INDIA BIOECONOMY REPORT

2024
India
BioEconomy
Report
 INDIA BIOECONOMY REPORT
2

INDIA
BIOECONOMY
REPORT
2024
©BIRAC

This report has been prepared for “Make In India Facilitation Cell for Biotechnolo-
gy” of Biotechnology Industry Research Assistance Council (BIRAC) by Association
of Biotechnology Led Enterprises (ABLE). The report is written by Narayanan Suresh,
Chief Operating Officer of ABLE and Srinivas Rao Chandan, Editorial Consultant for
ABLE under the able guidance of Mr G S Krishnan, President, ABLE
 INDIA BIOECONOMY REPORT
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EXECUTIVE SUMMARY

TABLE OF CONTENTS
SECTION 1: EXECUTIVE INSIGHTS
Foreword: Dr. Jitendra Singh, Union Minister of State (Independent Charge) for
Science and Technology, Minister of State (Independent Charge) for Earth Sciences,
04
Minister of State PMO, Department of Atomic Energy, Department of Space,
Personnel, Public Grievances and Pensions

From DBT Secretary’s Desk: Dr. Rajesh S. Gokhale, Secretary to the Government
06
of India, Department of Biotechnology, DG BRIC and Chairman, BIRAC
From ABLE President’s Desk: Mr GS Krishnan, Honorary President,
08
Association of Biotechnology Led Enterprises (ABLE)

SECTION 2: EXECUTIVE SUMMARY 09

India’s BioEconomy Surges to $151 Billion 10
Overview of Subsectors 14
Key Pillars Driving India’s BioEconomy: Success & Major Achievements 15

SECTION 3: INDIA BIOECONOMY OVERVIEW 27

Overall Size and Structure 28
Biotech Segment Highlights 33
Subsector Movers and Significant Milestones 39

SECTION 4: GLOBAL BIOECONOMY 61

Global BioEconomy Policy Frameworks 62
Global BioEconomy - A 2050 Projection 73

SECTION 5: BIOTECHNOLOGY LANDSCAPE & INVESTMENTS 77

Comparative Analysis of BioClusters 78
BioClusters, BioEconomy, and Capacity 80
Socio-Economic Impact Analysis, FDI and Contribution to GDP 88
Incorporation of new Biotechs and Role of MSMEs 92
Investment & Growth Drivers (Funding, BIRAC Investments, 98
Other Promotion Initiatives)
Overview of Bioincubators and Biotech Parks 106
Product Releases 108

SECTION 6: POLICY AND REGULATORY ENVIRONMENT 115

Major Policy Reforms Enhance Governance 116

Key Biotech Trends 126

The Future BioEconomy 128

Acknowledgements and Sources 130

 INDIA BIOECONOMY REPORT
4 FOREWORD

FOREWORD BioE3 Policy: Paving the Way

for India’s BioEconomy
India is on the verge of a biotech revolution that will shape
the future, with our nation leading the charge. Over the past
decade, India’s BioEconomy has grown significantly, from $10
billion in 2014 to $151 billion by the end of 2023. We expect this
to reach $300 billion by 2030, marking a crucial step in our
economic transformation and positioning India as a global
biotech leader.

The recently launched BioE3 (Biotechnology for Economy,

Environment and Employment) Policy is central to this
transformation. Under Hon’ble Prime Minister Shri Narendra
Modi’s visionary leadership, this policy will enable India
to lead the global biotech movement, much like how the IT
revolution was driven by the West. The BioE3 Policy aims to
create a greener, cleaner and prosperous India, contributing
significantly to the global economy while protecting our
environment.
Dr. Jitendra Singh
This policy focuses on key areas: bio-based chemicals and
Union Minister of State enzymes, smart proteins, precision biotherapeutics, climate-
(Independent Charge) for Science resilient agriculture, carbon capture and utilization, and
and Technology, Minister of State advanced marine and space research. These areas represent
(Independent Charge) for Earth the future of biotechnology and will drive growth and innovation
Sciences, Minister of State PMO,
across various industries.
Department of Atomic Energy,
Department of Space, Personnel,
Public Grievances and Pensions The BioE3 Policy will support this transformation by
establishing cutting-edge biomanufacturing facilities, bio
foundry clusters, and Bio-AI hubs. The biotech hubs will bridge
the gap between research and commercial manufacturing,
fostering collaboration between startups, SMEs, and
established companies. They will also integrate AI to analyze
 INDIA BIOECONOMY REPORT
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FOREWORD

large-scale biological data, paving the way for advancements

in gene therapies, food processing, and more.

This policy is also expected to create significant employment

opportunities, particularly in tier-II and tier-III cities. The
biomanufacturing hubs will use local resources and contribute
to regional economic development, promoting more inclusive
growth.

To successfully implement the BioE3 Policy, various ministries

and departments are collaborating and sharing resources.
For instance, the Ministry of Electronics and Information
Technology will support AI-based biomanufacturing, while
the Indian Council of Agricultural Research will focus on
developing agribiologicals. Other ministries like New and
Renewable Energy, Space, Health, Pharmaceuticals, and
Earth Sciences will play critical roles in ensuring the policy’s
success.

This is our moment to lead the world in sustainable growth.

I invite all stakeholders—scientists, entrepreneurs, industry
leaders, and policymakers—to join us in this exciting journey.
Together, we Together, we can make India the epicenter of the global
can make India biotech revolution, driving innovation and ensuring a brighter,
the epicenter of the greener, and more prosperous future for all.

global biotech revolution, I am happy to note the phenomenal progress made by biotech
driving innovation and industry as captured in the India BioEconomy Report 2024,
ensuring a brighter, brought out by DBT-BIRAC. Powered by the visionary BioE3
greener, and more policy, I strongly believe that Bharat would emerge as global
prosperous future for all. biotechnology powerhouse with significant contribution of
BioEconomy to our shared vision of ‘Viksit Bharat’ by 2047.
 INDIA BIOECONOMY REPORT
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From the DBT India’s BioEconomy:

Secretary’s Pioneering Growth Through
Desk Innovation and Sustainability
Leap Towards the Next Phase of
Biomanufacturing Potential
India’s BioEconomy represents a remarkable journey of
innovation, growth, and increasing global influence. Over the
past decade, it has emerged as a significant force, driven by
key sectors such as vaccines, biotherapeutics, diagnostics,
bioethanol, enzymatic applications, and bioservices. With
more than five sectors generating over $1 billion each month,
India’s BioEconomy reached a value of $151 billion in 2023. This
growth is matched by a thriving entrepreneurial landscape,
with 1,776 new biotech startups joining the ecosystem,
showcasing India’s robust innovation capabilities.

Although the concept of the BioEconomy is relatively recent, it

has gained global traction, especially as bio-based products
impact sectors like food, fuel, healthcare, agriculture, and
Dr. Rajesh S. Gokhale environmental sustainability. India has been at the forefront
of this movement, with the Department of Biotechnology
Secretary to the Government (DBT) playing a pivotal role in fostering an enabling ecosystem
of India, Department of for biotechnology research and innovation. DBT/BIRAC’s
Biotechnology,
catalytic and enabling initiatives are fostering the Made in
DG BRIC and Chairman, BIRAC India development of vaccines, biosimilars, and medical
devices that address critical healthcare challenges.

The annual India BioEconomy Report (IBER) has been

instrumental in capturing the sector’s rapid transformation.
As the world The 2024 edition, prepared by the Make in India Facilitation
faces pressing Cell of BIRAC with research support from the Association of
challenges like climate Biotechnology Led Enterprises (ABLE), highlights that India’s
change, resource BioEconomy achieved a landmark value of $151 billion in 2023,
reflecting impressive double-digit growth. The report also
depletion, and
gives hope that India is in the right direction to cross the $300
biodiversity loss, the billion mark by 2030.
BioE3 Policy positions
biomanufacturing as Amidst this growth, the Indian government introduced
a crucial solution for the BioE3 (Biotechnology for Economy, Environment, and
sustainable growth. Employment) Policy—a strategic framework designed to
propel India into the next era of industrialization through high-
performance biomanufacturing. As the world faces pressing
challenges like climate change, resource depletion, and
biodiversity loss, the BioE3 Policy positions biomanufacturing
as a crucial solution for sustainable growth.
 INDIA BIOECONOMY REPORT
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The BioE3 Policy: Catalyzing India’s Biomanufacturing Revolution

The BioE3 Policy is a forward-looking initiative that harnesses the potential of
biomanufacturing to drive green growth. This framework is designed to empower
Indian institutions, startups, and industries to engage in transformative innovations
that address the intertwined challenges of climate change, resource efficiency, and
economic development.

Biomanufacturing, which uses engineered biological systems to produce

commercially important products, offers a sustainable alternative to traditional
manufacturing processes. By utilizing resources more efficiently and reducing
environmental impact, biomanufacturing can play a key role in building a greener and
more resilient economy.

The BioE3 Policy outlines several enabling mechanisms, known as ‘‘मूलांकुर Bio-
Enablers’, to support biomanufacturing across prioritized sectors. These include
Bio-Artificial Intelligence (AI) Hubs, which integrate biological and computational
expertise to advance the understanding of living systems and drive innovation in areas
such as disease diagnosis, drug discovery, and sustainable agriculture. These hubs
will be instrumental in pushing the boundaries of biological research and application.

Additionally, Biomanufacturing Hubs will address gaps in scaling up research

and production. These hubs will provide essential infrastructure for pilot and pre-
commercial manufacturing, ensuring that novel bio-based products reach the market
efficiently. They will also serve as training centers to develop a skilled workforce adept
in biomanufacturing technologies, thus supporting sectoral growth.

Regulatory reforms are also a key component of the BioE3 Policy, focusing on
harmonizing standards with global benchmarks to create an enabling environment
for research, innovation, and commercialization. The policy emphasizes the need
for a data governance framework that balances intellectual property protection with
equitable distribution of benefits derived from biomanufacturing.

Partnerships and collaborations, both national and international, will be crucial to

the success of India’s biomanufacturing initiative. A public-private co-creation model
will be central to the initiative, combining expertise from academia, startups, and
industry. International collaborations will further enhance India’s position as a global
hub for biomanufacturing innovation, leveraging the country’s strengths in biologics
manufacturing to address global challenges.

India’s BioEconomy stands at a critical juncture, with the BioE3 Policy serving as a
catalyst for the next wave of growth. By fostering high-performance biomanufacturing,
the policy aims to drive economic development and contribute to global sustainability
efforts. Through strategic interventions, enabling mechanisms, and robust
partnerships, India is poised to realize the full potential of its BioEconomy, paving the
way for a green and prosperous future.
 INDIA BIOECONOMY REPORT
8

From the ABLE $151 billion India BioEconomy

President’s gets booster shot with
Desk BioE3 policy
A decade ago, when the biotech industry set itself reaching
$100 billion BioEconomy by 2020 it was an aspirational move.
The industry registered quick growth and the target was
revised to $ 150 billion by 2025.

But as the India BioEconomy Report (IBER) 2024 indicates,

even this lofty goal has been achieved two years before the
target date, thanks to impressive adoption of sustainable
biotechnologies by many industrials segments and the
industry developing a wide range of complex medical products
that enhance healthcare significantly.

It is clear now that India’s BioEconomy has been making steady

progress in the past 10 years. The national BioEconomy’s
growth with get further momentum with the newly unveiled
BioE3 policy of the Department of Biotechnology. It is just
the right catalyst to push our BioEconomy to the higher orbit
G S Krishnan by harnessing the power of biomanufacturing. The Covid-19
response demonstrated India’s vaccine manufacturing
Honorary President,
prowess and BioE3 has the potential to replicate this success
Association of Biotechnology Led
Enterprises (ABLE) in many other sectors of our industry, particularly in the
emerging areas of alternate proteins, biofuels, cell and gene
therapy and so.

On behalf of the biotechnology industry, ABLE looks forward

to working with DBT to take forward this path-breaking
initiative and nudge the sector towards a new transformative
path, to take global leadership in biotechnology in the next few
decades.

