving
tional showcasing. ecosystem, contributing to the growth
of biotech startups, job creation, and
Product Launch Platform: Recognized substantial funding. As India contin-
75+ startup products during the 75th ues its progressive journey, bioincuba-
year of independence. tors remain instrumental in shaping the
future of the biotechnology landscape.
Biotech Showcase e-Portal: Launched
with 750+ products and technologies
from BIRAC-supported startups, inaugu- STARTUP INDIA ACTION PLAN
rated by the Prime Minister during Bio-
tech Startup Expo 2022.
ACHIEVEMENTS
NUMBER OF STARTUPS:
Startups Raising Follow-on Funding: 32 Increased from 1022 (Aug 2016) to
startups raised Rs 1000+ crore ($120 mil- 6755 (Dec 2022)
lion) as follow-on funding, contributing BIO-INCUBATORS REGIONAL CENTERS
to a cumulative total of Rs 5,500+ crore Grew from Expanded from
($660 million) raised by 130+ startups. 20 to 75 2 to 4
BIO-CONNECT OFFICES
The efforts of the Make in India Cell have
Established 5
signicantly nurtured and strengthened
innovation and enterprise in the biotech- STARTUP PRODUCTS IN THE MARKET
nology sector. Rose from 7 to 800+
TECHNOLOGY TRANSFER OFFICES (TTOS)
Bioincubators in India have evolved into Grew from 0 to 7
critical players, fostering innovation and

83 | IBER 2023
84 | IBER 2023
BIOTECH
PRODUCTS
85 | IBER 2023
 BIOTECH PRODUCTS

NEW PRODUCT RELEASES

PRODUCTS LAUNCHED
IN 2022
The year witnessed the
introduction of nearly
50 products in the
broad life sciences
and healthcare
segment.

DISTRIBUTION ACROSS SECTORS:

Diagnostics: Representing 25% of the HERE ARE FEW
total trends, there was a signicant
focus on advancements and innova-
tions in diagnostic technologies within
PRODUCT RELEASES
INNACCEL TECHNOLOGIES AND C-CAMP
the healthcare industry. RESPIRATORY SUPPORT TECHNOLOGY:
DATE: SEPTEMBER 20, 2022
Medical Devices: Constituting the Summary: InnAccel Technologies,
highest share at 35% of the total trends, C-CAMP, and SAMRIDH Healthcare Blend-
there was a substantial emphasis on ed Finance Facility partnered to intro-
the development and introduction of duce SAANS, an indigenous CPAP system
new medical devices, ranging from for newborns in Assam. This technology
imaging equipment to innovative sur- aims to reduce neonatal mortality due
gical tools. to Respiratory Distress Syndrome (RDS)
by providing respiratory support during
Therapeutics: Similar to Medical transport and in hospital settings.
Devices, Therapeutics also constitut-
ed 35% of the total trends, highlight- CERVAVAC - INDIA'S FIRST CERVICAL CANCER
ing a strong focus on advancements VACCINE:
in therapeutic treatments, including DATE: SEPTEMBER 1, 2022
pharmaceuticals and other medical Summary: India launched CERVAVAC, its
interventions. rst indigenously developed quadrivalent
Human Papilloma Virus (HPV) vaccine
Vaccines: Vaccines represented 4% for preventing cervical cancer. Devel-
of the total trends, indicating ongoing oped through collaboration between DBT,
efforts and innovations in the develop- BIRAC, Serum Institute of India, and the
ment of vaccines for various diseases. Bill and Melinda Gates Foundation, the

86 | IBER 2023
 BIOTECH PRODUCTS

vaccine is a signicant step towards PM prophylaxis treatment with real-time

Modi's vision of Atmanirbhar Bharat. monitoring, enhancing patient outcomes.

MYLAB'S TB DETECTION KIT BAYER'S VERQUVO FOR HEART

AND COVISWIFT: FAILURE:
DATE: NOVEMBER 30, 2022 (TB DATE: SEPTEMBER 27, 2022
DETECTION KIT) JANUARY 2022 Summary: Bay-
(COVISWIFT) er launched Verquvo
Summary: Mylab received approval or (vericiguat), a soluble guanylate cyclase
its Made in India TB Detection kit (Path- stimulator, in India for adults with symp-
oDetect™ MTB RIF and INH) that detects tomatic chronic heart failure. Verqu-
tuberculosis and drug resistance. Addi- vo reduces the risk of cardiovascular
tionally, Mylab launched CoviSwift, a death and heart failure hospitalization,
high-throughput Point of Care Testing addressing the substantial burden of
Solution for COVID-19, processing 16 heart failure in India.
samples in 40 minutes with high accura-
cy. BAYER'S KERENDIA FOR CKD IN DIABETES PATIENTS:
DATE: AUGUST 26, 2022
MELTS EYE CARE BY WELLBEING Summary: Bayer launched Finerenone
NUTRITION: (Kerendia) in India for treating chronic
DATE: APRIL 16, 2022 kidney disease (CKD) associated with type
Summary: Wellbe- 2 diabetes. The rst-in-class non-steroi-
ing Nutrition launched dal mineralocorticoid receptor antago-
'Melts Eye Care,' the world's rst all-nat- nist reduces the risk of sustained eGFR
ural eye vitamins using advanced nano decline, cardiovascular death, and other
technology. The product protects eyes outcomes.
from damage, strain, fatigue, and blue
light irritation. It was introduced in sev- SUGMADEX BY BDR PHARMA AND VARENYAM
eral markets, including India, the USA, HEALTHCARE:
UK, Singapore, and the UAE. DATE: MAY 31, 2022
Summary: BDR Pharma and Varenyam
BAYER'S CANESTEN Healthcare launched Sugmadex, a novel
ANTIFUNGAL RELAUNCH: anaesthetic drug with cyclodextrin neu-
DATE: MAY 11, 2022 romuscular block reversal properties.
Summary: Bayer Sugmadex offers safe and complete rever-
relaunched Canesten, sal of neuromuscular block, addressing
its antifungal brand, in India. The range challenges in anaesthetic practice.
includes powder and cream formats, offer-
ing anti-fungal properties for preventing GLENMARK'S LOBEGLITAZONE FOR TYPE 2
and treating skin infections, such as ring- DIABETES:
worm, jock itch, and fungal nail infections. DATE: OCTOBER 6, 2022
Summary: Glenmark Pharmaceuticals
TAKEDA'S ADYNOVATE FOR HAEMOPHILIA PATIENTS: launched Lobeglitazone (LOBG) in India,
DATE: MAY 17, 2022 a thiazolidinedione for treating type 2
Summary: Takeda introduced Adyno- diabetes in adults. The drug, with high
vate, an extended half-life recombinant ecacy in managing insulin-resistant
Factor VIII treatment, for haemophilia A diabetes prevalent in India, provides
patients in India. The therapy, in combi- improved glycaemic control.
nation with Mypkt, oers personalized

87 | IBER 2023
 BIOTECH PRODUCTS

Pharmaceuticals and SaNOtize launched

ELI LILLY'S RAMIVEN FOR FabiSpray, a nitric oxide nasal spray for
HIGH-RISK EARLY BREAST treating adult COVID-19 patients at high
CANCER: risk of disease progression. The spray
DATE: NOVEMBER 25, 2022 prevents viral incubation in the upper
Summary: Eli Lilly airways.
launched Ramiven (abemaciclib) in India,
gaining approval for adjuvant treatment ZARBOT BY GUFIC BIOSCIENCES - INDIA'S FIRST
in high-risk early breast cancer patients. INDIGENOUS BOTULINUM TOXIN INJECTION:
The CDK 46 inhibitor oers a signicant DATE: DECEMBER 30, 2022
advancement in treating breast cancer, Summary: Guc Biosciences introduced
aiming to reduce recurrence. Zarbot, India's rst indigenously pro-
duced Botulinum Toxin Type A injection.
CINRYZE BY TAKEDA FOR HEREDITARY Developed in collaboration with Prime
ANGIOEDEMA: Bio, Zarbot offers a stable and effective
DATE: DECEMBER 14, 2022 solution for treating neurological condi-
Summary: Takeda launched Cinry- tions.
ze in India, an injectable prescription
medicine for prophylaxis in hereditary STRYKER'S NEUROVASCULAR R&D LAB FOR STROKE
angioedema (HAE) patients. Cinryze, a C1 CARE INNOVATION:
esterase inhibitor, marks a breakthrough DATE: DECEMBER 7, 2022
in episodic and long-term prophylaxis for Summary: Stryker opened a Neurovas-
HAE. cular lab in India focused on accelerat-
ing stroke-related innovation in the Asia
CADILA PHARMA'S LAGLO SOFT LOTION FOR DRY Pacic. The lab acilitates collaboration
SKIN: between stakeholders, aiming to improve
DATE: FEBRUARY 4, 2022 stroke care and patient outcomes.
Summary: Cadila Pharma launched Lag-
lo Soft Lotion, an intensely moisturizing
formula treating dry skin conditions. The
lotion, based on 3D Aquaporin Hydra-
concept, enhances moisturization and
restructures the skin.

IMMUNIGY BY LAY SCIENCES - COVID-19

NEUTRALIZING ANTIBODY MOUTHWASH:
DATE: FEBRUARY 7, 2022
Summary: Lay Sciences launched Immu-
nIgY, a COVID-19 neutralizing antibody
mouthwash derived from hyperimmu-
nized chicken eggs. It effectively tar-
gets the SARS-CoV-2 virus and received TATA 1MG'S DRONE DELIVERY FOR SAMPLE
approval in Europe. COLLECTION & MEDICINES:
DATE: ONGOING
GLENMARK'S FABISPRAY NITRIC Summary: Tata 1mg initiated a drone
OXIDE NASAL SPRAY FOR service pilot in Dehradun for faster diag-
COVID-19: nostic sample collection and medicine
DATE: FEBRUARY 9, 2022 delivery, addressing delays caused by
Summary: Glenmark road trac. The drones are equipped to

88 | IBER 2023
 BIOTECH PRODUCTS

carry payloads and maintain tempera- MEDTRONIC'S TRUCLEAR & HYSTEROLUX SYSTEM
ture control throughout the transporta- FOR HYSTEROSCOPY:
tion supply chain. DATE: NOVEMBER 2, 2022
Summary: Medtronic launched the Tru-
FREUDENBERG MEDICAL'S HELIXFLEX TPE TUBING: Clear system for diagnostic and operative
DATE: NOVEMBER 30, 2022 hysteroscopy, addressing intrauterine
Summary: Freudenberg Medical abnormalities causing abnormal uterine
launched HelixFlex, a high-purity TPE bleeding. The system is designed to be
tubing or biopharmaceutical fuid trans- safe and effective for treating conditions
fer applications. It offers advantages like like broids and polyps.
easy welding to existing tubing lines,
heat-sealing or ast fuid transport, var- EVER PHARMA'S APOMORPHINE THERAPY DEVICES
ious sterilization options, and environ- FOR PARKINSON'S:
mental friendliness compared to silicone. DATE: MARCH 5, 2022
Summary: Celera Neuro Sciences
LUMIRADX'S CRP POINT OF launched advanced apomorphine pumps
CARE ANTIGEN TEST: and pens for Parkinson's patients in
DATE: NOVEMBER 25, 2022 India. The third-generation D-mine apo-
Summary: LumiraDX morphine pumps offer self-handling
Healthcare introduced capability and electronic control for safe
a CRP point-of-care antigen test in India and convenient administration.
to aid in reducing unnecessary antibiot-
ic prescribing and combat antimicrobial MANKIND PHARMA'S RAPID
resistance. The test provides results with- TESTING PREGNANCY DEVICE:
in four minutes, contributing to World DATE: APRIL 13, 2022
Antimicrobial Awareness Week. Summary: Prega News,
Mankind Pharma's preg-
AVAY BIOSCIENCES' MITO PLUS BIO 3D PRINTER: nancy test kit brand, launched Prega
DATE: NOVEMBER 19, 2022 News Advance, a single-step pregnancy
Summary: Indian startup Avay Biosci- test device for home use. The device is
ences launched 'Mito Plus,' an advanced easy to use, requiring no dropper, and
Bio 3D Printer capable of printing human provides results in just three minutes.
tissues. Developed in collaboration with
the Indian Institute of Science, it utilizes CADILA PHARMACEUTICALS'
bioprinting technology with engineered THREE-DOSE RABIES VACCINE
bioinks. THRABIS:
DATE: APRIL 8, 2022
ROCHE DIAGNOSTICS' AUTOMATED CEREBROSPINAL Summary: Cadila Phar-
FLUID-BASED TEST FOR ALZHEIMER'S: maceuticals launched ThRabis, a novel
DATE: NOVEMBER 16, 2022 three-dose rabies vaccine using Virus-
Summary: Roche Diagnostics India intro- Like Particle technology. The vaccine
duced Elecsys AD CSF assays for auto- aims to prevent rabies by generating
mated cerebrospinal fuid-based tests to antibodies against the rabies G protein.
aid in the early diagnosis and risk assess-
ment of Alzheimer's disease. The assays
are available at top neurological insti-
tutes in India.

89 | IBER 2023
 BIOTECH PRODUCTS

ROCHE PHARMA'S PHESGO FOR layer. These masks are highly breathable,
HER-2 POSITIVE BREAST washable, and reusable, offering a unique
CANCER: solution for the Indian healthcare mar-
DATE: MAY 12, 2022 ket.
Summary: Roche Pharma
introduced PHESGO, a xed-dose ormu- GODREJ INSULICOOL FOR
lation combining Perjeta and Herceptin INSULIN STORAGE:
monoclonal antibodies with hyaluroni- DATE: JULY 12, 2022
dase for subcutaneous administration. Summary: Godrej Appli-
The therapy targets early and metastatic ances launched Insuli-
HER2-positive breast cancer. Cool, an innovative cooling solution for
insulin storage. The product maintains
ZYDUS LIFESCIENCES' BEMDAC FOR UNCONTROLLED recommended temperatures, addressing
LDL-CHOLESTEROL: challenges faced by diabetic patients, and
DATE: MAY 16, 2022 has broader applications for storing tem-
Summary: Zydus Liesciences launched perature-sensitive medical items.
Bemdac, a new drug for patients with
uncontrolled LDL-Cholesterol despite OMRON HEALTHCARE'S MEDICAL MOLECULAR SIEVE
liestyle modications and statin use. OXYGEN CONCENTRATOR:
The oral drug provides a new treatment DATE: JULY 6, 2022
option for managing dyslipidemia. Summary: OMRON Healthcare introduced
a portable oxygen concentrator based on
CADILA PHARMACEUTICALS' CHOLESTEROL DRUG medical molecular sieve technology. The
BELMORE: device provides a continuous supply of
DATE: MAY 25, 2022 high-purity oxygen, making it suitable for
Summary: Cadila Pharmaceuticals homecare providers managing patients
launched Belmore, a novel drug for with COPD and respiratory problems.
treating high LDL cholesterol. Bempe-
doic acid, the active ingredient, offers a
unique approach to managing bad cho-
lesterol levels.

AVESTHAGEN AND WIPRO'S GENETIC TESTS FOR

CANCERS:
DATE: JUNE 20, 2022
Summary: Avesthagen partnered with
Wipro to commercialize genetic testing
services, starting with the CALiBRxO 624
gene panel for cancers and neurological
conditions. The collaboration aims to
bring genome-led medicine to super spe-
cialty clinics and hospitals. GOQII'S SMART VITAL ULTRA AND GOQII STREAM:
DATE: AUGUST 3, 2022
BASF AND PERMIONICS' HIGH-PERFORMANCE FACE Summary: GOQii expanded its preven-
MASKS: tive healthcare portfolio with Smart Vital
DATE: JULY 4, 2022 Ultra and GOQii Stream devices target-
Summary: BASF and Permionics intro- ing young adults. The Smart Vital Ultra
duced face masks using Ultrason E poly- offers features like blood oxygen moni-
ethersulphone polymer for the middle toring, continuous heart rate monitoring,

90 | IBER 2023
 BIOTECH PRODUCTS

and sleep pattern analysis. GOQii is also ing, addressing antimicrobial resistance.
moving towards a health metaverse with The rapid test provides results in four
blockchain tokens and gamication. minutes and aids in managing patient
compliance to mitigate the global burden
ROCHE PHARMA INDIA'S PATIENT SUPPORT APP - of drug-resistant pathogens.
THE BLUE TREE 2.0:
DATE: NOVEMBER 29, 2022 AVAY BIOSCIENCES - MITO PLUS BIO 3D PRINTER:
Summary: Roche Pharma India launched DATE: NOVEMBER 19, 2022
The Blue Tree 2.0 mobile app, enhancing Summary: Avay Biosciences launched
the patient support program experience. 'Mito Plus,' an indigenous Bio 3D Printer
The app facilitates easy access to patient capable of printing human tissues. The
support services, including enrollment printer utilizes bioprinting technology,
tracking, drug assistance requests, supporting tissue replication for applica-
and delivery services, improving over- tions in regenerative medicine and bio-
all patient and healthcare professional medical research.
experiences.
ROCHE DIAGNOSTICS - AUTOMATED CSF-BASED
APOLLO HOSPITALS' AUTOMATED RAPID-RESPONSE TEST FOR ALZHEIMER'S:
PATIENT MONITORING SYSTEM: DATE: NOVEMBER 16, 2022
DATE: OCTOBER 12, 2022 Summary: Roche Diagnostics India intro-
Summary: Apollo Hospitals introduced duced Elecsys assays for cerebrospinal
an indigenously developed automated fuid-based testing to aid in the early
patient monitoring system. The system, diagnosis of Alzheimer's disease. The
developed by HealthNet Global, uses tests are intended for patients with cogni-
advanced medical devices and wearables tive impairment and aim to improve the
to monitor patients continuously, provid- accuracy of AD diagnosis, enabling clini-
ing early warning alerts to ensure timely cians to evaluate disease progression.
intervention and improved patient out-
comes. Apollo is planning to expand this MEDTRONIC - TRUCLEAR & HYSTEROLUX SYSTEM:
system across its network of hospitals DATE: NOVEMBER 2, 2022
with a signicant investment. Summary: Medtronic launched the Tru-
Clear system, a mechanical hysteroscop-
FREUDENBERG MEDICAL - HELIXFLEX TPE TUBING: ic tissue removal system, for the safe and
DATE: NOVEMBER 30, 2022 effective treatment of intrauterine abnor-
Summary: Freudenberg Medical malities. The system addresses abnormal
launched HelixFlex, a high-purity ther- uterine bleeding, a symptom reported by
moplastic elastomer (TPE) tubing for bio- 9-14% of women in India.
pharmaceutical fuid transer. It oers
ast and sae fuid transport in biophar- EVER PHARMA - APOMORPHINE THERAPY DEVICES
ma processes and is an environmentally FOR PARKINSON'S:
friendly alternative to silicone, with vari- DATE: MARCH 5, 2022
ous sterilization options. Summary: German pharma company
Ever Pharma introduced advanced apo-
LUMIRADX - CRP POINT OF CARE ANTIGEN TEST: morphine pumps and pens for Parkin-
DATE: NOVEMBER 25, 2022 son's disease treatment in India. The
Summary: LumiraDX Healthcare devices offer a self-handling option for
launched a C-Reactive Protein (CRP) patients, providing continuous infusion
point-of-care antigen test in India to for rapid absorption.
reduce unnecessary antibiotic prescrib-

91 | IBER 2023
 BIOTECH PRODUCTS

MANKIND PHARMA - RAPID TESTING PREGNANCY AVESTHAGEN - GENETIC TESTS FOR CANCERS WITH
DEVICE: WIPRO PARTNERSHIP:
DATE: APRIL 13, 2022 DATE: JUNE 20, 2022
Summary: Mankind Pharma launched Summary: Avesthagen partnered with
Prega News Advance, an advanced preg- Wipro to launch genetic testing for can-
nancy detection test kit. It offers a mid- cers, starting with the CALiBRxO 624
stream test device for direct urine stream gene panel. The collaboration aims to
testing, providing accurate results in offer genome-led medicine and expand
three minutes, enhancing convenience across South Asia, Southeast Asia, and
for users. the MENA region.