I am happy to note that the national BioEconomy is now

employing more than 40 lakh people and touching the lives of 2
crore people directly. The wide array of products and services
provided by biotechnology touches the lives of almost every
Indian and many more around the world daily. As our global
biotech profile increases, these numbers are only going to
multiply further.

The India BioEconomy Report (IBER 2024) is an attempt to

chronicle the growth of our BioEconomy in a scientific manner
and also place it in the global context.
 INDIA BIOECONOMY REPORT
9

Section 2

EXECUTIVE
SUMMARY
By Narayanan Suresh &
Srinivas Rao Chandan, ABLE

Note on Data Presentation

In this report, numerical figures have been

rounded to improve clarity and ease of pre-
sentation. For example, $150.97 billion may
be rounded to $151 billion in charts, tables,
or the narrative text. These adjustments are
made to enhance readability and should not
be interpreted as errors or discrepancies. All
data has been carefully sourced and rounded
in a consistent manner to maintain accuracy
across the report.

In cases where figures are presented without

rounding, they reflect the precise values as
reported and are accurate as provided. Please
note that due to rounding, totals, averages, or
shares may differ slightly from calculations
using two decimal places. The rounding is
intended to make the information more acces-
sible and should not affect the overall analysis
or conclusions drawn from the data.
 INDIA BIOECONOMY REPORT
10 EXECUTIVE SUMMARY

India’s
BioEconomy
Surges to
$151 Billion
India’s BioEconomy had another stellar year,
reaching $150.97 billion ($151 billion) in 2023.
This growth highlights the sector’s increasing
significance as it now accounts for 4.25% of India’s
Gross Domestic Product (GDP) of $3.55 trillion in
2023 calendar year.
 INDIA BIOECONOMY REPORT
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EXECUTIVE SUMMARY

This is slightly more than its share of 4.10% require further innovation, scaling of bio-based
of national GDP of $3.35 trillion in 2022 solutions, and overcoming infrastructure and
when the BioEconomy contributed $137.2 policy bottlenecks. The national BioEconomy
billion to the nation. The steady progression has expanded rapidly, nearly doubling in four
reflects a sustained push toward integrating years, growing from $86 billion in 2020 to its
biotechnology across industries, driving current valuation, driven by advancements
innovation, and supporting economic growth. in biotechnology, agricultural innovation,
biomanufacturing, and healthcare.
In 2023, India’s BioEconomy registered a 10%
growth rate. However, as the BioEconomy India’s BioEconomy reached a significant
matures, maintaining such high growth will milestone, surpassing $150 billion by December
2023. The country was hoping to achieve this
target only in 2025 but the $ 150 billion milestone
has been achieved two years ahead of
estimates. This number is significant
because it positions the
country among the Top 5
BioEconomies in the world.
And as the country embarks on an
ambitious new Biomanufacturing
initiative with the new BioE3 program,
the leap forward will send India further
The national BioEconomy
up on this ladder during the current
has expanded rapidly, nearly decade.
doubling in four years,
growing from $86 billion in The sector’s progress
underscores its vital role
2020 to its current valuation, in promoting sustainable
driven by advancements in development and enhancing
biotechnology, agricultural resilience in key areas like
healthcare and agriculture.
innovation, biomanufacturing,
Moving forward, strategic
and healthcare. investments, technological
advancements, and supportive
regulatory frameworks will be
crucial for harnessing the full
potential of this dynamic sector.
 INDIA BIOECONOMY REPORT
12 EXECUTIVE SUMMARY

India’s
BioEconomy 150.97
All figures in $bn 137.2
106.3
86

20 21 22 23
20 20 20 20
Source: ABLE

India’s BioEconomy spans several key subsectors, each contributing

significantly to national growth through biotechnology:

BioPharma and Sector includes the development of

BioMedical pharmaceuticals, medical devices,
diagnostics, and lab-grown organoids.
It focuses on areas like cancer
immunotherapy, gene editing, precision
medicine, and biologics, encompassing
MedTech and diagnostics.

BioAgri Focusing on agricultural biotechnology,

this subsector covers genetically
modified crops, precision agriculture,
and bio-based products. Bt Cotton is
a key example, highlighting biotech’s
role in boosting agricultural yields and
sustainability.
 INDIA BIOECONOMY REPORT
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EXECUTIVE SUMMARY

India’s BioEconomy showcases a comprehensive

approach that integrates biotechnology across
industries, driving innovation and sustainability.
By capturing diverse value chains, it reflects the
sector’s dynamic growth and evolving role in
shaping the country’s economic landscape.

In 2023, India’s BioEconomy was characterized

by a strong industrial focus, with BioIndustrial
and BioPharma collectively accounting for over
83% of the sector’s value. While BioAgri and BioIT/
Research Services represent smaller shares,
they remain vital for driving innovation and
addressing key challenges in agriculture and
health. The sector’s overall growth emphasizes
the increasing integration of biotechnology
across various industries, positioning India as a
key player in the global BioEconomy.

BioIndustrial This emerging sector deals with bio-

based chemicals and products created
using enzymes, biosynthetic processes,
and recombinant DNA technology. It
includes biofuels, bioplastics, biogas, and
enzymatic applications across industries
ranging from beverages to detergents.

BioResearch and This segment involves contract

BioIT (BioServices) research, clinical trials, biotech
software and databases, specialized
equipment, and bioscience education
services.
 INDIA BIOECONOMY REPORT
14 EXECUTIVE SUMMARY

Key Subsector Contributions

to India’s BioEconomy
BioIndustrial BioAgri
BIOINDUSTRIAL

BIOAGRI
(48.09% Share, $72.6 Billion) (8.24% Share, $12.4 Billion)
The BioIndustrial segment, representing nearly half Contributing 8.24% to the total
of the total BioEconomy, is valued at $72.6 billion. Its BioEconomy, BioAgri centers on
dominance reflects the growing adoption of bio- agricultural biotechnology. Valued at
based solutions across sectors such as biofuels, $12.44 billion, this segment enhances
chemicals, bioplastics, and enzymatic applications agricultural productivity and resilience
in various industries. The push toward sustainability through genetically modified crops like
and green technology has positioned this segment Bt Cotton and precision agriculture
as a cornerstone of India’s BioEconomy. technologies.

BioPharma BioIT/Research Services

BIOIT
BIOPHARMA

(35.65% Share, $53.8 Billion) (8.02% Share, $12.1 Billion)

With a significant 35.65% share, valued at $53.8 This segment, valued at $12.1 billion,
billion, this segment is crucial to healthcare includes contract research, clinical trials,
and medical innovation. BioPharma’s focus bioinformatics, biotech software, and
on pharmaceuticals, medical devices, bioeducation. It reflects India’s growing
diagnostics, and biologics emphasizes India’s stature as a global hub for research and
growing role as a global leader in affordable development services, offering cost-
biopharmaceuticals. effective solutions in drug discovery and
data management.

BIOIT/RESEARCH

8%

BIOAGRI

8.2%

BioEconomy
Value in 2023
BIOPHARMA BIOINDUSTRIAL

35.6% 48.09%
Source: ABLE
 INDIA BIOECONOMY REPORT
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EXECUTIVE SUMMARY

Key Pillars Driving India’s

BioEconomy Success

Capacity Building
Investments in human capital and infrastructure
are critical for meeting the demands of emerging
biotech technologies, ensuring a skilled
workforce and advanced facilities.

Innovation Ecosystem
Developing a robust research environment that
integrates institutions, startups, large industries,
and regional centers is key to fostering biotech
advancements.

Product Commercialization
Promoting public-private partnerships and
collaborative models is vital for translating
research into commercial products, from lab
discoveries to market-ready technologies.

Balanced Research
A strategic balance between basic and translational
research is necessary to create a continuous
pipeline of innovation and commercialization.

By prioritizing these pillars,

India has not only exceeded its
BioEconomy goals but has also
solidified its position as a global
leader in the biotech industry.
 INDIA BIOECONOMY REPORT
16 EXECUTIVE SUMMARY

Major Biotech Achievements in 2023

01
A Leading Role in Global
Vaccine Manufacturing
India has consolidated its position as a top accounting for over 70% of the global supply,
global vaccine manufacturer. According to the excluding COVID-19 vaccines. Notably, three
WHO Global Vaccine Market Report, the Serum of these manufacturers—Serum Institute
Institute of India’s share of the global vaccine of India, Bharat Biotech International Ltd,
market, excluding COVID-19 vaccines, increased and Biological E Ltd—are based in India,
from 19% in 2021 to 24% in 2023. This growth underscoring the country’s significant
was largely driven by a rise in the production contribution to global vaccine production.
of pneumococcal conjugate vaccine (PCV),
measles-rubella (MR) vaccine, and tetanus- Indian manufacturers supplied 25% of the
diphtheria (Td) vaccine. The adoption of new total vaccine volumes purchased by the
technology platforms also played a crucial role WHO, with a considerable portion consumed
in scaling up COVID-19 vaccine production. domestically. Moreover, India exported a
substantial quantity of vaccines to the WHO
The global vaccine market remains highly African Region, making up approximately 20%
concentrated, with just nine manufacturers of its total exports.

Serum Institute of India, Bharat

Biotech International Ltd, and
Biological E Ltd.—are based in
India, underscoring the country’s
significant contribution to global
vaccine production
 INDIA BIOECONOMY REPORT
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EXECUTIVE SUMMARY

02
A Boost to Energy
Independence
India’s Ethanol Blended Petrol (EBP) additional production capacities will only
program has been pivotal in reducing increase.
the nation’s dependence on imported
fuels while promoting domestic ethanol According to the International Energy
production. Government measures Agency, this growth underscores India’s
such as price regulation, expanded emerging leadership in bioethanol.
production routes, tax incentives, and However, the sector’s future growth
the National Policy on Biofuels have depends on the continued implementation
significantly accelerated the growth of of favorable policies, effective cost
India’s bioethanol control, and securing sustainable
industry. feedstocks. By prioritizing
India has become these factors, India can
The country’s the world’s third- solidify its position as a
installed bioethanol global leader in biofuel
capacity saw a largest producer and production and further its
remarkable surge, consumer of ethanol, energy independence.
reaching 13.8 billion
with production The launch of the Global
liters (1,380 crore
liters) in 2023, with nearly tripling over Biofuel Alliance (GBA)
projections indicating the past five years during the G20 Summit in
a further expansion New Delhi in 2023 marked
to 14.5 billion liters a major milestone in the
(1,450 crore liters) in 2024. Industry shift toward a sustainable energy future.
experts attribute this rapid growth to Led by India, Brazil, and the United States,
approximately $5 billion in capacity the alliance seeks to reshape the global
expansion investments over recent biofuels landscape through international
years. As a result, India has become collaboration, technology exchange,
the world’s third-largest producer and and enhanced policy frameworks. For
consumer of ethanol, with production India, the GBA presents an opportunity to
nearly tripling over the past five years. reduce costly oil imports, boost domestic
As the nation progresses towards biofuel production, and enhance economic
the 20% blending ratio in petrol, from stability.
the current 14%, the requirement for
 INDIA BIOECONOMY REPORT
18 EXECUTIVE SUMMARY

03 Breakthroughs in
Precision Healthcare and
Agri-Tech Innovations

India’s 2023 product

launches showcased
significant advancements in
healthcare, biotechnology,
and agriculture, emphasizing
personalized care, patient-
centric solutions, and
sustainable practices.
 INDIA BIOECONOMY REPORT
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EXECUTIVE SUMMARY

In healthcare, Medtronic introduced the gene therapy techniques. In Bengaluru, inStem’s

Symplicity Spyral renal denervation system, a novel blood bag technology represented a
breakthrough minimally invasive therapy for breakthrough in medical devices aimed at
hypertension, while Indian Immunologicals reducing transfusion-related risks. Voxelgrids
launched Mabella, a live-attenuated vaccine achieved a major milestone in 2023 of launching
for measles and rubella. Revvity unveiled the a compact MRI scanner under DBT’s National
T-SPOT.TB test, an advanced tool for latent Biopharma Mission (NBM). Additionally,
tuberculosis screening. initiatives like INSACOG’s genomic sequencing,
the establishment of India’s first National
Notable progress in remote health monitoring Biological Data Centre (IBDC), and the Dare2eraD
was marked by LifeSigns’ AI-powered solution, TB program underscore the growing role of
enabling 24×7 patient data data-driven research in
streaming from rural areas These innovations illustrate advancing healthcare
to healthcare professionals. a broader trend toward solutions.
Terumo introduced
Occlusafe, a pioneering integrating advanced Startups have made
Balloon-TACE device for technology, AI, and remarkable strides
liver cancer management, in biotech product
delivering precise, targeted
genomics into healthcare development, with 30
chemotherapy directly while addressing critical launches highlighted
to tumors. Personalized agricultural needs. India’s at Global Bio-India
healthcare further expanded 2023 in New Delhi. Key
with MapMyGenome’s sectors are steadily innovations include a
BeautyMap and at-home advancing toward a more Liraglutide biosimilar
microbiome tests, offering for diabetes, Fibroheal’s
DNA-based insights into
sustainable and precision- hemostatic sponge,
skin, hair, and gut health. focused future. OmniBRx’s automated
Other notable diagnostics vaccine production
include Mylab’s neonatal screening device system, and India’s first circulating tumor cell
and CrisprBits’ CRISPR-based point-of-care detection test by Actorius. Other noteworthy
tests, setting new standards in affordability and products include devices for neurofunction
accuracy. testing, waterless solar panel cleaning, and
diagnostic tools tailored for rural areas. These
In agriculture, innovations included Netafim’s advancements span healthcare, agriculture, and
Toofan drip irrigation system and Syngenta’s industrial biotechnology, reflecting the rapid
drone spraying technology for crop protection, growth and diversification of India’s biotech
both aimed at boosting efficiency, reducing costs, ecosystem.
and promoting sustainable farming practices.
These innovations illustrate a broader trend
India’s biotechnology sector continues to toward integrating advanced technology, AI,
prioritize innovation and self-reliance. Key and genomics into healthcare while addressing
developments included the approval of the critical agricultural needs. India’s BioEconomy
country’s first gene therapy clinical trial for sectors are steadily advancing toward a more
Hemophilia A, a significant step in advanced sustainable and precision-focused future.
 INDIA BIOECONOMY REPORT
20 EXECUTIVE SUMMARY

04 India’s Biotech
Startups Reach
8,531 in 2023 Amid
Rapid Growth

India’s biotech startup sector continues its rapid ascent, with the last three years
showcasing exponential growth. Between 2021 and 2023, the cumulative number
of biotech startups surged from 5,365 to 8,531—a 59% increase. This rise reflects a
consistent upward trajectory since 2016, with a noticeable surge post-2020.

The biotechnology and life sciences sector added 1,128 startups in 2021, followed by
1,390 in 2022, and a record-breaking 1,776 in 2023. This expansion is driven by increased
investments, favorable policy shifts, and rising demand for biotech innovations in
healthcare and sustainability. The moving average trend line further highlights this
consistent growth. BIRAC’s entrepreneurship development and strategy support
programs have played a pivotal role.

The COVID-19 pandemic acted as a catalyst, turning attention to biopharma, health-

tech, and diagnostics. Investors increasingly recognized biotech as a high-impact
sector. Government initiatives and global partnerships have also played pivotal roles in
sustaining this momentum.

2662
1022 1732
Source: ABLE
2016 2017 2018
 INDIA BIOECONOMY REPORT
21
EXECUTIVE SUMMARY

Indian startups have developed over 800 products and raised more than
$600 million in follow-on funding. However, while 2022 saw 31 deals
totaling $938.8 million, 2023 saw a dip, with only 16 deals worth $199.6
million. On a positive note, the MedTech sector witnessed robust Foreign
Direct Investment (FDI) growth, rising from $370 million in 2022 to $480
million in 2023. In contrast, FDI in pharmaceuticals dropped from $2 billion
to $1 billion in the same period, signaling shifting investment priorities.

Despite these fluctuations, the biotech ecosystem remains vibrant, fueled

by domestic innovation and strategic global collaborations. The rising
startup activity and increased FDI in MedTech position India as a critical
player in the global biotech and health-tech sectors.

8531
6755
5365
4237
3397

2019 2020 2021 2022 2023

 INDIA BIOECONOMY REPORT
22 EXECUTIVE SUMMARY

05
BioEconomy’s
Global Impact
by 2050
The BioEconomy contributes significantly global growth, with the Emerging 7, or E7
to various national economies, with Italy economies poised to increase their share of
and Spain leading with 22% of GDP. The world GDP from around 35% to nearly 50%.
U.S. and China, having larger BioEconomy In this context, the BioEconomy is expected
sizes, see lower GDP shares at 5% and to play a pivotal role.
4%, respectively. India’s BioEconomy
share aligns with China at 4.25%.This According to projections from Goldman
data represents the most recent figures Sachs, visualized by Visual Capitalist,
available, ranging from 2016 to 2023. India’s real GDP is estimated to reach $30
trillion, while China’s GDP could rise to $42
By 2050, the global BioEconomy is expected trillion and the United States to $35 trillion
to expand significantly, with its contribution by 2050. For India, with its GDP projected at
to the world economy growing from $4 $22 trillion, the BioEconomy’s contribution
trillion to $30 trillion, representing nearly could range between $1.4 trillion and $2.7
12% of the projected global GDP of $228 trillion, accounting for 6.5% to 12% of the
trillion. Emerging markets like India, nation’s GDP. This growth is poised to play
China, and Indonesia are anticipated to a critical role as India and other nations
be key drivers of this growth. According work toward achieving net-zero carbon
to PWC’s “The World in 2050” report, emissions, with sustainability initiatives
emerging markets like India are set to drive expected to drive economic growth and
create millions of high-quality jobs.

Italy &
Spain 22%
China 4%
United
States 5%
 INDIA BIOECONOMY REPORT
23
EXECUTIVE SUMMARY

06
India’s BioEconomy:
A Promising Future
by 2030
The future of India’s BioEconomy looks exceptionally promising,
with substantial growth anticipated across key sectors. By 2030,
the India BioEconomy is projected to double to $300 billion, up
from $151 billion in 2023, reflecting a robust compound annual
growth rate (CAGR) of 12.3%.

Sector Growth Projections

BioMedical BioAgriculture BioIndustrial BioServices

Expected to grow Critical for Projected to Set to experience
at a CAGR of sustainable reach $121 billion rapid growth with
13.2%, reaching food production, with a steady a CAGR of 19%,
$128 billion by anticipated to expand CAGR of 7.5%. reaching $42.4
2030. at a CAGR of 17.6%, billion.
reaching $39.3 billion.

This expansion underscores the increasing contribution of the

BioEconomy to India’s GDP, emphasizing its role as a key driver of
sustainable growth and innovation within the country’s economic
landscape.
 INDIA BIOECONOMY REPORT
24 EXECUTIVE SUMMARY

Government
Initiatives that
boost BioEconomy
India has embarked on a series of transformative
policy reforms to boost its BioEconomy

Here are some of the enabling initiatives

Biomanufacturing Intellectual Property

Initiative (IP) Guidelines
The Department of Biotechnology (DBT) In September 2023, DBT
has launched BioE3 Policy aimed at advancing high- introduced new IP guidelines to
performance biomanufacturing. This initiative focuses improve the commercialization of public-funded
on innovation through integrated research and scale- research. Key reforms include flexible licensing
up support, bridging the gap between discovery and options and protection mechanisms like March-
commercialization. Key components of the program in Rights to ensure socio-economic benefits.
include Bio-Foundry, Bio-Enabler Hubs such as This overhaul aims to bridge the gap between
Bio-Artificial Intelligence Hubs for innovation and research and practical applications.
Biomanufacturing Hubs for scaling operations. The
program is designed to foster the development of bio-
based products while promoting eco-friendly, low-
carbon-emission manufacturing processes.

Regulatory
Governance and Streamlining with
Structural Reforms BioRRAP
The Department of Biotechnology The Biological Research Regulatory
(DBT) has restructured 14 autonomous Approval Portal (BioRRAP) simplifies the
institutes into the Biotechnology Research and approval process for biological research.
Innovation Council (BRIC). This centralization This portal streamlines submissions to
aims to streamline governance and amplify the relevant regulatory agencies, enhancing
impact of biotech research across the nation. ease and efficiency in research activities.
 INDIA BIOECONOMY REPORT
25
EXECUTIVE SUMMARY

These policy initiatives collectively aim to advance India’s BioEconomy,

promoting innovation, ensuring regulatory efficiency, and fostering
sustainable practices to drive economic and environmental progress.

National Medical National Green

Device Policy Hydrogen Mission
Announced in May 2023, this
policy aims to elevate India’s medical device The mission, with nearly a $2.4 billion budget,
sector by enhancing quality, affordability, positions India as a leader in Green Hydrogen
and innovation. It introduces a single- production and utilization. It includes the
window clearance system, encourages Strategic Interventions for Green Hydrogen
industry-academia collaborations, and aims Transition (SIGHT) Programme, promoting
to attract investments through targeted domestic manufacturing and international
incentives. collaboration.

Regional Initiatives Guidelines for Genetically

Uttar Pradesh’s Pharmaceutical Engineered Insects
and Medical Devices Industry Policy 2023 and The new guidelines for research on genetically
Tamil Nadu’s Ethanol Blending Policy exemplify engineered insects, updated in 2023, ensures
regional efforts to support local industries. Uttar stringent biosafety measures while maximizing the
Pradesh’s policy aims to streamline regulatory benefits of genetic engineering. These guidelines
processes and attract investments, while Tamil provide a comprehensive regulatory framework for
Nadu’s policy focuses on enhancing ethanol safe and responsible research practices.
production to meet national blending targets.
 INDIA BIOECONOMY REPORT
26 EXECUTIVE SUMMARY

Startups and Employment Growth

Complementing this expansion, the number of biotech

startups in India is expected to surge from 8,531 in 2023 to an 35,460
impressive 35,460 by 2030. This growth will significantly boost STARTUPS
employment, with the BioEconomy projected to create BY 2030
35 million jobs.

The sector’s development highlights its increasing 35 MILLION

contribution to India’s GDP and its pivotal role in driving JOBS TO BE
sustainable growth, innovation, and large-scale employment CREATED
across the nation.
 INDIA BIOECONOMY REPORT
27

Section 3

India BioEconomy
Overview
A Comprehensive Analysis of the India BioEconomy and
Segment Performance: Growth, Trends, and Milestones

India’s BioEconomy: Charting New Growth

By the end of 2023, India’s BioEconomy reached a valuation of $151
billion, marking a notable 10% increase from the previous year’s
figure of $137 billion. This growth underscores the
sector’s dynamic evolution and expanding influence.

Yearly Growth Overview: From $137.2 Billion in 2022 to $151 Billion

in 2023. In 2022, the BioEconomy was valued at $137.2 billion.
By the end of 2023, this figure had increased to $151 billion,
marking an overall growth of approximately 10%.
 INDIA BIOECONOMY REPORT
28
INDIA BIOECONOMY OVERVIEW

SERVICES G

Overall Size & Structure

BIOECONOMY
2023
India’s bioeconomy has witnessed a phenomenal
rise over the past decade, transforming from a
fledgling sector to a powerhouse contributing START-UPS
significantly to the nation’s economic growth. In
8,531
2003, India’s bioeconomy stood at a modest $2
billion. The initial phase witnessed steady growth,
reaching $5 billion by 2008, with the bioeconomy
tripling to $11 billion by 2013. This period marked
the beginning of a remarkable upsurge.
BIOECONOMY
VALUE
From 2013 to 2018, the bioeconomy experienced
an exponential surge, reaching a staggering
$151
$55 billion – a phenomenal 400% growth. The
BILLION
momentum continued between 2018 and 2023,
with the bioeconomy reaching a colossal $151
billion, reflecting a robust 174% growth. This
translates to a staggering 13.6-fold increase since
2013.