CADILA PHARMACEUTICALS - THRABIS RABIES BASF AND PERMIONICS - HIGH-PERFORMANCE FACE

VACCINE: MASKS:
DATE: APRIL 8, 2022 DATE: JULY 4, 2022
Summary: Cadila Pharmaceuticals Summary: BASF collaborated with Permi-
introduced ThRabis, a novel three-dose onics to introduce high-performance face
recombinant nanoparticle-based rabies masks using Ultrason E polymer. These
G protein vaccine. The vaccine aims to breathable, washable, and reusable masks
offer protection against rabies and con- aim to serve the Indian healthcare market.
tribute to reducing the global burden of
rabies-related fatalities. GODREJ APPLIANCES - INSULICOOL FOR INSULIN
STORAGE:
ROCHE PHARMA - PHESGO FOR HER-2 POSITIVE DATE: JULY 12, 2022
BREAST CANCER: Summary: Godrej Appliances launched
DATE: MAY 12, 2022 InsuliCool, an innovative cooling solution
Summary: Roche Pharma launched for insulin storage. The product ensures
PHESGO, a xed-dose ormulation precise temperature control, aiding dia-
combining Perjeta and Herceptin with betics in proper insulin storage.
hyaluronidase for subcutaneous admin-
istration. The therapy targets early and OMRON HEALTHCARE - MEDICAL MOLECULAR SIEVE
metastatic HER2-positive breast cancer, OXYGEN CONCENTRATOR:
offering shorter administration times. DATE: JULY 6, 2022
Summary: OMRON Healthcare intro-
ZYDUS LIFESCIENCES - BEMDAC FOR duced a portable medical molecular
UNCONTROLLED LDL-CHOLESTEROL: sieve-based oxygen concentrator. The
DATE: MAY 16, 2022 device provides a continuous supply of
Summary: Zydus Liesciences launched high-purity oxygen and is designed to
Bemdac (Bempedoic acid), a new class meet the needs of patients with COPD and
of drug in India for patients with uncon- respiratory problems.
trolled levels of LDL-Cholesterol despite
liestyle modications and statin use. GOQII - SMART VITAL ULTRA AND GOQII STREAM:
DATE: AUGUST 3, 2022
CADILA PHARMACEUTICALS - BELMORE Summary: GOQii expanded its preven-
CHOLESTEROL DRUG: tive healthcare portfolio with the launch
DATE: MAY 25, 2022 of Smart Vital Ultra and GOQii Stream.
Summary: Cadila Pharmaceuticals intro- These devices offer personalized coach-
duced Belmore, a unique drug for the ing, health insights, and encourage a
treatment of high LDL cholesterol in healthy and active lifestyle among young
India. adults.

92 | IBER 2023
 BIOTECH PRODUCTS

ROCHE PHARMA INDIA - THE BLUE TREE 2.0 MOBILE GENES2ME - NGS-BASED CLINICAL PANELS:
APP: DATE: MAY 23, 2022
DATE: NOVEMBER 29, 2022 Summary: Genes2Me launched next-gen-
Summary: Roche Pharma India launched eration sequencing (NGS)-based panels
The Blue Tree 2.0 mobile app, part of the for oncology, personalized medicine, and
Blue Tree patient support program. The hereditary diseases. The panels cover a
app enhances the patient experience, wide range of genes, enabling compre-
providing easy access to support services, hensive analysis and precise selection of
drug assistance, and delivery tracking. drugs for personalized treatment.

APOLLO HOSPITALS - AUTOMATED RAPID-RESPONSE

PATIENT MONITORING SYSTEM:
DATE: OCTOBER 12, 2022
Summary: Apollo Hospitals introduced
an automated patient monitoring sys-
tem using advanced medical devices
and wearables. The system continuously
monitors patients, providing early alerts
for timely intervention, improving patient
outcomes. The technology is planned for
expansion across the Apollo Hospitals
network.

DR. MOHAN’S DIABETES - AI-ENABLED DIGITAL ROCHE DIABETES CARE INDIA - ACCU-FINE PEN
INNOVATIONS: NEEDLES:
DATE: OCTOBER 10, 2022 DATE: MAY 9, 2022
Summary: Dr. Mohan’s Diabetes Special- Summary: Roche Diabetes Care India
ities Centre launched AI-enabled digital launched ACCU-FINE pen needles to facil-
innovations under its digital transfor- itate painless insulin delivery for people
mation initiative, offering personal- with diabetes. The needles are designed
ized 247 online care. The 3D Initiative with features for gentle insertion, rapid
includes 'DIA' (AI-powered chatbot), 'DIA- insulin fow, and ease o use, contributing
LA' (patient-friendly mobile app), and to improved diabetes management.
'DIANA' (healthcare application for preci-
sion diabetes care). MEDGENOME - VARMINER AI-ENABLED VARIANT
INTERPRETATION SOFTWARE:
NIRAMAI - EASY LAUNCH KITS DATE: APRIL 11, 2022
FOR BREAST CANCER Summary: MedGenome Labs launched
SCREENING: VarMiner, an AI-enabled variant inter-
DATE: OCTOBER 3, 2022 pretation software suite. VarMiner aids
Summary: Bengalu- in detecting genetic variants for rare dis-
ru-based startup Niramai launched 'Easy eases and inherited cancers, providing
Launch Kits' for breast cancer screen- clinicians and geneticists with deeper
ing, providing affordable and accessi- insights and actionable information.
ble screening services. The initiative
involves partnerships with organizations,
hospitals, and diagnostic centers, aiming
to triage populations and identify high-
risk individuals.

93 | IBER 2023
 BIOTECH PRODUCTS

J MITRA - 4TH GEN ELISA-BASED HCV TEST: The BD SARS-CoV-2Flu assay, for the BD
DATE: SEPTEMBER 29, 2022 COR™ System, is an automated multi-
Summary: J Mitra launched the 4th Gen- plexed real-time RT-PCR test designed to
eration Elisa-based HCV Test – the HCV detect and differentiate respiratory viral
Gen 4 Ag and Ab Microlisa. The test kit infections from a single nasal sample.
detects HCV core antigen and antibodies,
oering high sensitivity and specicity ABBOTT - HBSAG NEXT ASSAY FOR HEPATITIS B
for screening blood donations and clini- DETECTION:
cal diagnostic testing of Hepatitis C. DATE: MAY 9, 2022
Summary: Abbott launched the HBsAg
Next Qualitative solution in India to
enhance the detection of Hepatitis B virus
(HBV). The chemiluminescent micropar-
ticle immunoassay (CMIA) offers highly
sensitive and early detection of HBV in
human serum and plasma, supporting
patient care and blood safety.

YASHODA HOSPITALS - CONE BEAM CT GUIDED LUNG

BIOPSY:
WIPRO GE HEALTHCARE - AI-ENABLED CATH LAB: DATE: APRIL 1, 2022
DATE: SEPTEMBER 5, 2022 Summary: Yashoda Hospitals, Hyder-
Summary: Wipro GE Healthcare launched abad, became the rst in India to perorm
the 'Optima IGS 320,' its rst 'Made in Cone Beam CT Guided Lung biopsy. This
India' AI-powered Cath lab for cardiovas- advanced technology aids in early-stage
cular diseases. The Cath lab leverages lung cancer diagnosis, enabling preci-
GE's AutoRight technology, powered by sion diagnosis and minimally-invasive
Edison, offering real-time optimization treatment in the same room using the
of image and dose parameters through Philips-developed Lung Suite.
Articial Intelligence.
NOVO NORDISK INDIA - ORAL SEMAGLUTIDE FOR
BIO-RAD - SEQUOIA EXPRESS STRANDED RNA DIABETES:
LIBRARY PREP KIT: Summary: Novo Nordisk India launched
DATE: JUNE 14, 2022 oral semaglutide, the world’s rst "pep-
Summary: Bio-Rad Laboratories intro- tide in a pill" for diabetes. Semaglutide, a
duced the SEQuoia Express Stranded GLP-1 receptor analogue, was previously
RNA Library Prep Kit. This kit provides available only in injection form. The oral
a cost-effective and automation-friendly ormulation is a scientic breakthrough,
solution for constructing robust RNA-Seq protecting semaglutide from degradation
libraries in three hours, supporting e- and enhancing absorption.
cient RNA-Seq workfows or comprehen-
sive transcriptome proling. These trends showcase advancements
in medical technology, diagnostics, and
BD - HIGH-THROUGHPUT MOLECULAR COMBINATION pharmaceuticals, emphasizing inno-
TEST FOR COVID-19 & INFLUENZA AB: vations in cardiovascular care, RNA
DATE: MAY 26, 2022 sequencing, diagnostic testing for respi-
Summary: BD launched a high-through- ratory infections, hepatitis B detection,
put molecular diagnostic combination lung cancer diagnosis, and oral formula-
test or SARS-CoV-2 and Infuenza AB. tions for diabetes management.

94 | IBER 2023
95 | IBER 2023
96 | IBER 2023
POLICY
FRAMEWORK
97 | IBER 2023
 POLICY FRAMEWORK

POLICY BIOTECHNOLOGY | BIOMEDICAL INDUSTRY | BIOINDUSTRIAL | STATE-LEVEL

BIOTECHNOLOGY
REGULATORY DEVELOPMENTS AND ACHIEVEMENTS provides guidelines for regulatory pro-
IN BIOTECHNOLOGY - 2022-23 cesses, ensuring adherence to environ-
The regulatory landscape in biotechnol- mental safety standards. The committee
ogy during 2022-23 refects proactive meticulously reviews projects involving
measures, technological advancements, high-risk categories and controlled eld
and a commitment to environmental experiments, imposing restrictions when
safety. The achievements and initiatives necessary.
outlined in this report underscore the
continued growth and development of MAJOR ACHIEVEMENTS - 2022-23:
the biotechnology sector in India. RCGM Meetings: A total of 24 RCGM
meetings were conducted.
The focus was on the Rules for the Manu-
facture, Use, Import, Export, and Storage Biopharma Applications: The com-
of Hazardous micro-organismsGeneti- mittee considered 586 Biopharma
cally engineered organisms or cells (Rules applications.
1989), enacted under the Environment
(Protection) Act, 1986. Agriculture Applications: Evaluation
of 99 Agriculture applications.
Regulatory Framework: Enacted on
December 5, 1989, under the Environ- Awareness Sessions: 20 awareness
ment (Protection) Act, 1986, the Rules generation cum interactive sessions
1989 empower the Ministry of Envi- were conducted for researchers.
ronment, Forest and Climate Change
(MoEF&CC) to safeguard the environ- IBSC Registrations: The year saw the
ment, nature, and health concerning registration of 91 new Institutional
gene technology and micro-organisms. Biosafety Committees (IBSC).
To ensure nationwide implementation,
six competent authorities and roles have Guidelines for Genome Edited Plants: The
been established under these rules. Department of Biotechnology (DBT) took
signicant steps by notiying the Guide-
Review Committee on Genetic Manipu- lines for Safety Assessment of Genome
lation (RCGM): The Review Committee Edited Plants, 2022. These guidelines
on Genetic Manipulation (RCGM), oper- serve as a roadmap for the development
ating within the Department of Biotech- and sustainable use of Genome Editing
nology, plays a crucial role in monitoring Technologies for plants in India, address-
safety aspects of ongoing research proj- ing biosafety concerns and outlining reg-
ects involving genetically engineered ulatory pathways.
organismshazardous microorganisms. It

98 | IBER 2023
 POLICY FRAMEWORK

Standard Operating Procedures (SOPs) for ers. Here are some of the initiatives that
Regulatory Review: To facilitate regulato- are being considered.
ry review for research and development
of genome-edited plants falling under Make in India 2.0 Plan: Policy, scal,
SDN-1 and SDN-2 categories, SOPs were and regulatory recommendations for
notied by DBT. These procedures are biotech subsectors have been collated
applicable only for research and develop- and submitted to the DPIIT-CII Nation-
ment conducted under contained condi- al Consultation Action Plan Committee.
tions.
India as a $100 Bn Bio-Manufactur-
Biological Research Regulatory Approval ing Hub: Recommendations have been
Portal (BioRRAP) Launch: In line with the proposed to position India as a signi-
"One Nation, One Portal" initiative, the cant bio-manufacturing hub.
Biological Research Regulatory Approval
Portal (BioRRAP) ws launched on May 21, Covid-19 Fallout Recommendations:
2022. BioRRAP serves as a single nation- INR 100 Cr has been sanctioned from
al portal for biology researchers, stream- the Finance Ministry to address the
lining regulatory approvals for biological fallout of Covid-19 on startup suste-
research and development activities. This nance.
emphasizes both the "Ease of Science"
and the "Ease of Business." Establishing Technology Clusters:
Work is in progress to establish tech-
Foreign Trade: In-House R&D Recogni- nology clusters.
tion, and Other Issues: Recognizing the
indispensable role of trade in the coun- Research Linked Incentives Propos-
try's economy, the Department provided al: A draft proposal, based on stake-
comments on applications or xation o holder inputs, has been prepared to
IO norms and exportimport of restricted promote biotech innovations in moon-
items. Additionally, 25 R&D units in the shot areas.
biotechnology sector were recommended
for in-house R&D recognition. Digital Healthtech Innovations: The
Amrit Grand Innovation challenge,
Restructuring of DBT Institutions: DBT has JanCARE, has been launched to identi-
amalgamated its 14 Autonomous Institu- fy and support 75 innovations in digi-
tions into a single unied entity known tal health tech, telemedicine, mHealth
as the Biotechnology Research and Inno- using AI, ML, and blockchain.
vation Council (BRIC). This is to enhance
the scientic character and outcomes o REGULATORY FACILITATION INITIATIVES
the institutes, Foster research synergies FIRST HUB: Regulatory facilitation
and implement new education programs is provided to startups through FIRST
in line with the National Education Poli- HUB, where experts from various regu-
cy (NEP), and improve human resource latory bodies resolve queries. Over 750
structures. Aims to achieve "Minimum queries have been resolved.
Government, Maximum Governance."
Regulatory Facilitation Information
KEY STRATEGIC INPUTS AND REGULATORY Cell (RFIC): Established at BIRAC’s
FACILITATION IN BIOTECHNOLOGY Regional Centre in Pune, RFIC assists
Key Strategy Inputs through Stakeholder biotech startups throughout the year,
Consultation were sought by policy mak- facilitating 250+ startups, 11 ISO certi-

99 | IBER 2023
 POLICY FRAMEWORK

cations, and 10 product approvals. Daughter Funds with a BIRAC invest-

ment commitment of INR 114.5 Cr,
Fund of Funds - AcE: Managed through supporting 65 biotech companies and
the Make in India Cell, this initiative startups with funding of INR 733 Cr.
has attracted SEBI registered Alternate A new call for applications to identify
Investment Funds. There are now 10 new partners has been launched.

BIOMEDICAL INDUSTRY
NATIONAL MEDICAL DEVICES POLICY sustained growth and development. The
The medical devices sector encompasses objective is to facilitate orderly growth,
electronic equipment, implants, consum- ensuring access, affordability, quality,
ables and disposables, surgical instru- and innovation in the medical device
ments, and in-vitro diagnostic reagents, sector. Aligning with the 'Atmanirbhar
urther classied into 24+1 sub-catego- Bharat' and 'Make in India' programs,
ries as per the Central Drugs Standard the policy aims to encourage domestic
Control Organization (CDSCO). The med- investments and production of medical
ical devices sector in India is a rapidly devices.
growing, sunrise industry, contributing
1.5% to the global medical device market. KEY HIGHLIGHTS OF MEDICAL DEVICE SECTOR PROMOTION
Factors driving this growth include a ris- STRATEGIES:
ing and aging population, increased per Regulatory Streamlining:
capita and disposable income, demand Introduction of a 'Single Window
for healthcare infrastructure, expanded Clearance System' for Medical
diagnostic services, and healthcare ser- Device Licensing.
vice dissemination. Additionally, the vet- Expansion of Indian Standards by
erinary sector is emerging as a vital and bodies like BIS for enhanced stan-
growing sector, necessitating the devel- dardization.
opment of affordable veterinary medi- Framework development for coher-
cal devices for both domestic and export ent pricing regulation aligned with
markets. DPCO.
Creation of a Guidance Framework
Role During COVID-19: The policy rec- for researchers, innovators, and
ognizes the signicant contribution o entrepreneurs.
the Indian medical devices sector during Institutional arrangement for align-
the COVID-19 pandemic. Through large- ing NMC Regulations and industry
scale production, it supported the domes- ethics.
tic and global battle against the virus by
manufacturing critical items such as ven- Enabling Infrastructure:
tilators, rapid antigen test kits, RT-PCR Establishment and strengthening of
kits, infrared thermometers, PPE kits, medical device parks and clusters.
and N-95 masks. Creation o testing and certication
facilities for medical devices.
The direction is to harness the potential Support for phased manufacturing
of the medical devices sector effective- of critical components for uninter-
ly. Despite various government schemes rupted supply.
and initiatives, a holistic policy is essen-
tial to provide a guiding framework for Facilitating R&D and Innovation:

100 | IBER 2023

 POLICY FRAMEWORK

Encouragement of industry-aca- analytics, personal devices and patient

demia collaboration for innovation. care. The policy envisages to promote
Coordination for establishing Cen- innovation and Research and Devel-
ters of Excellence in premier institu- opment (R&D), including for Joint R&D
tions. projects involving academic institutions
Exploration of innovation hubs to and industry under the ambit of Depart-
create a health technology ecosys- ment’s proposed ‘National Policy on R&D
tem. and Innovation in the Pharma- MedTech
Convergence of resources under Sector in India’, through the following.
institutions like BIRAC to promote
innovation. Efforts of Governments and Industry to
establish Centers of Excellence (CoEs)
Attracting Investments: in premier academic and research
Encouragement of private invest- institutions towards building world-
ments through risk-based nancing. class institutions and attract global fac-
Promotion of seed capital and fund- ulties will be coordinated.
ing from Venture Capitalists.
Introduction o new nancing mod- Innovation hubs, housing a network of
els, including blended nance. academic institutions, start-ups, clinical
Utilization of initiatives like Start-up settings, funding agencies, etc. to create
mission to encourage startups. a health technology ecosystem, by pro-
Leveraging policies like Public viding ‘plug and play’ infrastructure.
Procurement (Make in India) and
Ayushman Bharat for domestic The available resources under vari-
manufacturing promotion. ous institutions such as Biotechnology
Industry Research Assistance Coun-
Since Medical Device sector is highly cil (BIRAC), Start-up mission, AGNIi
innovation and technology driven sector and other enabling mechanisms will
and Next generation technologies includ- be sought to be converged to promote
ing 5G& 6G, IoTs and AI are envisaged to innovation and commercialization in
play an important role in medical devic- India to maximize the utilization of
es in the diagnostic equipment, data government funded inventions.

BIOINDUSTRIAL POLICIES
MEASURES TO ENCOURAGE ETHANOL-BLENDED FUEL Ethanol Blending Program:
The Union Budget 2022-23 introduced
measures to promote the use of etha- Fuel Ethanol Demand:
nol-blended fuel in India, aligning with Projected increase in India's etha-
the nation's commitment to Sustainable nol requirement for petrol blending
Development Goals (SDGs) and clean from 173 crore litres (2019-20) to
energy. The budget proposes an addition- 1,016 crore litres (2025-26).
al differential excise duty of Rupees Two Suggested supply from surplus to
per liter on unblended fuel from October decit states or uniorm ethanol
1, 2022, to incentivize the blending of fuel blend availability.
and propel India towards energy security
and a low carbon economy. Ethanol Blending Roadmap:
Recommends notifying a plan for

101 | IBER 2023

 POLICY FRAMEWORK

E10 fuel (10% ethanol, 90% petrol) Encourages production from maize
availability by April 2022. and second-generation sources.
Proposes a phased rollout of E20 fuel
from April 2023, targeting availabili- Ethanol-Compatible Vehicles:
ty by 2025. Stresses holistic vehicle design for
Advocates beginning higher ethanol higher ethanol blends to prevent
blends in states with surplus pro- engine failure and low fuel economy.
duction. Recommends rolling out E20 mate-
rial compliant and E10 tuned engine
Regulatory Clearances: vehicles nationwide from April 2023.
Urges expedited regulatory clear- Proposes E20 tuned engine vehicles
ances for ethanol production. rollout from April 2025.
Recommends a single window sys-
tem by the Department for Promo- Unrestricted Movement of Ethanol:
tion of Industry and Internal Trade Highlights denatured ethanol's
for swift project clearances. use or blending, deemed unt or
human consumption.
Environmental Impact: Recommends central government
Emphasizes water conservation, control for unrestricted movement
suggesting incentives for ethanol across India, avoiding state-level
sourcing from less water-intensive restrictions.
crops.

BIOTECH POLICIES IN STATES

GUJARAT BIOTECH POLICY 2022-27 Its targets for the Next Five Years
The Gujarat government unveiled its include supporting 500 unitsbusi-
ambitious Biotechnology Policy for the nesses, attract over Rs 20,000 crore of
period 2022-27, recognizing the pivot- investments ($2.4 Billion), create over
al role of the biotechnology industry in 1.2 lakh jobs, and establish Gujarat as a
fostering economic growth and address- leading state in biotechnology.
ing challenges across various sectors.
This strategic move aimed to leverage INCENTIVE PACKAGES:
the state's well-established industrial Package 1 (GFCI < Rs 200 crores. i.e.,
ecosystem, particularly its leadership in $25 million):
manufacturing sectors like Pharmaceuti- Capital assistance, operational
cals, Chemicals, Petrochemicals, Cement, assistance, employment generation
and Power. incentive, EPF assistance, interest
subsidy, and electricity duty reim-
Gujarat aims to leverage national pol- bursement. Maximum assistance of
icies for economic development by Rs 40 crore ($5 million) and stra-
forming alliances between capital-in- tegic importance will be given for
tensive research and modern knowl- assistance of up to 25% of the total
edge. capital expenditure. This assistance
will be provided in the form of 20
The state has established the Gujarat quarterly instalments over a period
State Biotechnology Mission (GSBTM) to of 5 years.
promote biotechnology development.