The state governments are setting targets as

a factor of national BioEconomy Values and as
part of the Gross State Domestic Product (GSDP)
considerations. More about such examples will be
shared in subsequent sections.
 INDIA BIOECONOMY REPORT
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INDIA BIOECONOMY OVERVIEW

GALLERY SEARCH...

BIOECONOMY’S
CONTRIBUTION TO
NOMINAL GDP
4.3%

GDP
$3.5 TRILLION

Source: ABLE
 INDIA BIOECONOMY REPORT
30
INDIA BIOECONOMY OVERVIEW

This growth was not uniform across all BioAgri: The BioAgri segment experienced
segments, with BioIndustrial and BioPharma modest growth, from $11.5 billion in 2022 to
emerging as the primary drivers. $12.4 billion in 2023, an increase of 8%. Its
share of the BioEconomy remained relatively
BioIndustrial: The largest segment, BioIndus-
stable at around 8% to 9% annually.
trial, contributed $59.0 billion to the BioEco-
nomy in 2022, accounting for 43% of the total. BioServices: The BioServices segment also
In 2023, this segment grew to $72.6 billion, saw growth, increasing from $9.3 billion in
representing a 23% increase and solidifying 2022 to $12.1 billion in 2023, a 30% rise. This
its dominant position with a 48% share of the segment’s share of the total BioEconomy
total BioEconomy. grew from 7% to 8%, reflecting its expanding
role.
BioPharma: The BioPharma sector, the sec-
ond-largest contributor, saw its value rise Covid-Related Contributions: In 2022,
from $49.8 billion in 2022 to $53.8 billion in Covid-related activities contributed $7.7
2023, reflecting a growth of 8%. Although its billion, accounting for 6% of the total BioEco-
overall share slightly decreased from 36% to nomy. However, as the pandemic’s impact
35%, BioPharma remained a crucial compo- waned, this contribution dropped to zero in
nent of the BioEconomy. 2023, indicating a shift towards a post-pan-
demic BioEconomy.

151

137.2
2023

TOTAL BIOECONOMY

72.6
COVID ECONOMY

53.8
BIOINDUSTRIAL

BIOSERVICES
BIOPHARMA
2022

BIOAGRI

59
49.8
12.4 12.1 0.2
11.5 9.3 7.7

Source: ABLE All figures in $ bn

 INDIA BIOECONOMY REPORT
31
INDIA BIOECONOMY OVERVIEW

Quarterly Performance and Trends: dustrial ($17.6 billion, 49%) and BioPharma
Analyzing the Fluctuations ($13.2 billion, 37%). BioAgri’s contribution
remained stable at $2.7 billion (8%), and
Quarterly data for 2022 and 2023 reveals
BioServices held steady at $2.5 billion (7%).
fluctuating performance across segments,
with certain quarters outperforming others. Q3 2023: This quarter marked a significant
These fluctuations can be attributed to vary- boost, with the BioEconomy totaling $39.3
ing economic conditions, changes in demand, billion. BioIndustrial led with $18.6 billion
and the evolving focus of different segments. (47%), while BioPharma increased to $14.0
billion (36%). BioAgri saw an increase to
2023 Quarterly Breakdown
$3.4 billion (9%), and BioServices rose to
Q1 2023: The year began with a total of $35.2 $3.3 billion (8%).
billion, with BioIndustrial and BioPharma
Q4 2023: The upward trend continued in
contributing $17.2 billion (49%) and $12.4
the final quarter, reaching a peak of $40.5
billion (35%), respectively. BioAgri contribut-
billion. BioIndustrial contributed $19.1 billion
ed $2.9 billion (8%), while BioServices added
(47%), BioPharma $14.2 billion (35%), Bio-
$2.6 billion (7%).
Agri $3.4 billion (8%), and BioServices $3.7
Q2 2023: A modest increase to $36.0 billion billion (9%).
was recorded, driven by growth in BioIn-

2022 2023
Qtr1, 2022 35.4 Qtr1, 2023 35.2
Qtr2, 2022 35.1 Qtr2, 2023 36.0
Qtr3, 2022 34.7 Qtr3, 2023 39.3
Qtr4, 2022 32.0 Qtr4, 2023 40.5

BioEconomy ($ Billion)

Source: ABLE
 INDIA BIOECONOMY REPORT
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INDIA BIOECONOMY OVERVIEW

Half-Yearly Trends
Comparing H1 and H2 Performance
The half-yearly analysis provides BioAgri added $5.6 billion (8%), while
insights into how the BioEconomy BioServices contributed $5.1 billion (7%).
performed in the first and second H2 2023: The second half of 2023 marked
halves of each year. a significant improvement, with the Bio-
2023 Half-Year Analysis: Economy reaching $79.8 billion. BioIn-
H1 2023: The first half of 2023 exhib- dustrial continued to lead with $37.7 bil-
ited stronger performance, with the lion (47%), while BioPharma increased
BioEconomy totaling $71.2 billion. to $28.2 billion (35%). BioAgri grew to
BioIndustrial and BioPharma $6.9 billion (9%), and BioServices to $7.0
remained the dominant segments, billion (9%).
contributing $34.9 billion (49%) and
$25.6 billion (36%), respectively.

BioEconomy
Year Period
($ Billion)
2022 H1 70.5

2022 H2 66.7

2022 Yearly Total 137.2

2023 H1 71.2

2023 H2 79.8

2023 Yearly Total 151.0

Source: ABLE
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INDIA BIOECONOMY OVERVIEW

Overview of Segments

INDIA BIOECONOMY
HIGHLIGHTS (2023)
Based on the latest data for 2023, here’s an
updated breakdown of the India BioEconomy:

1. BIOINDUSTRIAL BIOECONOMY SIZE: $72.6 BILLION (48.4% SHARE)

Key Highlights
 Mainstay of the BioEconomy with nearly half the market share.
 Diverse applications in enzymes, biofuels, and industrial biotechnology.
 Growth driven by government initiatives like Atmanirbhar Bharat and the focus on
energy independence.

2. BIOPHARMA BIOECONOMY SIZE: $53.8 BILLION (35.8% SHARE)

Key Highlights
 Significant contributor, emphasizing pharmaceuticals and biotech advancements.
 Growing acceptance of biosimilars in global markets propelling growth.
 Promising trajectory with an expected BioEconomy Size of nearly $63 billion by 2025.

3. BIOAGRI BIOECONOMY SIZE: $12.4 BILLION (8.3% SHARE)

Key Highlights
 Focus on agricultural applications like Bt Cotton, biopesticides, and other agricultural
biotechnologies.
 Potential for substantial growth with the growing emphasis on circular economy
practices.

4. BIOIT / RESEARCH SERVICES BIOECONOMY SIZE: $11.1 BILLION (7.4% SHARE)

Key Highlights
 Rising importance of Information Technology (IT) in the BioTech sector.
 Strong presence in Contract Research Organizations (CROs), Contract Development and
Manufacturing Organizations (CDMOs), and BioIT services.
 Projected significant growth, potentially quadrupling to $26.6 billion by 2025, reflecting
the critical role of IT in bio advancements.

5. COVID ECONOMY BIOECONOMY SIZE: $0.2 BILLION (0.1% SHARE)

Key Highlights
 Reflects the impact and adaptation during the COVID-19 pandemic.
 Contribution from COVID-related vaccines, testing, and services.
 Demonstrates the BioEconomy’s resilience and adaptability during global challenges.
 INDIA BIOECONOMY REPORT
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INDIA BIOECONOMY OVERVIEW

BioEconomy
151.0
2020-2023
137.2
($Billion) 12.1
7.7
106.4 9.3

86.0 72.6
14.6
5.5 59.0
5.4
10.5
36.5
20.9 53.8
49.8
Source: ABLE

39.4
38.0

11.1 10.5 11.5 12.4

2020 2021 2022 2023

BioAgri BioIndustrial BioPharma BioServices

Covid / Others Total BioEconomy

BioEconomy by Segments
($Billion)
137.2 151.0
86.0 106.4
Source: ABLE

2020 2021 2022 2023

BioAgri BioIndustrial BioPharma BioServices Covid / Others

 INDIA BIOECONOMY REPORT
35
INDIA BIOECONOMY OVERVIEW

Jammu
Biotech Spread
across various towns and cities

Bhatinda
Panipat Roorkee

Pilani
New Delhi

Bongaigaon
Numaligarh
Shillong
Patna
Varanasi
Imphal

Agartala
Aizwal

Bhopal
Kolkata
Kharagpur

Belagavi

Udupi

Mangaluru Kancheepuram
Vellore

Sathyamangalam Thanjavur
Coimbatore

Thoothukudi

Places having presence of either Biotech companies, Biotech

Source: ABLE
startups, Biorefineries, Bioincubators, Bioresearch centers,
Bioprocessing centers, BioMedical manufacturers or BioAgri zones.
 INDIA BIOECONOMY REPORT
36
INDIA BIOECONOMY OVERVIEW

KEY GROWTH DRIVERS

• Flourishing BioPharma and BioServices
The BioPharma segment witnessed an 8%
increase to $53.8 billion in 2023, while BioIT/
Research Services/BioServices surged by
19.4% to $11.1 billion, highlighting the growing
importance of research and development.

• BioIndustrial on the Rise

The BioIndustrial segment displayed a steady
rise of 23.1% to $72.6 billion in 2023, indicating
increasing adoption of bio-based products and
processes in various industries.

• BioAgri Shows Promise BioAgri, though

experiencing a modest growth of 7.8% to
$12.4 billion in 2023, holds promise for future
development as the focus on sustainable
agriculture intensifies.

• Covid-19 Impact
The Covid Economy segment, which boomed
during the pandemic, understandably witnessed
a significant decline of 97.4% to $0.2 billion in
2023, reflecting the return to normalcy.
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INDIA BIOECONOMY OVERVIEW

SEGMENT PERFORMANCE
ANALYSIS
Delving into the Details
The performance of each segment within the BioEconomy offers a
deeper understanding of the dynamics driving growth.

BioAgri: Modest but Steady Growth

The BioAgri segment, while smaller in comparison to others, has shown consis-
tent growth over the two-year period. In 2022, BioAgri contributed $11.5 billion,
representing 8% of the total BioEconomy. By 2023, this segment grew to $12.4
billion, maintaining its share at around 8%.

2023 Quarterly Performance: In 2023, BioAgri began with a lower contribution of

$2.9 billion in Q1 but showed recovery in Q3 and Q4, reaching $3.4 billion in both
quarters. This rebound was driven by increasing demand for sustainable agricul-
tural practices and innovations in bio-based fertilizers and pest control solutions.
Year-on-Year Growth: The BioAgri segment grew by 8% from 2022 to 2023, reflect-
ing the sector’s potential for steady expansion as the global focus on sustainable
agriculture continues to intensify.

BioIndustrial: The Powerhouse of the BioEconomy

BioIndustrial has consistently been the largest segment within the BioEconomy,
and its growth trajectory underscores its critical role.

2023 Performance: BioIndustrial continued to grow in 2023, with its total contri-
bution reaching $72.6 billion, or 48% of the BioEconomy. The segment’s quarterly
performance peaked in Q4 with a contribution of $19.1 billion, reflecting the ex-
panding demand for sustainable industrial solutions. The growth was also fueled
by significant investments in bio-manufacturing and the development of bio-
based alternatives to traditional industrial products.

Year-on-Year Growth: The BioIndustrial segment grew by approximately 23%

from 2022 to 2023, underscoring its dominance and potential for further expan-
sion as industries continue to transition towards more sustainable practices.