102 | IBER 2023

 POLICY FRAMEWORK

Package 2 (Mega & Special Projects): 2027, or until the introduction of a new
Similar incentives as Package 1 but or revised policy.
with higher ceilings, along with facil-
itation support. TAMIL NADU HAS LIFE SCIENCES PROMOTION AND
RESEARCH AND DEVELOPMENT POLICY
Electricity Duty: 100% reimburse- Tamil Nadu recognizes the importance of
ment or ve years on the electricity the Life Sciences sector in achieving SDGs
duty paid. and is investing in drugs and medical
devices manufacturing, skill development,
Interest Subsidy on term loan: Quar- and lab construction. It announced a new
terly return at the rate of 7% against policy. This Policy is applicable for green-
interest paid on term loans of up to eld, or expansion projects engaged in the
Rs 100 crore ($12 million), with an following areas of Life Sciences, namely
annual ceiling of Rs. 7 crore ($0.84
million). Besides, quarterly return at Biotechnology and BioServices
the rate of 3% against interest paid
on term loans of above Rs.100 crore Pharmaceutical and Nutraceutical
($12 million), with an annual ceiling Industry
of Rs.20 crore
Medical Devices
POLICY IMPLEMENTATION:
Mission Director, GSBTM, will imple- Medical Textiles.
ment the policy in consultation with
the Department of Science and Tech- Research Ecosystem: Tamil Nadu has
nology. established TICEL Bio-Park to focus on
the application of advanced technology
Technical Advisory Committee (TAC) in microbiology and molecular biology,
will address ambiguity and provide supporting and amplifying the Life Sci-
inputs on emerging technologies. ences research ecosystem. It is home to
prestigious institutions such as Dr. M.G.R.
Units can choose incentives under this Medical University, Madras Medical Col-
policy or the Industrial Policy but not lege, IIT-Madras, Anna University, IIBAT,
both. Tamil Nadu Agricultural University, and
Tamil Nadu Veterinary and Animal Ser-
INVESTOR FACILITATION AND GUIDELINES: vices University.
Government acts as a facilitator, estab-
lishing a single-window clearance Investment and Job Generation Goals:
mechanism and a helpdesk. The government aims to attract Rs 20,000
crore ($2.5 Billion) of investment in the
Gujarat State Biotechnology Mission Life Sciences sector, with a parallel objec-
serves as a nodal agency, and detailed tive of generating 50,000 jobs.
implementation guidelines will be
issued. Sunrise Sectors: Medical electronics,
devices, equipment, biotechnology, phar-
POWER TO AMEND AND OPERATIVE PERIOD: maceuticals, bulk drugs, nutraceuticals,
The government reserves the right to and technical textiles, including medical
review and amend the policy. textiles, are recognized as sunrise sectors
under TNIP 2021. These sectors qualify
The policy is effective until March 31, for special incentives.

103 | IBER 2023

 POLICY FRAMEWORK

R&D Policy Objectives: The Research ized facilities will be developed based
and Development (R&D) policy targets on requirements through public-pri-
doubling the R&D expenditure in the state vate partnerships.
by 2030. It focuses on increasing inputs to
R&D, including the number of research- MEDICAL DEVICE PARKS:
ers and scientists, boosting innovation The government plans to develop a
outputs such as patents and publications, dedicated park for medical devices to
and developing a collaborative innovation enhance indigenous manufacturing,
ecosystem with research parks, centers, improve cost eciency, and achieve
hubs, and excellence centers. accelerated growth. SIPCOT is develop-
ing an exclusive greeneld industrial
Private Sector Promotion: The policy park at Oragadam, including common
emphasizes the promotion of R&D in the facilities and ensuring uninterrupted
private sector. water and electricity supply.

Duration of Policy: The R&D policy will MEDICAL TEXTILE PARKS:

be effective from the date of the govern- Aim to boost medical textiles manu-
ment order and is valid for ten years or facturing and research, with Integrat-
until a new policy is introduced, whichev- ed Technical Textile Parks established
er comes earlier. by SIDCO in Thandarai and Punjaika-
lakurichi. SIPCOT will develop a mega
SUMMARY OF NEW INITIATIVES: textile park at Virudhnagar, offering
BIOTECHNOLOGY AND PHARMACEUTICAL PARKS: common infrastructure and utilities
TICEL Bio Parks: Developed by TIDCO to support MSMEs in medical textiles
and TIDEL Park Limited in Chennai manufacturing.
and Coimbatore, it offers facilities for
pilot-scale production, labs for testing, GENERAL SUPPORT AND VISION:
and infrastructure for Good Laboratory The government aims to create a con-
Practice (GLP) and Good Manufactur- ducive environment for life-science
ing Practice (GMP). manufacturing, including the estab-
lishment o greeneld Lie Sciences
Biotech Core Instrumentation Facility clusters, identifying strategic locations
(BTCIF): Jointly established with the or parks, and taking steps or nanc-
Department of Biotechnology, it sup- ing, ease of doing business, education,
ports research in various sciences, and skill development.
with incubation centers for Biopharma
start-ups. A Research & Technology Fund with a
corpus of Rs. 100 crore ($12 million) has
Incubation Parks: Established at IIT-M been set up by the Government of Tam-
Research Park and Golden Jubilee Bio- il Nadu to support R&D and technology
tech Park for Women Society to encour- adoption in sunrise sectors. The fund
age innovation and support women shall be used to aid research and stand-
entrepreneurs in biotechnology. alone industrial R&D projects operating
in segments of Life Sciences.
BIOLOGICS AND PHARMACEUTICAL PARKS:
Focus on manufacturing biologics with VISION FOR TELANGANA LIFE SCIENCES
common facilities like training centers, The state wished to become the Leading
R&D centers, and efuent treatment life-sciences hub in Asia through innova-
plants in strategic locations. Custom- tion-driven & tech-enabled growth, while

104 | IBER 2023

 POLICY FRAMEWORK

doubling the sectoral value to US$ 100 Bil- and strengthening the investment pro-
lion and adding 400,000 new jobs by 2030. motion body with a life sciences focus.

PROMOTING INNOVATION: COLLABORATIVE APPROACH:

Scaling up infrastructure to support Emphasizing collaboration with indus-
start-ups in advancing to the commer- try players, academia, the central gov-
cialization stage. ernment, and investors.

Increasing funding sources for both Strategic interventions aiming to posi-

existing and emerging innovations. tion Telangana as a leading life scienc-
es cluster in Asia and globally by 2030.
Establishing technology-sharing and
transfer linkages between industry and UTTAR PRADESH PHARMACEUTICAL AND MEDICAL
academia. DEVICES INDUSTRY POLICY, 2023
Uttar Pradesh government has released
Initiating grant-backed missions to the Pharmaceutical and Medical Devic-
address critical diseases locally. es Industry Policy, 2023, with provisions
for single window clearance and support
Leading in clinical trials to enhance the other than incentives for pharma parks,
state's global position. manufacturing units, and support to start
ups and marketing activities.
BUILDING A WORLD-CLASS LIFE SCIENCES ECOSYSTEM:
Developing a Pharma City designed for KEY HIGHLIGHTS OF POLICY, 2023
an integrated healthcare ecosystem, SINGLE WINDOW CLEARANCE SYSTEM:
going beyond a traditional industrial Monitored directly by the Chief Minis-
estate. ter's oce.

Fostering growth in the equipment Time-bound clearances, approvals,

manufacturing industry. and permits for pharmaceutical and
medical device projects.
Attracting multinational corporations
(MNCs) as anchor tenants across vari- REGULATORY SUPPORT:
ous life sciences domains. Food Safety and Drug Administration
(FSDA) to assist in pollution NOC and
Enabling Sustainable Growth: other necessary clearances.

Creating training programs to bridge Uttar Pradesh Pharmaceutical Devel-

the talent-employability gap. opment Cell (UPPDC) to be established
for technical guidance and support
Simplifying the regulatory framework
governing the local life sciences sector. POLICY IMPLEMENTATION:
Policy Implementation Unit (PIU)
Improving operational ease for exist- under the Commissioner of Infrastruc-
ing industries. ture and Industrial Development.

Oering nancial incentives to attract Approvals for micro, small, medium

fresh investments. enterprises (MSMEs) and large catego-
ries.
Undertaking policy changes regularly

105 | IBER 2023

107 | IBER 2023
108 | IBER 2023
KEY BIOTECH
DEVELOPMENTS
IN 2022
109 | IBER 2023
 KEY BIOTECH DEVELOPMENTS IN 2022

MAJOR DEVELOPMENTS

BIOTECH STRIDES IN 2022

In 2022, India made remarkable strides in biotechnology, advancing healthcare, vaccine production,
and initiatives like the Production Linked Incentive (PLI) scheme. This report delves into key capacity
statistics, highlighting India's infrastructure capabilities. From the impactful PLI scheme to increased
Foreign Direct Investment (FDI) and societal development through biotech, the narrative explores
pivotal developments. The report also emphasizes the crucial role of the National Biopharma
Mission (NBM) and the Department of Biotechnology (DBT), especially during the COVID-19
pandemic, showcasing India's commitment to biotechnological innovation and societal well-being.

UNVEILING KEY CAPACITY STATISTICS FOR 2022

The essential metrics of 2022 provide ities. India's substantial role in both
a thorough understanding of the var- Covid and non-Covid vaccine produc-
ied aspects within the biotech industry. tion adds a crucial dimension to the nar-
Covering a range of projects, such as rative of growth. The accomplishments
Molasses and Grain Based initiatives, of the Production Linked Incentive (PLI)
in addition to signicant capacities in scheme and also cotton crop production
ethanol production, these metrics shed are noteworthy.
light on the infrastructure's capabil-

Particulars Metrics
No. Molasses Based projects 263
Installed Capacity of Molasses based Production (in Crore liters p.a.) 619.4
No. Grain Based projects 123
Installed Capacity of Grain based Production (in Crore liters p.a.) 328.5
Total Installed Capacity of ethanol production (in Crore liters p.a.) 947.9
India's Share of Covid Vaccines (billion doses 2021) 2.46
India's Share of non-Covid Vaccines (billion doses 2021) 1.98
Cotton crop production for the (October-September) season in million 34.1
bales of 170 kg
PLI: Number of selected applicants 76
PLI: Total number of applications received under the PLI scheme 249
PLI: Number of products spread across the four Target categories for 55
domestic manufacturing scheme.
PLI: Total committed investment of Rs 4,138.41 crore $500 million
PLI: Expected employment generation of persons. 10,598
Note: The information on PLI encompasses details about the Source: ABLE Analysis
Production Linked Incentive (PLI) Scheme for Pharmaceuticals.

110 | IBER 2023

 KEY BIOTECH DEVELOPMENTS IN 2022

PLI SCHEME
Launched in 2021 under the Atmanirbharta initiative, the Product Linked Incentive (PLI) scheme
boasts a financial outlay of $1.8 billion (Rs. 15,000 crores) spread across six years. In its inaugural
production year (2022-2023), the scheme selected 55 applicants, including 20 MSMEs, with a
budgetary allocation of $83 million (Rs. 690 crores).
Incentives and Employment Impact: impact on production capacity is antici-
The Department of Pharmaceuticals pated in the coming years, there’s already
(DoP) disbursed the rst tranche o incen- a notable 4.54% reduction in India’s
tives, totaling $20 million (Rs. 166 crores), imports of bulk drugs and intermediates
beneting our selected applicants under globally.
the PLI scheme for pharmaceuticals.
This initiative generated employment Achievements in Medical Devices Sec-
for 23,000 individuals. The scheme also tor: Under the PLI scheme for Medical
offers incentives ranging from 10% to 3% Devices, with a $410 million (Rs. 3,420
based on incremental sales. The select- crores) outlay, an investment of $86 mil-
ed 55 applicants collectively reported lion (Rs. 714 crores) has been reported.
sales of approximately $4.3 billion, with a This marks a signicant milestone, as
total installed capacity exceeding 33,000 it has enabled the domestic production
tonnes. of high-end medical devices in India
or the rst time, creating employment
Impact on Bulk Drugs Production: The for about 2900 individuals. The scheme
PLI scheme for Bulk Drugs has seen an has approved 21 applicants with a com-
investment of $242 million (Rs. 2019 mitted investment of $127 million and
crores) and provided employment for an expected employment generation of
about 1900 individuals. While the full around 6,411 persons.

FOREIGN DIRECT INVESTMENT (FDI) IN PHARMA SECTOR

Launched in 2021 under the Atmanirbharta initiative, the Product Linked Incentive (PLI) scheme
boasts a financial outlay of $1.8 billion (Rs. 15,000 crores) spread across six years. In its inaugural
production year (2022-2023), the scheme selected 55 applicants, including 20 MSMEs, with a
budgetary allocation of $83 million (Rs. 690 crores).

The Government has established an infows in the country. From April 2000
investor-friendly FDI policy to encourage to March 2023, FDI infows in Drugs &
investment in the pharmaceutical sector. Pharmaceuticals (Pharma) and Medtech
In Medical Devices, 100% foreign invest- Sectors reached $6.26 billion.
ment is permitted under the automatic
route. In pharmaceuticals, up to 100% The FDI infows in the pharmaceutical
FDI is allowed in greeneld projects, and sector, including both drugs & pharma-
up to 74% FDI in browneld projects is ceuticals and medtech activities, grew by
permitted under the automatic route. 6.7 times from $354 million in 2018. In
Government approval is required for for- the nancial year 2022-23, FDI infows
eign investment beyond 74% in brown- in the pharmaceutical sector amounted
eld projects. to $2 billion from drugs & pharmaceu-
ticals activities and $375 million from
The pharmaceutical sector contributes medtech activities, totaling $2.37 billion.
approximately 3.71% to the total FDI Additionally, between January 1, 2022,

111 | IBER 2023

 KEY BIOTECH DEVELOPMENTS IN 2022

Drugs &
2018-19 221 133 and November 30, 2022, the Department
Pharmaceuticals
of Pharmaceuticals approved 21 FDI pro-
Medtech posals or browneld projects, amount-
2019-20 438 264 ing to $560 million.

2020-21 1,322 61 Biotech FDI constitutes an estimated 40%

of the total FDI in Drugs & Pharmaceuti-
cals Activities. The combined FDI in med-
2021-22 1,266 185 ical devices and drugs & pharmaceutical
activities amounted to $1.17 billion, rep-
2022-23 1,998 375 resenting a signicant increase o nearly
1.7 times over the previous nancial year.
Source: ABLE Analysis

SOCIETAL IMPACT
Biotechnology-driven societal develop- On another front, the Biotech-Krishi
ment is on uplifting vulnerable segments, Innovation Science Application Network
particularly in Aspirational Districts. DBT (Biotech-KISAN) endeavors to enhance
has concentrated on such areas. Notable agricultural productivity for small farmers,
achievements in 2022-23 include sup- with success stories spanning grass pea
porting 32 projects that beneted over cultivation in Bihar to empowering wom-
5,000 individuals, with a strong empha- en farmers in the Sundarbans. Various hub
sis on empowering women (65% bene- activities and successes, such as the estab-
ciaries) and marginalized communities lishment of an organic farming hub in the
(56% from SC/ST groups). These initia- Northeast, underscore the multifaceted
tives, ranging from organic cultivation to impact of these biotechnological interven-
animal health camps, led to a commend- tions in fostering sustainable agricultural
able 30% average income increase. practices and economic development.

MAJOR DEVELOPMENTS IN HEALTHCARE SUPPORTED BY GOVT

Several notable advancements in health- ed with skin contact and inhalation.
care have emanated from the Department
o Biotechnology (DBT) and its aliated Furthermore, signicant strides have
institutions. In Bangalore, the formation been made in nanobiotechnology, exem-
of Sepio Health Pvt Ltd, a spin-off compa- plied by the creation o sel-fuorescent,
ny, refects the successul translation o cell-permeable glucose-derived carbon
technologies developed at DBT-inStem. nanospheres. These nanospheres serve
One groundbreaking achievement is the as a brain-targeting vehicle with implica-
creation of Albumin-Sorafenib (ABSORF), tions for drug delivery and imaging, par-
a nano-medicine product designed for ticularly in Alzheimer's disease. Another
treating liver cancer, renal cancer, and groundbreaking demonstration involves
leukemia. Another innovation includes Magnetic Nanoparticle (MNP)-mediat-
the development of magnetically-driven ed hyperthermia-induced antimicrobial
nano-motors used to explore the micro- therapy, showcasing the intersection of
environment of cancer within a 3D tumor nanotechnology and healthcare solu-
model. Additionally, a product has been tions. In support of these initiatives, a
devised to minimize pesticide exposure dedicated program, 'Catalyzing research
during spraying, reducing risks associat- in nanobiotechnology,' is being pursued

112 | IBER 2023

 KEY BIOTECH DEVELOPMENTS IN 2022

at the Indian Institute of Science, Banga- Diabetes, Rheumatological and ophthal-

lore. mic diseases, Cancer; 29 Medical Devices
& Diagnostics have been supported so far.
NATIONAL BIOPHARMA MISSION (NBM)
The National Biopharma Mission (NBM) is INDIA'S COVID-19 RESPONSE
a collaborative initiative between the gov- During the COVID-19 pandemic, DBT col-
ernment, industry, and academia, with a laborated with the Biotechnology Indus-
dedicated focus on accelerating the tran- try Research Assistance Council (BIRAC)
sition from discovery research to early to swiftly respond to the crisis, aligning
development in the eld o biopharmaceu- their research plan with the WHO's R&D
ticals. Funded at a total cost of $180 mil- blueprint. This led to the establishment
lion (Rs 1,500 crore), with 50% co-funding of the DBT-BIRAC COVID-19 Research
from the World Bank, NBM has achieved Consortium and the implementation of
signicant milestones in various areas. Mission COVID Suraksha under Atmanir-
bhar Bharat, focusing on testing, preven-
One crucial aspect is the establishment tion, and treatment.
of shared facilities, with 14 out of the 23
supported facilities actively providing Under Mission COVID Suraksha, India suc-
end-to-end services to meet the demands cessfully developed and received Emer-
of the growing biotherapeutics, devices, gency Use Authorization or ve COVID-19
and vaccine market. NBM has supported vaccines, including ZyCoV-D (world's rst
70 projects across three verticals, with 10 DNA vaccine), CORBEVAX, GEMCOVAC-19,
in the clinical trial phase. These projects the world's rst intranasal vaccine (iNCO-
cover a spectrum of activities, including VACC), and the Omicron booster vaccine
scientic research or ecient process- (GEMCOVAC-OM). DBT-BIRAC played a
ing, tools for product development, and pivotal role in creating a supportive eco-
the establishment of Clinical Trial Net- system for vaccine development, from
works (CTN) through the i3 program. establishing GCLP compliant clinical trial
sites to augmenting manufacturing facili-
Moreover, NBM has fostered the creation ties for enhanced COVAXIN production.
of 11 Good Clinical Practice (GCP) com-
pliant Field Sites, enhancing the capacity Additionally, DBT's efforts extended to
for vaccine clinical trials through seroep- COVID-19 testing in a hub-and-spoke
idemiological studies for diseases like model, deployment of mobile diagnos-
COVID, dengue, and chikungunya. The tic labs in remote areas, development of
mission has also supported the estab- diagnostic kits, and regulatory facilita-
lishment o Technology Transer Oces tion. The department proactively issued
(TTOs) to acilitate an ecient technolo- Biosafety Regulations for COVID-19
gy transfer network in the country, with and engaged in international partner-
a recent workshop in Hyderabad ensur- ships to strengthen vaccine manufac-
ing coordination and policy alignment turing and clinical trial capacities. The
among the seven TTOs. establishment of the Indian SARS-CoV-2
Genomic Consortium (INSACOG) further
Under this Mission, 15 vaccine candidates showcased India's commitment to moni-
or Cholera, Infuenza, Dengue, Chikun- toring viral variants during the pandem-
gunya, Pneumococcal disease, COVID-19 ic. Through these initiatives, DBT played
(early development) and four related tech- a crucial role in India's sel-suciency in
nologies (were supported; 21 Biosimilar COVID-19 diagnosis and vaccine devel-
products and related technologies for opment.

113 | IBER 2023

114 | IBER 2023
FORECAST
& RECOMMENDATION
115 | IBER 2023
 FORECAST & RECOMMENDATION

CONCLUSIONS

INDIA’S BIOECONOMY HITS $137.2 BILLION IN 2022,

EYES $300B BY 2030!
India’s BioEconomy achieved a remarkable 29% growth in 2022, soaring to a
valuation of $137.2 billion and setting its sights on a lofty $300 billion by 2030 as
part of a Circular Economy revolution.