BioPharma: A Vital but Fluctuating Sector

BioPharma: A Critical Sector with Variable Performance
BioPharma, the second-largest segment, has shown variable performance over
 INDIA BIOECONOMY REPORT
38
INDIA BIOECONOMY OVERVIEW

the two years, influenced by both external and internal factors.

2023 Performance: BioPharma showed resilience in 2023, with its total contribution
increasing to $53.8 billion, or 35% of the BioEconomy. The segment saw steady quar-
terly growth, particularly in the second half of the year, with Q4 contributions reaching
$14.2 billion. This growth was driven by ongoing innovations in biotechnology, person-
alized medicine, and the expansion of biosimilars in the market.

2023 Share: In 2023, BioPharma’s share remained relatively stable, ranging from 35%
in Q1 to 35% in Q4. Despite the fluctuations, BioPharma’s importance within the BioEco-
nomy is evident, and its potential for future growth remains strong.

Year-on-Year Growth: BioPharma grew by 8% from 2022 to 2023. While this growth
was modest compared to other segments, it highlights the sector’s ongoing impor-
tance and its potential for future expansion as new biopharmaceutical products con-
tinue to emerge.

BioServices: An Emerging Force in the BioEconomy

BioServices, while smaller in scale, has shown significant growth, reflecting its in-
creasing role in the BioEconomy.

2023 Performance: BioServices experienced substantial growth in 2023, with its total
contribution rising to $12.1 billion, or 8% of the BioEconomy. The segment’s quarterly
contributions increased steadily, peaking at $3.7 billion in Q4. This growth was driven
by the expanding demand for outsourced R&D services, clinical trials, and other spe-
cialized bio-services that support the development and commercialization of biotech-
nological products.

Year-on-Year Growth: The BioServices segment grew by 30% from 2022 to 2023, re-
flecting its growing importance as a support system for the entire BioEconomy. As the
demand for biotechnological innovations continues to rise, the BioServices sector is
poised for further expansion.

Covid-Related Contributions: A Declining Impact

The Covid-19 pandemic had a significant impact on the BioEconomy in 2022, but its
influence waned by 2023.

2023 Performance: By 2023, Covid-related contributions had dwindled to negligible lev-

els, effectively dropping to zero by Q1. This decline reflects the broader shift towards a
post-pandemic economy, where the focus has moved away from emergency response
and towards longer-term sustainability and innovation within the BioEconomy.
 INDIA BIOECONOMY REPORT
39
SECTOR OVERVIEW

Sub-Sector
Movers
 INDIA BIOECONOMY REPORT
40
INDIA BIOECONOMY OVERVIEW

SUB - SECTOR MOVERS

BioIndustrial Leading
the Charge
BioEconomy Size
48.1%
$72.6 billion share

The BioIndustrial segment, encompassing industries that

utilize biological resources for non-food applications,
boasts the most impressive growth at 23.1%. This surge
suggests a growing demand for bio-based fuels, and
growing use of enzymes in other industries like potable
alcohol, textiles, and driven by increasing environmental
concerns and a push for sustainable alternatives. As
awareness of the environmental impact of traditional
materials grows, the BioIndustrial segment stands poised
for continued expansion.
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INDIA BIOECONOMY OVERVIEW

BioIndustrial BioEconomy Surges to $72.46

Billion in 2023: Alcoholic Beverages, Biofuels,
and Enzymes Drive Growth

The BioIndustrial segment of the global smaller, saw a staggering 56.25%

BioEconomy experienced a signif- growth, driven by increasing market
icant expansion in 2023, reaching a acceptance and production.
total market value of $72.46 billion.
This marks an impressive 22.71% in- Biofuels See Continued Expansion
crease from the previous year, fueled by Biofuels were another key contribu-
growth across various sectors, particu- tor to the BioIndustrial BioEconomy,
larly alcoholic beverages, biofuels, and with the segment growing by 17.91% to
enzymatic applications. reach $7.90 billion. Ethanol blending
increased to 12% in 2023, up from 10%
Beverages Lead the Way the previous year, leading to a sub-
The alcoholic beverages sector was stantial rise in value. The total vol-
a major driver of this growth. Potable ume of ethanol blended reached 505
and industrial alcohol alone accounted crore liters, emphasizing the sector’s
for $16.20 billion of the total BioEcono- critical role in advancing sustainable
my value, reflecting an 11.57% increase energy solutions.
from 2022. The rise in value was bol-
stered by a surge in alcohol content Enzymatic Applications
and an 18% rise in volume. Yeast and Across Industries
enzymes played a crucial role in this Enzymes continued to be a corner-
segment, aiding in the production of al- stone of the BioEconomy, with their
cohol from raw materials like molasses applications spanning multiple in-
and grain. dustries. The textile sector, reliant on
detergent enzymes for the production
The beer industry also showed strong of fabrics like jeans and knits, grew
performance, growing by 20% to reach by 18.84% to achieve a market value
$6 billion. The complete market value of of $8.20 billion. Similarly, enzymatic
beer, underpinned by biotechnological detergents for laundry and dishwash-
processes such as fermentation, con- ing saw growth, with the latter expe-
tributed significantly to this increase. riencing an 87.50% surge, reflecting
Meanwhile, the wine segment, though growing consumer adoption.
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INDIA BIOECONOMY OVERVIEW

In the food and dairy industry, enzymes and yeast were instrumental in the
production of various products. The bread segment, for instance, reached $2.68
billion, while the biscuit segment grew by 33.33% to hit $0.80 billion. Cheese and
ice cream also showed significant growth, driven by the increasing use of en-
zymes in their production processes.

Probiotics and Feed Enzymes on the Rise

The aquaculture and poultry sectors, both heavily dependent on probiotics and
feed enzymes, also contributed to the BioEconomy’s growth. The shrimp indus-
try, valued at $8.30 billion, saw a 13.70% increase as probiotics became integral
in avoiding antibiotics. The poultry feed market, valued at $12.60 billion, grew by
22.33%, with enzymes playing a vital role in bird nutrition and growth.

Outlook
The BioIndustrial BioEconomy’s robust performance in 2023 underscores the
growing importance of biotechnology in various industries. With continued
advancements in enzyme and probiotic applications, this segment is poised for
further expansion, solidifying its role as a key driver of economic growth in the
years to come.
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INDIA BIOECONOMY OVERVIEW

SUB - SECTOR MOVERS

ALCOHOLIC BEVERAGES
The Indian alcohol market is experiencing significant growth, with a projected CAGR of 7.0%
until 2033. This is driven by factors like a growing middle class, urbanization, and evolving
lifestyles. India’s drinking culture is becoming more sophisticated, with a shift towards
premium and craft beverages, particularly among young adults. This trend is bolstered
by India’s position as the global leader in whisky, rum, and brandy consumption, with an
expected 61% growth in the premium whisky segment alone.

The influx of a young population reaching legal drinking age (estimated at 100 million in
the next five years) further fuels market expansion. Despite the optimistic outlook, the
industry faces challenges related to rising input costs, particularly for key ingredients and
packaging materials. Complex and varying regulations across different Indian states create
operational hurdles and necessitate strategic navigation for brands. The success of Indian
single malts signifies a focus on quality and potential for India to become a production
and export hub for alcoholic beverages. Overall, the Indian alcohol market presents a
compelling case of robust growth. By addressing operational challenges and adapting
to evolving consumer preferences, the industry can ensure its long-term success and
responsible development.
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INDIA BIOECONOMY OVERVIEW

ETHANOL PRODUCTION
CAPACITY ON THE RISE
As of the end of 2023, India was the third largest producer of blended ethanol. India
had a significant ethanol production capacity of 1,380 crore liters. The reliance is on
molasses-based production which was about 875 crore liters compared to grain-
based alcohol of 505 crore liters.

The Indian government’s ambitious target of 20% ethanol blending in petrol by 2025
necessitates a substantial increase in capacity. Estimates suggest a requirement of
1,700 crore liters, considering operational efficiency.

The Ethanol Blended with Petrol (EBP) program and various interest subvention
schemes implemented since 2018 have demonstrably yielded positive results.
Ethanol supply to Oil Marketing Companies (OMCs) has skyrocketed from 38 crore
liters in 2013-14 to 505 crore liters in 2023. This translates to a blending percentage
increase from 1.53% to a targeted over 12% in the same period.

Overall, India’s ethanol production is on a positive trajectory, driven by government

initiatives. However, addressing the feedstock mix and scaling up production
remain critical for achieving the long-term goals of the EBP program, which
accounted for 48.4 percent share of the total BioEconomy.

BIOFUELS REVOLUTIONIZE
BIOECONOMY
Biofuels have emerged as a game-changer,
propelling the bioeconomy forward. From
2013 to 2023, the average ethanol blending
rate with petrol witnessed a staggering
7.7-fold increase, reaching 12%. This period
also saw a 3.5-fold growth in the number of
bioethanol refineries, along with a 5.4-fold
increase in production capacity. Consumption
of bioethanol has also skyrocketed, reflecting a
remarkable 17.4-fold growth.
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INDIA BIOECONOMY OVERVIEW

SUB - SECTOR MOVERS

India’s BioPharma
Sector Powers a
$53.8 Billion Surge in
BioEconomy Growth
BioEconomy Size
35.7%
$53.8 billion share

The BioPharma sector has emerged as a cornerstone of the

nation’s BioEconomy, driving a remarkable $53.8 billion in
economic value. This impressive growth is underpinned by
three critical pillars: vaccines, therapeutics, and diagnostics
& medical devices, each contributing significantly to the
sector’s overall impact on both the domestic and global stage.

Vaccines
India’s vaccine industry is a global leader, economic value generated by this sector
with an unparalleled capacity for large- goes beyond mere revenue from vaccine
scale production. In 2023 alone, India sales; it also encompasses the long-term
produced over 3 billion doses of various health benefits, such as lives saved and
vaccines, meeting the needs of both the prevention of diseases, which con-
domestic and international markets. This tribute to a healthier global population.
extensive production capability not only The vaccine segment alone is valued
supports global immunization efforts at $15.5 billion within the BioEconomy,
but also solidifies India’s reputation as reflecting its critical role in safeguarding
a vital player in global public health. The public health worldwide.
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INDIA BIOECONOMY OVERVIEW

VACCINE DIAGNOSTIC
PRODUCTION TESTS
India has witnessed a 4-fold The number of diagnostic
increase in vaccine production tests conducted in India has
from 3 billion doses (2003-13) grown by 5 times, reaching
to a staggering 11.5 billion 5 billion tests (2013-23) from
doses (2013-23). 1 billion tests (2003-13).

The therapeutics segment is another and Reliance Lifesciences are at the fore-
Therapeutics

major contributor to the BioPharma sec- front, the biosimilars segment alone con-
tor’s economic impact, with a total value tributes $13.4 billion to the BioEconomy.
of $19.4 billion. This segment is anchored Additionally, the fermentation-based API
by two key subsegments: biosimilars and and formulation industry, which includes
fermentation-based APIs and formula- the production of critical drugs such as
tions. India has become a global leader statins, adds another $6 billion in eco-
in biosimilars, producing a wide range nomic value. These contributions highlight
of products that have revolutionized the India’s role as a hub for pharmaceutical
treatment of chronic and life-threatening innovation, where advancements in thera-
conditions. With companies like Biocon peutics are driving both economic growth
Biologics, Dr. Reddy’s Laboratories, Intas, and improved healthcare outcomes.