KEY FINDINGS lion by 2030. The enthusiasm of visionar-

Here are some of the exciting develop- ies, policymakers, and industry leaders is
ments that shaped 2022 and pave the way profound as they chart the BioEconomy’s
for the BioEconomy’s ambitious journey growth trajectory.
ahead.
This performance can be attributed to
BIOECONOMY VALUATION AND CONTRIBUTION several reasons, including the rising
In 2022, India’s BioEconomy, valued at demand for bio-based products and
$137.24 billion, became a robust con- services, government support for the
tributor, constituting 4% of the nation’s BioEconomy, and decreasing costs in bio-
impressive gross domestic product (GDP) technology and biomanufacturing.
of $3.47 trillion. Looking ahead, India
aims to surpass the $150 billion mark by STARTUP ECOSYSTEM
2024, with a visionary target of $300 bil- The year 2022 witnessed the addition of

116 | IBER 2023

 FORECAST & RECOMMENDATION

1,391 biotech startups, expanding the Paper and Pulp, Poultry Industry, Tex-
10-year base to 6,755. At this pace, pro- tile Industry, and Vegetable Oils industry.
jections indicate a thriving ecosystem BioMedical comprises Biopharmaceuti-
with 35,460 startups by 2030. Achieving cals, diagnostics, and medical devices.
this goal necessitates the incorporation BioAgriculture focuses on Bt Crops, Ani-
of an average of 3,590 new companies mal biotech, Biomass, Pesticides, and
annually between 2023 and 2030, mark- Fertilizers areas. BioServices encompass
ing a substantial increase rom ve start- BioIT, Platforms, Contract Research, Drug
ups a day in 2025 to 15 in 2030. Discovery, Patent Services, etc.

CAPACITIES FUTURE TRAJECTORY

Amid rising investments and funding, The BioEconomy has the potential to grow
the BioEconomy is witnessing aggressive over 2.5 times from the current $137 bil-
capacity building. India’s current ethanol lion in 2022. The breakdown of the 2030
production capacity of 684 crore liters target highlights the signicant roles o
or petrol blending is a signicant stride Biomedical, BioIndustrial, BioAgri, and
toward the targeted 20% blending by BioServices, setting the stage for a trans-
2030, requiring a 1,000-crore liter capac- formative decade ahead. At least two of
ity. Companies in various sectors, includ- these broad segments need to cross the
ing medical devices, biopharmaceuticals, $100 billion threshold in 2030. The Bio-
vaccines, contract research, and manu- medical sector is estimated to contribute
facturing, are fortifying their strategies $128 billion, while the BioIndustrial seg-
for the journey ahead. ment is expected to reach $121 billion.
Both BioAgri and BioServices are antici-
CONTRIBUTION OF KEY SEGMENTS pated to generate nearly $40 billion each
Breaking down the $137 billion in 2022, in the BioEconomy. Further subsegmen-
the broad BioIndustrial and BioMedical tation reveals that Biofuels, Therapeutics,
segments contributed $59 billion and $57 and BioServices are projected to contrib-
billion, respectively. BioServices and Bio- ute $40-45 billion each by 2030, while
Agri played pivotal roles, accounted for BioAgri (including Bt Cotton) and Medical
$9 billion and $11.5 billion. The segmen- Devices is expected to generate $20-30
tation underscores the diverse nature of billion. Additionally, four subsegments
India’s BioEconomy. Notably, BioIndus- (Potable and Industrial Alcohol, Poultry
trial includes the Aqua-Shrimp industry, Feed, Textile, and Aqua-Shrimp) are pro-
Food and Beverage industry, Industrial jected to fall within the $10-20 billion
sector, Laundry and Cleaning industry, range.

ADVANCING CIRCULAR BIOECONOMY

In alignment with India’s vision of a circular economy, the Department of Biotechnology (DBT)
has initiated “Fostering High-Performance Biomanufacturing.” This effort directly tackles global
challenges such as climate change and unsustainable resource consumption, aligning with the Prime
Minister’s ‘Net Zero’ carbon economy vision and the ‘Lifestyle for the Environment (LiFE)’ initiative.

DBT, in collaboration with BIRAC, is com- on green chemistry, biocatalysis, preci-

mitted to establishing a robust biotech sion therapeutics, and climate-resilient
innovation ecosystem. The National Bio- agriculture. The objective is to foster
manufacturing initiative places emphasis green, clean, prosperous, and self-reliant

117 | IBER 2023

 FORECAST & RECOMMENDATION

solutions, leveraging public-private part- Fuel Job Creation: Foster entrepreneur-

nerships and international cooperation. ship in tier-2 and tier-3 cities.

KEY DIRECTIONS: Synergize STEM Fields: Enable collabo-

Circular-Bioeconomy Vision ration between science, technology, engi-
neering, and manufacturing.
DBT leverages advancements for a Circu-
lar-Bioeconomy, pivotal for India’s green Address Climate Challenges: Intensiy
growth. research for climate change mitigation
and decarbonization.
TECHNOLOGY REVOLUTION
High-Performance Biomanufacturing Promote Innovation Transition: Acceler-
involves precision engineering, neces- ate the shift to Biomanufacturing using
sitating innovative biology-engineering AI, Digitalization, and biotechnology
collaborations. innovations.

COMPREHENSIVE FOCUS Support ‘Make-in-India’: Encourage

Targeting sectors like green chemistry, transformative yet affordable innova-
biocatalysis, climate-resilient agricul- tions for global market access.
ture, and precision therapeutics.
India’s High-Performance Biomanu-
BIO-ENABLERS acturing Initiative signies a bold step
Bio-Articial Intelligence Hubs and Bio- toward sustainable growth, emphasiz-
manufacturing Hubs act as catalysts, ing innovation, collaboration, and a cir-
fostering innovation with access to infra- cular economy vision. It sets the stage
structure and technology platforms. for a bio-revolution, aligning economic
prosperity with environmental steward-
STRATEGIC OUTCOMES: ship, showcasing India’s commitment to
Boost Domestic Biomanuacturing: a cleaner and greener future.
Enhance Industry 4.0 capability.

NURTURING INDIA’S BIOECONOMY:

A JOURNEY TOWARDS $1 TRILLION BY 2047
Over the next 25 years (India@2047), the Amrit Kaal Vision targets a nominal GDP of $32.8
trillion, driven by rapid growth in manufacturing and services. The BioEconomy, currently at
$137.14 billion with a strong 14-15% CAGR, holds the potential to contribute 3-4% to India’s
GDP. The objective is a $300 billion BioEconomy by 2030, paving the way for a leap to $1
trillion in the subsequent two decades.

KEY STEPS: Enzyme technologies and synthetic biol-

Supply Chain Imperative: Create a cir- ogy play crucial roles, with fermenta-
cular system from research to mar- tion-based biopharmaceuticals emerging
ket-ready products. as a signicant component.

SECTORAL TRIUMPHS INVESTMENT IMPERATIVES

Key sectors like agriculture, biofuels, Strategic investments in R&D and a
and healthcare are major contributors. Research Linked Incentive (RLI) scheme

118 | IBER 2023

 FORECAST & RECOMMENDATION

are essential. NATIONAL STANDARDS

Establish national standards for bio prod-
POLICY ENABLERS ucts to ensure quality and compliance.
Address biodiversity concerns, optimize
schemes like RLI and PLI, and focus on BIOSECURITY INVESTMENTS
crucial thrust areas. Invest in biosecurity to protect the indus-
try from potential risks.
STEM TALENT
Retain 25% of global STEM talent within DATA MANAGEMENT
India for sustained growth. Ecient data management is key or
informed decision-making.
CONVERGING TECHNOLOGIES
Invest in AI, computational biology, bio- BIOMANUFACTURING HUB RECOMMENDATIONS:
informatics, and Industry 4.0 for success. LAND AVAILABILITY
Ensure a minimum of 200-acre contigu-
BIOMANUFACTURING ACCELERATION: ous land availability.
CURRENT STATUS
BioManufacturing is at 40%, with room SINGLE WINDOW CLEARANCE
or expansion (Global Index: 6.2%). Implement a single window clearance
system for all selected BioManufacturers.
LEARNING FROM THE U.S.
A $2 billion investment is crucial for BIOTECH CLUSTERS
startups transitioning into large-scale Allocate acre modules to each manufac-
manufacturing. turer at select Biotech clusters (NE, J & K).

RECOMMENDATIONS: SCALE-UP SUPPORT

STRENGTHENING THE SUPPLY CHAIN Encourage and support the scale-up of
Emphasize the importance of a resilient BioManufacturing Hubs.
supply chain post-pandemic.
INFRASTRUCTURE BOOST
MANUFACTURING SCHEMES Strengthen inrastructure or ecient
IntroduceschemeslikeProduction-Linked operations.
Incentives (PLI) to boost production.
FISCAL INCENTIVES
INNOVATION AND FUNDING Introduce scal incentives or invest-
Encourage innovation with funding, ments in production facilities.
especially for startups.
A COLLECTIVE ENDEAVOR FOR A FLOURISHING
DOMESTIC CONSUMPTION BIOECONOMY:
Stimulate domestic consumption of bio India needs a coordinated national strat-
products for a self-sustaining market. egy, with public-private partnerships as
the bedrock for a thriving bioeconomic
BIOTECHNOLOGIST TRAINING landscape. Seizing the demographic div-
Invest in training the next generation of idend and harnessing STEM talent are
biotechnologists. crucial for economic growth and glob-
al leadership. The journey towards a
REGULATORY INNOVATION sustainable BioEconomy is a collective
Implement regulatory innovations for endeavor for a brighter, greener, and
streamlined processes. more prosperous future.

119 | IBER 2023

 FORECAST & RECOMMENDATION

LEADERS SHARE INSIGHTS, DRIVING

INNOVATION AND PROGRESS
"Biotech sector is one of the most Demand “Developing innovative drugs is important
Driven Sectors. The campaigns for Ease of because innovative medicines not only meet
Living in India over the years have opened up healthcare needs but also account for two-
new possibilities for the biotech sector,” thirds of the global pharma market,”
MR NARENDRA MODI DR SHARVIL P PATEL
PRIME MINISTER OF INDIA MANAGING DIRECTOR, ZYDUS LIFESCIENCES.