The diagnostics and medical devices seg-

Diagnostics &
Medical Devices

ment is also a key pillar of India’s BioPhar-

ma sector, contributing $19.4 billion to the
BioEconomy. With the rapid advancement
of technology and the expansion of health-
care infrastructure, India is making signif-
icant strides in this area. The diagnostics
segment, in particular, is crucial for early
disease detection, which is essential for
effective treatment and better health out-
comes. As India continues to innovate and
expand its capabilities in diagnostics and
medical devices, this segment is poised to
play an increasingly important role in the
global healthcare landscape.
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INDIA BIOECONOMY OVERVIEW

SUB - SECTOR MOVERS

Indian Vaccine Manufacturing:

Pioneering Global Health Solutions
In a significant milestone for global health, Foundation. ZyCoV-D, the world’s first plasmid
the World Health Organization (WHO) recently DNA COVID-19 vaccine, offers needle-free
awarded prequalification status to the R21/ delivery, while CORBEVAX, the nation’s first
Matrix-M malaria vaccine, a collaborative effort protein subunit vaccine for COVID-19, played
between the Serum Institute of India (SII) and a key role in mass immunization efforts.
the University of Oxford. This groundbreaking Additionally, GEMCOVAC-19, India’s first mRNA
vaccine, designed to combat malaria—a disease COVID-19 vaccine, and iNCOVACC, the country’s
responsible for over 600,000 deaths annually, first intranasal COVID-19 vaccine, highlight
mostly among children in Africa—promises to India’s capabilities in advanced vaccine
reduce fatalities significantly. SII, the world’s technologies. GEMCOVAC-OM, India’s first
largest vaccine manufacturer, is poised to Omicron-specific mRNA booster, contributes
produce 100 million doses annually. Serum to the fight against emerging variants,
Institute’s role in global vaccine production is positioning the country at the forefront of
unparalleled. With 3.5 billion doses capacity global vaccine innovations.
annually, SII’s portfolio includes vaccines for
measles, polio, HPV, and now malaria. The vaccine manufacturing sector in India is
expanding beyond the regular manufacturers.
India has solidified its position as a global vac- Some examples include:
cine manufacturing powerhouse. SII’s share of Dr. Reddy’s: Entered vaccine marketing with
global vaccine volumes, excluding COVID-19, Sputnik V and is exploring mRNA technology
went up from 19% in 2021 to 24% in 2023, reflect- for future vaccines.
ing increased production of vaccines such as Zydus: Introduced India’s first DNA vaccine
PCV, MR, and Td. SII’s state-of-the-art facilities, with a needle-free delivery system for children
including the world’s largest pandemic pro- aged 12 and above.
duction facility, are critical in addressing health Biocon: Partnered with SII to access 100 million
crises and preparing for potential outbreaks like doses annually and commercialize vaccines
Monkeypox and Ebola. globally, including COVID-19 vaccines.
India’s indigenous vaccine successes further
illustrate its growing biopharmaceutical India’s vaccine manufacturing
prowess. CERVAVAC, India’s first sector continues to evolve, with
indigenously developed quadrivalent emerging opportunities and in-
Human Papillomavirus (qHPV) novations shaping the future of
vaccine, was developed to global health. As the market
combat cervical cancer through a grows, India’s leadership in vac-
collaboration between cine manufacturing is set to en-
SII, DBT, BIRAC, and the hance its global health impact
Bill and Melinda Gates and drive forward innovative
solutions for future public
health needs.
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INDIA BIOECONOMY OVERVIEW

SUB - SECTOR MOVERS

Indian Diagnostics and Medical

Devices Sector - Poised for Growth
Amidst Rising Healthcare Needs
The Indian diagnostics industry is undergoing tools, and home-based diagnostics are
a major transformation, becoming an increas- broadening healthcare access, particularly in
ingly vital component of the nation’s healthcare remote or underserved regions. These
system. Valued at approximately $12 billion in advancements not only improve convenience
2023, the sector is experiencing robust growth, but also cater to evolving clinical needs,
driven by a rising prevalence of chronic diseas- fostering the development of new business
es, an aging population, heightened demand for models and specialized diagnostic services.
preventive healthcare, and supportive govern-
ment initiatives. Government policies, including Ayushman
Bharat, and increased health insurance cover-
The market is notably fragmented, with stand- age are playing a significant role in expanding
alone centers holding 46% of the market share, access to diagnostic services. These initia-
private hospital-based labs accounting for tives are making healthcare more affordable
28%, and national chains representing just 6%. and driving sector growth by broadening the
This fragmentation presents both challenges patient base, which is crucial for the sector’s
and opportunities. As the market matures, the continued expansion. In parallel, the medical
trend towards consolidation through strategic devices market in India, valued at around $8
mergers and acquisitions is expected to create billion, is also poised for substantial growth.
stronger, more capable entities that can deliv-
er consistent, high-quality diagnostic services High-growth segments such as clinical chem-
nationwide. istry, immunoassay, and histopathology are ex-
pected to benefit from the increasing demand
Pathology remains the dominant segment, for advanced diagnostics and the rising preva-
contributing around 58% of the market. This lence of non-communicable diseases (NCDs).
field,which focuses on the examination of tis- The expansion of diagnostic labs into tier 2 and
sues, cells, and body fluids to diagnose diseas- 3 cities represents a crucial step towards
es, is complemented by radiology, which in- decentralizing healthcare. Partnerships with
cludes imaging techniques like CT scans, MRIs, small to medium-sized hospitals in these
and ultrasounds, making up the remaining 42%. regions are enhancing the accessibility of
Both areas are projected to continue driving high-quality diagnostic services beyond major
growth as technological advancements en- urban centers. This decentralization is essen-
hance diagnostic accuracy and accessibility. tial for addressing the healthcare needs of a
The integration of digital technologies is re- broader segment of the population, particular-
shaping the diagnostics landscape. Innovations ly as India contends with a growing burden of
such as telemedicine, AI-driven diagnostic chronic diseases and an aging demographic.
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INDIA BIOECONOMY OVERVIEW

SUB - SECTOR MOVERS

BioIndustrial BioEconomy Surges

to $72.46 Billion in 2023
Alcoholic Beverages, Biofuels, and Enzymes
Drive Growth
The BioIndustrial segment of the BioEconomy nol blending increased to 12% in 2023, up from
experienced a significant expansion in 2023, 10% the previous year, leading to a substantial
reaching a total market value of $72.46 billion. rise in value. The total volume of ethanol blend-
This marks an impressive 22.71% increase from ed reached 492 crore liters, emphasizing the
the previous year, fueled by growth across var- sector’s critical role in advancing sustainable
ious sectors, particularly alcoholic beverages, energy solutions.
biofuels, and enzymatic applications.
Enzymatic Applications Across Industries
Beverages Lead the Way Enzymes continued to be a cornerstone of the
The alcoholic beverages sector was a major BioEconomy, with their applications spanning
driver of this growth. Potable and industrial multiple industries. The textile sector, reliant
alcohol alone accounted for $16.20 billion of the on detergent enzymes for the production of
total BioEconomy value, reflecting an 11.57% fabrics like jeans and knits, grew by 18.84% to
increase from 2022. The rise in value was achieve a market value of $8.20 billion.
bolstered by a surge in alcohol content and an Similarly, enzymatic detergents for laundry
18% rise in volume. Yeast and enzymes played and dishwashing saw growth, with the latter
a crucial role in this segment, aiding in the experiencing an 87.50% surge, reflecting
production of alcohol from raw materials like growing consumer adoption.
molasses and grain.
In the food and dairy industry, enzymes and
The beer industry also showed strong perfor- yeast were instrumental in the production of
mance, growing by 20% to reach $6 billion. The various products. The bread segment, for in-
complete market value of beer, underpinned by stance, reached $2.68 billion, while the biscuit
biotechnological processes such as fermenta- segment grew by 33.33% to hit $0.80 billion.
tion, contributed significantly to this increase. Cheese and ice cream also showed significant
Meanwhile, the wine segment, though smaller, growth, driven by the increasing use of en-
saw a staggering 56.25% growth, driven by in- zymes in their production processes.
creasing market acceptance and production.
Probiotics and Feed Enzymes on the Rise
Biofuels See Continued Expansion The aquaculture and poultry sectors, both
Biofuels were another key contributor to the heavily dependent on probiotics and feed en-
BioIndustrial BioEconomy, with the segment zymes, also contributed to the BioEconomy’s
growing by 17.91% to reach $7.90 billion. Etha- growth. The shrimp industry, valued at $8.30
 INDIA BIOECONOMY REPORT
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INDIA BIOECONOMY OVERVIEW

billion, saw a 13.70% increase as probiotics formance in 2023 underscores the growing
became integral in avoiding antibiotics. The importance of biotechnology in various
poultry feed market, valued at $12.60 billion, industries. With continued advancements
grew by 22.33%, with enzymes playing a vital in enzyme and probiotic applications, this
role in bird nutrition and growth. segment is poised for further expansion, so-
lidifying its role as a key driver of economic
Outlook growth in the years to come.
The BioIndustrial BioEconomy’s robust per-

2023 BioIndustrial Segment Share Distribution

Segment Category Segment Share (%)

AlcoBev (Alcoholic Beverages) 31.00%

Biofuels 10.90%

Textiles & Leather 16.40%

Household Care (Laundry & Dishwashing) 3.30%

Baking & Dairy (Breads, Biscuits,

7.00%
Cheese, Ice Cream)

Feed (Aqua & Poultry) 28.90%

Starch Derivatives 1.30%

Vegetable Oil (Rice Bran) 1.20%

Source: ABLE
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INDIA BIOECONOMY OVERVIEW

India’s Biofuel Expansion

India’s biofuel industry is poised for signif- Maize production is projected to increase,
icant expansion, with non-potable ethanol with estimates reaching 37 million metric
consumption expected to rise by 13 percent tonnes (MMT) for the 2024/2025 marketing
to 7.2 billion liters (BL) in 2024. Fuel ethanol year.
continues to dominate this sector, driven
by the government’s push for higher blend- Despite these efforts, achieving the E-20
ing rates to meet the ambitious E-20 target target remains uncertain. Ethanol produc-
by 2025. Fuel ethanol consumption alone tion from key feedstocks like sugarcane and
is forecast to reach 6.2 BL in 2024, despite maize needs to increase significantly, but the
challenges stemming from restricted feed- ongoing challenges in sugarcane and rice
stock availability and lower-than-expected production make this difficult. The govern-
sugarcane and rice production. ment’s initiatives, including restrictions on
sugar exports and efforts to boost maize pro-
The Ethanol Blending with Petrol Program duction, are steps in the right direction, yet
(EBP) has been a cornerstone of India’s the required 20 percent increase in feedstock
biofuel strategy, enabling the country to availability remains a significant hurdle.
achieve a record 12 percent blending rate India’s biodiesel program is also seeing slow
with gasoline in October 2023. However, due progress, with a forecasted blending rate
to feedstock limitations, particularly the of 0.16 percent for 2024, slightly up from the
government-imposed restrictions on sugar previous year. Biodiesel production is ex-
feedstock diversion to stabilize domestic pected to reach 226 million liters in 2024, but
sugar prices, the average blending rate for inconsistent feedstock availability continues
2024 is expected to settle at 14 percent. This to limit growth.
decline underscores the impact of lower
sugarcane output—down 8 percent this India has committed $72.2 million to the
year due to adverse weather and pest infes- National Green Hydrogen Mission and is ad-
tations—and a 2 percent reduction in rice vancing plans for Sustainable Aviation Fuel
production, which has constrained ethanol (SAF) blending in domestic flights. These
production. efforts are part of India’s broader strategy to
reduce carbon emissions and transition to a
India’s ethanol production capacity current- more sustainable energy landscape.
ly stands at 13.8 billion liters per year, with
270 sugarcane/molasses-based distilleries The launch of the Global Biofuels Alliance in
and 140 grain-based distilleries contribut- September 2023, in collaboration with the
ing to this output. The government has been U.S., highlights India’s commitment to global
promoting maize/corn as an alternative decarbonization efforts. However, the path
feedstock to address the shortfall and meet to achieving its ambitious biofuel targets
the E-20 target. The recent procurement of by 2025 remains fraught with challenges,
maize at the Minimum Support Price (MSP) requiring continued government support and
for ethanol production reflects this strategy. industry adaptation.
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SUB - SECTOR MOVERS

BIOAGRI
A Sustainable Future for Agriculture

BioEconomy Size
8.2%
$12.4 billion share

The BioAgri segment, encompassing sustainable and genetically modified agricultural practices, showed a
promising growth of 7.8%. This trend is reflected in a growing cotton yield. Additionally, the need to improve
agricultural yields while minimizing environmental impact fuels the demand for bio-based fertilizers, pest
control solutions, and genetically modified crops with enhanced resistance and yield.