“India will make significant investment in R&D “With the rollout of iNCOVACC, we have
to develop a roadmap for design and delivery achieved our goal of establishing a novel
of vaccine development for future pandemic,” vaccine delivery platform for intranasal
DR JITENDRA SINGH delivery. It proves that India can innovate for
UNION MINISTER OF STATE (INDEPENDENT CHARGE) SCIENCE itself and for the world,”
& TECHNOLOGY DR KRISHNA ELLA
EXECUTIVE CHAIRMAN, BHARAT BIOTECH.
“Just like UPI revolutionized payment
transactions in India, Unified Health Interface “If India has to be at the cutting edge of
(UHI) will revolutionize digital health service innovation, our regulatory system also needs
delivery,” to undergo reforms. It needs to be reflecting
DR R S SHARMA the new kinds of work that goes on in this
CEO, NATIONAL HEALTH AUTHORITY. industry,”
MR SATISH REDDY
"A vision document is being prepared for India CHAIRMAN, DR REDDY'S LABORATORIES.
to become a developed economy of about USD
30 trillion by 2047, and it will be released by “India's pharmaceutical industry could surpass
Prime Minister Narendra Modi in January next USD 130 billion by 2030. The pharmaceutical
year. The draft 'Vision India @2047' document sector in India is expanding at a remarkable
will outline the institutional and structural rate, as demonstrated by the 8 per cent
changes/ reforms that will be needed for the year-to-date increase in exports and the
country to become a developed nation by noteworthy 29 per cent surge in October 2023
2047," alone. This growth is propelled by expanding
MR BVR SUBRAHMANYAM market opportunities, heightened demand in
CEO, NITI AAYOG. the USA, and critical shortages of medicines
in the US and Europe. Despite challenges in
"There was a lot of investment in health CIS countries, the global reception of Indian
systems made during the pandemic across pharmaceuticals remains positive,”
countries, and it will definitely keep us well MR VEERAMANI S. V.
prepared in case there are other outbreaks," CHAIRMAN, PHARMEXCIL (PHARMACEUTICALS EXPORT
MR ADAR POONAWALLA PROMOTION COUNCIL OF INDIA).
CEO, SERUM INSTITUTE OF INDIA (SII).

120 | IBER 2023

 FORECAST & RECOMMENDATION

“There are more funding opportunities for “I think the timing is perfect right now for India
early-stage companies than 10 years ago. to utilize artificial intelligence and machine
Government organizations like Biotechnology learning, these fascinating new tools, to solve
Industry Research Assistance Council have impactful and meaningful problems. I work
pushed innovation across the board — in biotechnology, so we're trying to address
diagnostics, devices, new drugs, etc. They issues in agriculture, the environment, and
have provided seed funding to individuals and healthcare—large impact areas that affect
small companies that want to look at out-of- billions of people not just in India but all over
box ideas. The R&D ecosystem is developing the world. To be able to use technology to
due to push from innovators and pull from the make such meaningful contributions to India
government,” and the universe is a great opportunity for
MR SHRIDHAR NARAYANAN us. I request all young entrepreneurs who are
CHAIRMAN AND CEO OF FOUNDATION FOR NEGLECTED looking at AI and machine learning to work on
DISEASE RESEARCH, BENGALURU. impactful products. So, it is not Information
Technology anymore; it's impact technology,”
“On occasion of World Biofuels Day (10th DR ANAND ANANDKUMAR
Aug), Prime Minister Narendra Modi unveiled CEO AND MD, BUGWORKS RESEARCH
the first of its kind & Asia’s First 2G Ethanol
Bio-Refinery of Indian Oil Corporation “Technologies like artificial intelligence
Limited (IOCL) at Panipat Haryana. Praj is a and analytics can significantly improve
technology licensor and EPCM partner for efficiency in Indian agriculture. Indian farmers
this project, which is based on our proprietary are increasingly becoming open to new
technology processing rice straw as feedstock technologies and practices for enhancing
for production of Ethanol. We are very proud productivity and they can be our champions of
of our association with IOCL to set up this sustainability at the grassroot level. Also, the
coveted project. This plant is a huge milestone role of biotechnology in agriculture is pivotal,
in realizing our Prime Minister’s vision of particularly in precision breeding for climate-
energy independent India. We believe success resilient crops and genetic modification for
of this project reinforces India’s technology pest and disease resistance,”
leadership in global bioeconomy,” MR DEEPAK SOOD
DR. PRAMOD CHAUDHARI Secretary General, ASSOCHAM.
FOUNDER-CHAIRMAN, PRAJ INDUSTRIES.
“AI can play an important role in prevention
“Over the time that we’ve been here, in the and early detection of cancer. At the same
last seven-eight years, India has opened up to time, technological advancement will take
a lot more innovation-based solutions,” healthcare to people’s doorstep. There
MS EZHIL SUBBIAN won’t be a need for primary health centers
CO-FOUNDER AND CEO, STRING BIO. or big labs with hand-held devices and
miniaturization,”
“India is critical for Novozymes success. We’re DR VIJAY CHANDRU
going to continue to invest here. We produce in CO-FOUNDER & DIRECTOR STRAND LIFE SCIENCES
India for India, and we produce in India for the
globe. So, we look at our Indian operations as a “As the world grapples with the problems
global asset,” induced by climate change, helped by
MS ESTER BAIGET innovative government policies, ABLE
PRESIDENT AND CEO, NOVOZYMES. members will play even greater role as the
nation sets up more bio refineries to produce
enough biofuels to achieve the 20% blending
target by 2025,”
MR GS KRISHNAN
PRESIDENT, ABLE

121 | IBER 2023

ACKNOWLEDGEMENTS
AND SOURCES
This report has been compiled by sourcing infor-
mation from a variety of reputable web sources and
CONTRIBUTORS
publicly available data. The comprehensive nature This report has been
of the research involved accessing diverse online prepared for the “Make
platforms and mining publicly accessible infor- In India Facilitation Cell
mation to ensure the accuracy and breadth of the for Biotechnology” of
content presented. The acknowledgment extends Biotechnology Industry
to the wealth of data contributed by these sources, Research Assistance
enabling a thorough and well-informed report. Council (BIRAC) by
the Association of
Biotechnology Industry Research Assistance Biotechnology Led
Council (BIRAC), a public sector enterprise of Enterprises (ABLE).
DBT, Government of India.
Department for Biotechnology (DBT), Ministry of ABLE is a non-prot,
Science and Technology, Government of India. nationwide forum
Department of Commerce, Ministry of Commerce dedicated to representing
& Industry, Government of India. the Indian Biotechnology
Directorate of Economics and Statistics (DES), Sector. With a
Department of Agriculture, Cooperation and membership exceeding
Farmers Welfare (DAC&FW), Government of India. 400, ABLE (www.ableindia.
Ministry of Petroleum & Natural Gas, Government in, Twitter @able_
of India. indiabio) encompasses
Ministry of Statistics & Programme Implementa- diverse stakeholders
tion National Statistical Oce. from across India,
Ministry of Textiles, Government of India. including Agribiotech,
The Department of Pharmaceuticals, Ministry of Bio-pharma, Industrial
Chemicals & Fertilizers, Government of India. biotech, Bioinformatics,
World Health Organization. Investment banks, Venture
Capital rms, leading
Information has been gathered from diverse sourc- Research and Academic
es, including reports from Industry Associations, Institutes, Law Firms, and
Market Research organizations, Investment Track- Equipment Suppliers,
ers, Press Releases, Newspapers, Magazines, pre- collectively representing
sentations at Leading Events and conferences. The all verticals within the
Food and Agriculture Organization (FAO) of the sector.
United Nations, European Commission’s Bioecon-
omy - Research & Innovation, press releases from The creation of this
various organizations, and reports from Market report was made possible
Research agencies and Media Publications have through the collaborative
contributed to the compilation of data. efforts of ABLE and BIRAC.

122 | IBER 2023

ABLE CONTRIBUTORS TO THE REPORT
Ms Kiran Mazumdar Shaw, Chairman, ABLE
Mr G S Krishnan, President, ABLE
Dr Anand Anandkumar, Vice President & Treasurer, ABLE
Mr Ravi Bhola, General Secretary, ABLE
Dr PM Murali, President, ABLE Council of Presidents
Dr KK Narayanan, Member, ABLE Council of Presidents
Dr Vijay Chandru, Member, ABLE Council of Presidents
Mr Shrikumar Suryanarayan, Member, ABLE Council of Presidents
Mr Narayanan Suresh, Chie Operating Ocer, ABLE
Mr Srinivas Rao Chandan, Senior Consultant, ABLE

LINKS TO SOME REFERENCE WEBSITES SOURCE

www.eai.in www.pib.gov.in www.icmr.gov.in
www.kitven.com www.startup.karnataka.gov.in www.iea.org
www.mospi.nic.in www.sugarethanol.nic.in www.imarcgroup.com
www.txcindia.gov.in www.vaccine.icmr.org.in www.investindia.gov.in
www.agricoop.nic.in www.www.agri.telangana.gov.in www.investkarnataka.co.in
www.agritech.tnau.ac.in www.agricoop.nic.in www.iotforall.com
www.apps.fas.usda.gov www.agriwatch.com www.iswai.in
www.bioplasticsnews.com www.aidaindia.org www.livemint.com
www.birac.nic.in www.arisbioenergy.com www.makeinindia.com
www.cdsco.gov.in www.aurumequity.com www.moneycontrol.com
www.commerce-app.gov.in www.bharatpetroleum.in www.mordorintelligence.com
www.covid19.trackvaccines.org www.bioinnovationcentre.com www.ncbi.nlm.nih.gov
www.dbtindia.gov.in www.biospectrumindia.com www.npr.org
www.dfpd.gov.in www.biovoicenews.com www.oecd-ilibrary.org
www.dpiit.gov.in www.birac.nic.in www.orfonline.org
www.eands.dacnet.nic.in www.business-standard.com www.osti.gov
www.ec.europa.eu www.business-standard.com www.outlookindia.com
economictimes.indiatimes.com www.businesstoday.in www.pharmaadda.in
www.egrowfoundation.org www.businessworld.in www.pib.gov.in
www.eximmitra.in www.caionline.in www.ppac.gov.in
www.ncomindia.nic.in www.ccamp.res.in www.sciencedirect.com
www.gain.fas.usda.gov www.cdc.gov www.statista.com
www.indiabioscience.org www.cdsco.gov.in www.techsciresearch.com
www.indianexpress.com www.cotcorp.org.in www.textileexcellence.com
www.indiansugar.com www.cottoninc.com www.thehindubusinessline.com
www.indxauth.ccamp.res.in www.crisil.com www.timesnownews.com
www.karunadu.karnataka.gov.in www.csoisw.gov.in www.tracxn.com
www.mea.gov.in www.dbtindia.gov.in www.trade.gov
www.mnre.gov.in www.entrackr.com www.vccircle.com
www.mopng.gov.in www.expresspharma.in www.ventureintelligence.com
www.mospi.gov.in www.forbesindia.com www.volza.com
www.newprojectstracker.com www.fortuneindia.com www.weforum.org
www.niti.gov.in www.hindustantimes.com www.who.int
www.pharmaceuticals.gov.in www.ibef.org yourstory.com

123 | IBER 2023

For urther inormation please contact:

Biotechnology Industry Research

Assistance Council (BIRAC)
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