India’s Cotton Sector Sees

Notable Gains Despite Challenges
India’s cotton sector demonstrated resilience and ducing state, saw cautious planting decisions due
growth in 2023, with a significant increase in pro- to high carryover stocks from the previous sea-
duction despite challenges such as unfavorable son. However, timely rains in July improved yields,
weather patterns and declining sowing areas in key especially in Maharashtra, helping to balance the
regions. Cotton production rose from 31.9 million losses in the North. Additionally, Southern states
bales in 2022 to 35.5 million bales in 2023, translat- like Telangana and Andhra Pradesh benefited from
ing into a total output of 6.04 million metric tonnes. adequate rainfall and robust government support
This marks an 11.3% increase compared to the pre- through the minimum support price (MSP) procure-
vious year, reflecting a promising outlook for the ment program.
sector.
A key driver of India’s cotton production growth has
This growth is particularly noteworthy given the been the widespread adoption of Bt. Cotton, the only
initial concerns surrounding the delayed monsoon genetically modified crop approved for commercial
and below-normal rainfall, especially in North and cultivation in India by the Genetic Engineering Ap-
Central India. The slow progress of the monsoon praisal Committee (GEAC) of the Ministry of Envi-
impacted early sowing, leading farmers in some ronment, Forests, and Climate Change (MoEF&CC).
regions to switch to alternative crops like oilseeds Since its introduction in 2002-03, the area under Bt.
and pulses. North India, in particular, experienced Cotton cultivation has expanded dramatically from
a sharp decline in cotton acreage, with areas under just 29,000 hectares (0.34% of the total cotton area)
cultivation dropping by 35% in Punjab and Haryana to 12.669 million hectares in 2022-23, covering 95%
and by 53% in Rajasthan. of the total cotton area. This widespread adoption
has led to a significant increase in cotton produc-
Despite these regional setbacks, Central and South tion, which rose from 8.6 million bales in 2002-03 to
India have contributed to the overall increase in 35.5 million bales in 2022-23.
cotton production. Gujarat, India’s top cotton-pro-
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INDIA BIOECONOMY OVERVIEW

While Bt. Cotton has played a crucial role in boosting farmers. This recurring cost significantly adds to
India’s cotton production, there are ongoing chal- their debt burden. The Committee has recommend-
lenges that need to be addressed to sustain this ed that farmers be financially supported to procure
growth. For instance, countries like Mexico, which quality seeds and adopt best farming practices. Ad-
have higher cotton yields, have completely adopted ditionally, it suggested that the Ministry of Textiles
genetically modified seeds with Bt+ herbicide-toler- and the Ministry of Agriculture and Farmers’ Welfare
ant traits. To stay competitive, it is recommended that consider imposing price caps on seeds and providing
India’s Ministry of Agriculture and Farmers’ Welfare further impetus to seed development.
focus on developing early maturing and hybrid seeds
that cater to the specific needs of Indian farmers. The The development of high-quality cotton variants,
Central Institute for Cotton Research, Nagpur, has such as extra-long staple cotton, is also crucial as
suggested that early maturing Bt and non-Bt variet- domestic production currently falls short of demand.
ies be introduced in 20% of the cotton-growing areas The Committee has called for the creation of seeds
where long-duration Bt hybrid seeds are current- that are tolerant to droughts and arid conditions and
ly used. Protecting these seed varieties through the resistant to pests and diseases. The adoption of ad-
Protection of Plant Varieties and Farmers’ Rights Au- vanced techniques like drip fertigation (the use of
thority could also encourage greater private sector fertilizers in drip irrigation systems) is also recom-
participation in their development. mended. The Committee has emphasized the im-
portance of partnering with the private sector in all
However, the use of certain seeds, particularly Bt aspects of cotton development as a viable option for
cotton hybrid seeds, which are primarily produced driving future growth. The BioEconomy value of Cot-
by the private sector, has proven to be expensive for ton is estimated at $9.8 billion.
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INDIA BIOECONOMY OVERVIEW

India’s Growing Agricultural

Biologicals Market

The Agricultural Biolog- ronmental and health

icals Market in India, en- hazards associated
compassing biofertilizers, with chemical pes-
biopesticides, and other ticides has led to an
biologicals, is witnessing increased demand
significant growth, reflect- for biopesticides. This
ing the country’s commit- shift is supported by
ment to eco-friendly agri- regulatory changes
cultural solutions. This shift that encourage the
aligns with global trends, as farmers increasingly use of biological pesticides and restrict the ap-
turn to biological alternatives to enhance crop plication of certain harmful chemicals. The Indian
yield, improve soil health, and reduce the environ- government’s emphasis on sustainable agriculture
mental impact of conventional chemical inputs. and integrated pest management practices is fur-
ther fueling the growth of the biopesticides market.
Biofertilizers, which use natural microorganisms
to enrich the soil and promote plant growth, have Biologicals: Beyond biofertilizers and biopesti-
become a cornerstone of India’s push towards cides, the broader category of agricultural biologi-
sustainable agriculture. The biofertilizers mar- cals, which includes bio-stimulants and bio-control
ket in India was valued at approximately $1.4 bil- agents, is gaining traction in India. This segment,
lion in 2023 and is projected to growing at a com- encompassing various products designed to en-
pound annual growth rate (CAGR) of around 12% in hance crop productivity, was valued at around $700
the next four-five years. This growth is driven by million in 2023. It is expected to register CAGR of
government initiatives and increasing awareness approximately 14%. These products improve plant
among farmers about the benefits of organic farm- health, stress tolerance, and nutrient uptake. The
ing. The demand for biofertilizers is particularly adoption of biologicals is driven by the need to meet
high in regions with intensive farming, where soil growing food demand while ensuring sustainabil-
degradation has become a pressing issue. With the ity. The market is also benefiting from increased
rise of organic farming practices, biofertilizers are investments in research and development, which
expected to play a pivotal role in rejuvenating soil are leading to the introduction of new and more ef-
fertility and promoting healthier crop production. fective biological products. With continued innova-
tion and support, this market is set to become a key
The Indian pesticide market, traditionally domi- driver of growth in the agricultural sector, contrib-
nated by chemical-based products, is undergoing uting to a healthier environment and a more sus-
a significant transformation. The biopesticides tainable food system.
segment, which includes natural alternatives for
pest control, was valued at about $500 million
in 2023 and is projected to grow at a CAGR of ap-
proximately 17%. The rising awareness of the envi-
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INDIA BIOECONOMY OVERVIEW

SUB - SECTOR MOVERS

BIOIT / RESEARCH SERVICES /

BIOSERVICES
Powering Innovation

BioEconomy Size
8%
$12.1 billion share

The BioIT / Research Services / BioServices segment, encompassing research and development
activities across the BioEconomy, exhibits the second-highest growth at 19.4%. This significant
rise underscores the crucial role of research and innovation in driving advancements across
all BioEconomy sectors. Technological advancements in areas like bioinformatics, artificial
intelligence, and gene editing contribute to accelerated discovery and optimization in various
biological processes.

Outsourcing Trends in the

BioServices Segment
The BioEconomy is increasingly leveraging out- IT/BPO Service Providers: Organizations such as
sourcing to navigate the complex and evolving land- Accenture, Cognizant, Infosys, HCL, and TCS offer
scape of drug development and commercialization. a broad spectrum of IT and business process ser-
This shift is shaping a dynamic service provider vices. They support life sciences companies with IT
ecosystem that addresses diverse needs within the infrastructure, clinical data management, and oth-
industry. The service provider landscape is catego- er domain-specific services. Their business mod-
rized into five main segments, each playing a crucial els feature offshore delivery centers and extensive
role in supporting biopharma and medical device full-time equivalent (FTE) bases, enabling scalable
enterprises: and cost-effective solutions.

Contract Research Organizations (CROs) and Con- Life Sciences Specialists and Digital Engineering
tract Sales Organizations (CSOs): CROs and CSOs Firms: Life sciences specialists leverage deep do-
are essential for managing clinical trials, offering main expertise and advanced digital tools to drive
comprehensive end-to-end services. They operate clinical trial success and regulatory compliance.
clinical trial facilities and employ medically trained Their specialized knowledge in areas such as mar-
professionals to ensure rigorous monitoring and keting, regulatory affairs, and pharmacovigilance is
safety. Prominent players in this category include crucial for navigating industry complexities. Digital
IQVIA, Syneos Health, and Parexel, which also pro- engineering firms, on the other hand, develop tech-
vide marketing and sales support, enhancing their nological solutions including platforms, software,
value proposition across the life sciences value and custom applications, facilitating the integration
chain. of next-generation technologies into life sciences
 INDIA BIOECONOMY REPORT
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INDIA BIOECONOMY OVERVIEW

offerings, driving innovation and efficiency. ents significant challenges. Service providers with ex-
pertise in regulatory affairs help companies achieve
Product/Platform Players and BioSuppliers: Com- timely approvals and maintain compliance, reducing
panies like Thermo Fisher Scientific and Agilent risks associated with regulatory changes.
Technologies are pivotal in accelerating life scienc-
es research, solving complex analytical challeng- Data Management and Digital Advancements: The pro-
es, and improving patient diagnostics. They provide liferation of data and advancements in digital technol-
platforms that offer unified data views and support ogies present both opportunities and challenges. Out-
comprehensive business operations. These com- sourcing partners bring advanced capabilities, such as
panies collaborate with other service providers to AI and machine learning, to help companies manage,
deliver customized end-to-end solutions tailored to integrate, and analyze data effectively.
life sciences enterprises.
Mergers and Acquisitions: Consolidation in the life
BioEconomy Education & Training Services: As the sciences sector drives the need for streamlined pro-
BioEconomy becomes a central topic globally, ed- cesses and systems. Agile service providers assist in
ucation and training services are vital for transi- harmonizing operations and customizing solutions to
tioning from a linear economic model to a circular, meet the needs of merged entities.
low-carbon economy. These services are crucial for
skill generation and supporting the industry’s shift Cost Management: Rising sales, general and adminis-
towards renewable, organic-based resources. trative (SG&A), and research and development (R&D)
expenses prompt life sciences companies to seek out-
Trends Influencing Outsourcing in Life sourcing solutions to improve efficiency and reduce
costs. Outsourcing helps manage these expenses
Sciences while leveraging specialized expertise.
Life sciences companies are increasingly outsourc-
ing to address several pressing needs: Valuation and Segmentation
The BioEconomy services segment is valued at ap-
Specialized Skills and Domain Knowledge: The rap-
proximately $12.11 billion, with notable contributions
id evolution of therapies and technologies, such
from BioEducation services ($1 billion), BPI/IT Services
as cell and gene therapies and precision medicine,
($7 billion), and CROs and clinical trials. As life scienc-
demands specialized skills. Outsourcing provides
es companies continue to adapt to a rapidly changing
access to a qualified talent pool and mitigates the
environment, the role of outsourcing service providers
burden of costly and time-consuming reskilling and
is expected to grow. By leveraging specialized exper-
retraining.
tise and advanced technologies, these providers are
pivotal in driving innovation, efficiency, and success
Navigating Regulatory Complexities: The complex
within the industry.
and frequently changing regulatory landscape pres-
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INDIA BIOECONOMY OVERVIEW

MILESTONES

A 13.7 Fold
Increase
A Breathtaking Trajectory

From a mere $2 billion in 2003, India’s bioeconomy has

ballooned to a staggering $151 billion by 2023, reflecting a
remarkable 13.7-fold increase. This growth trajectory can
be segmented into distinct phases

Steady Growth (2003-2008)

The initial years witnessed a stable rise, with the bioeconomy
reaching $5 billion by 2008, marking a 150% increase.

Significant Acceleration (2008-2013)

The next phase saw a significant acceleration, with the
bioeconomy reaching $11 billion by 2013, a 120% growth spurt.

Exponential Surge (2013-2018)

This period witnessed an exponential surge, with the
bioeconomy reaching a stag-gering $55 billion by 2018,
reflecting a phenomenal 400% growth.

Robust Growth (2018-2023)

The most recent phase saw continued robust growth, with the
bioeconomy reaching a colossal $151 billion by 2023, marking a
174% increase.
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INDIA BIOECONOMY OVERVIEW

RANKS #3
in global ethanol
production

670 APPROVALS
FDA-approved
facilities

25% VACCINES
used worldwide comes
from India

95 INCUBATORS
India’s active
bioincubator network

13 MN HECTARES
world’s second-largest
cotton producer
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INDIA BIOECONOMY OVERVIEW

BEYOND THE NUMBERS

Emerging Trends and Challenges
Beyond these segment-specific trends, the BioEconomy as a whole faces both opportunities and
challenges. Concerns around intellectual property rights, especially regarding genetically modified
organisms, need to be addressed to ensure fair access and encourage innovation. Additionally,
regulatory frameworks must adapt to keep pace with the rapid pace of technological advancements
in the BioEconomy.

Furthermore, ensuring equitable access to the benefits of the BioEconomy for developing countries
requires international cooperation and knowledge-sharing initiatives. Sustainability remains
a critical concern, demanding responsible sourcing of biological resources and minimizing the
environmental footprint of BioEconomy processes.

BioEconomy’s Contribution to India: The BioEconomy remains a significant contributor to India’s

economic landscape. It employs over 3.3 million people and accounts for a noteworthy 4.25% of the
nation’s GDP. More than 450,000 students and researchers are pursuing biotech studies.
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INDIA BIOECONOMY OVERVIEW

LOOKING AHEAD
Strategic Insights and Future Outlook
The BioEconomy’s dynamism is evident in the growth of diverse segments like
BioPharma, BioIndustrial, and BioServices. This adaptability positions the India
BioEconomy for continued success.

KEY DRIVERS FOR

FUTURE GROWTH
 Global Biosimilars Market: Expanding
global acceptance of Indian-made
biosimilars presents a lucrative
opportunity for the BioPharma sector
to capture a larger market share in
developed countries.

 Therapeutics Innovation: Continued

advancements in BioPharmaceuticals,
personalized medicine, and precision
CHALLENGES AND
treatments are expected to propel the
Therapeutics segment forward. OVERCOMING STRATEGIES
Pandemic-Induced Volatility: The BioEconomy’s
 Sustainable BioIndustrial Practices:
vulnerability to global health crises, as witnessed
The growing focus on sustainable
in the Vaccines and Diagnostics segments during
industrial practices, including biofuel
the pandemic, necessitates flexible strategies
production and enzyme applications,
to navigate unforeseen challenges. Continued
aligns with global environmental
investment in R&D for rapid response capabilities
trends, creating significant growth
is critical.
potential for BioIndustrial.
Regulatory and Infrastructure Support: To
 Tech Integration in BioIT/Research capitalize on emerging opportunities, particularly
Services: Integration of advanced in smart proteins and fermentation capacities,
technologies like bioinformatics, data robust regulatory support and infrastructure
analytics, and artificial intelligence development are crucial. Collaboration between
in bioresearch services is poised the government and industry stakeholders is
to accelerate, enhancing research essential to foster sustained growth.
capabilities and driving growth in BioIT/
Research Services.
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Section 4

Global
BioEconomy
Nations Prioritize BioEconomy for Sustainable Growth
A 2050 Projection: Global BioEconomy’s
$30 Trillion Future
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62 GLOBAL BIOECONOMY

POLICY FRAMEWORKS

Nations
Prioritize
BioEconomy
for Sustainable
Growth
Economic goals take center stage as The global landscape is undergoing a
transformative shift as countries increas-
global adoption of BioEconomy strategies
ingly adopt BioEconomy strategies to
accelerates, driven by economic priorities and drive sustainable growth. By integrating
increasing environmental considerations. nature-based solutions across various
sectors—from agriculture and forestry to
cutting-edge technologies like synthetic
biology and artificial intelligence—na-
tions are paving the way for a resilient and
eco-friendly future. However, a recent
study published in Ambio reveals that
economic growth remains the primary fo-
cus of these policies, often overshadow-
ing environmental and social goals.
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GLOBAL BIOECONOMY

Understanding the BioEconomy

The BioEconomy is defined by the utilization of renewable biological resources to produce bio-based prod-
ucts and services, offering significant potential for climate change mitigation and adaptation. It is grounded
in the sustainable and circular use of these resources and spans various domains, including BioAgri, BioIn-
dustrial, BioPharma, and BioServices.

Element Description
Natural Resources Renewable biomass used as feedstock for biotechnology processes.
Biotechnology Applies biology to generate products through traditional methods.
Synthetic Biology Engineers organisms to perform new functions.
Biomanufacturing Scales biotechnology for large-scale production.
Convergent Technologies Combines biotechnology with engineering and computerized
systems (e.g., AI).

These elements combine to deliver in-

novative bio-solutions, relying on both
existing strengths and investments in
emerging technologies.

The BioEconomy encompasses the pro-

duction, trade, distribution, management,
and consumption of goods and services
derived from biological resources. Al-
though definitions may vary, the BioEco-
nomy consistently focuses on societal
goals such as sustainable consumption,
climate mitigation, and job creation.
Industrialized nations often support
the shift from fossil-based systems to
bio-based alternatives, emphasizing
high-value products and value chain op-
timization. Regions with large productive
landscapes, like Brazil and the African
Union, strive to balance ecological and
socio-economic needs. Many countries
are integrating BioEconomy policies
into their industrial strategies and green
growth plans, including measures like
research funding, tax incentives, and
supportive regulations.
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64 GLOBAL BIOECONOMY

Global BioEconomy Strategies

Countries are tailoring their BioEconomy initiatives to

leverage unique resources and strengths. For example: These emerging
economies, along with
Costa Rica: Focuses on rural development through
leading nations like the
agriculture and forestry.
United States, China, and
Malaysia: Emphasizes producing high-value bio-based the United Kingdom, are
products. demonstrating innovative
Nordic Countries: Capitalize on rich natural resources approaches to harnessing
for sustainable processing. biological resources for
South Africa: Utilizes biodiversity to drive bioeconomic sustainable development.
growth.

US BioEconomy
Definitions
US 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 Criteria for inclusion Criteria for inclusion
the use of include any medical include any medical
1. Genetic engineering when products or services products or chemicals
creating a strain or seed resulting from research produced using a
2. Advanced molecular and development or biosynthetic route
biology technique for innovation in life sciences.
marker-assisted breeding utilizing recombinant DNA
programs technology.
3. Large informatics
databases and computational
techniques for either
breeding apprication
or enhanced land use
capabilities

Examples: Genetically Examples: Pharmaceutical Examples: Bio-based

modified crops/ animals, products, lab-grown chemicals, biofuels, bio-
precision agriculture organoids, Medical devices based plastics

Tools, kits and services

Criteria for inclusion include tools, kits and services that support or
enable the advancement of biotechnology of life science research.
Examples: Lifesciences or biotechnology related software and databases, specialized
equipment or instruments for use in BioEconomy (e.g.:pippeting robots, mass
spectrometers, DNA sequencing and synthesizers, bioscience patent lawyers.
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GLOBAL BIOECONOMY

Technological Integration and Innovation

The BioEconomy is rapidly evolving beyond traditional sectors, with technol-

ogies like synthetic biology and artificial intelligence playing a crucial role.
These innovations are creating new opportunities in biomaterials, biofuels,
pharmaceuticals, and more. Countries are heavily investing in research and
development to unlock the full potential of these technologies, exploring new
frontiers in sustainable production and resource optimization.
However, this path is not without challenges. Regulatory frameworks, in-
dustry standards, and scalability issues remain significant obstacles. The
COVID-19 pandemic highlighted the importance of a resilient BioEconomy in-
frastructure, prompting countries to strengthen supply chains and improve
disaster preparedness.

Once seen as a minor component of circular economies, the BioEconomy

is now a driving force in green transformation. Advanced technologies are
leading this expansion, creating new opportunities for rural development
Expanding the and job creation across all skill levels. This shift is especially crucial for de-
BioEconomy’s veloping economies, where the BioEconomy can fuel sustainable growth
Impact and provide diverse economic opportunities.

Countries rich in biodiversity and biomass are utilizing technologies like

synthetic biology to transform these resources into high-value prod-
ucts. Brazil and Argentina are leading in the bioenergy sector, producing
Harnessing high-performance biomaterials, bioplastics, pharmaceuticals, and nutra-
Biodiversity ceuticals from natural and residual (waste) biomass. These nations are
and Biomass setting the standard for using biological resources to develop sustainable
products that can replace traditional, less eco-friendly alternatives.
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66 GLOBAL BIOECONOMY

Nations with strong scientific and technological capabilities are

moving beyond simply adding value to biological resources—they are
replacing petrochemical-based energy sources and chemicals with
biologically derived alternatives. By leveraging tools like genomics,
systems biology, and synthetic biology, these countries are pioneer-
Biologizing the ing new, more sustainable industrial processes. This shift towards
Industry “biologizing” industries represents a significant move towards a cir-
cular economy, where biological processes and materials are cen-
tral to production.

The COVID-19 pandemic exposed critical weaknesses in global supply

chains and underscored the need for better disaster preparedness. In
response, many countries are recognizing the importance of a robust
BioEconomy infrastructure in building resilience. By strengthening
Building
bioeconomic capabilities, these nations can ensure a stable supply of
Resilience essential resources and reduce reliance on external supply chains,
Post-COVID making them better equipped to handle future crisis.

The expansion of the BioEconomy significantly impacts land use

and biodiversity. As demand for bio-based products and biofuels
increases, it can compete with food production and affect natural
ecosystems. Ensuring sustainability requires responsible land-use
Addressing planning, regulatory frameworks, and eco-friendly practices. Bio-
diversity protection must coexist with bioeconomic growth, pro-
Environmental moting economic development while conserving natural resources.
and Climate Bio-based products and bioenergy contribute to climate mitigation
Impacts by replacing non-renewable materials and fossil fuels. However,
the climate impacts vary based on factors like feedstock source and
product lifespan. Future efforts should prioritize long-lived bioprod-
ucts and waste biomass utilization to enhance climate benefits.

Despite the promising advancements, challenges remain in regula-

tory development, industry standards, and scalability. The sustain-
ability of the BioEconomy is also threatened by climate risks, both
sudden events like hurricanes and floods, and slow-onset changes
Overcoming
such as shifting precipitation patterns. Addressing these risks is cru-
Challenges cial for sustainable bioresource management in the face of climate
and Fostering change.
Sustainability
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GLOBAL BIOECONOMY

Despite these advancements, a new study published in Ambio high-

lights that economic growth remains the dominant focus of BioEco-
nomy strategies. Researchers analyzed 78 policy documents from
Economic Focus 50 countries and found that economic objectives accounted for near-
in BioEconomy ly two-thirds (66.7%) of the content. Led by Maria Proestou, Nicolai
Schulz, and Peter H. Feindt, the study identifies three primary Bio-
Policies Economy visions: bioresource, biotechnology, and bioecology. While
economic goals dominate across all these visions, the study notes a
positive trend toward incorporating environmental goals, particular-
ly since 2016. This shift is likely influenced by global initiatives like the
Sustainable Development Goals (SDGs) and growing concerns about
the environmental impact of bioeconomic activities.

The future of the BioEconomy is undeniably tech-driven, with the

potential to transform industries, create jobs, and drive sustainable
development. As nations continue to invest in advanced technologies
and explore new uses for biological resources, the BioEconomy is set
Future to play a central role in the global shift towards a greener, more resil-
ient economy. However, overcoming regulatory and scalability chal-
lenges will be essential to unlocking this potential and ensuring that
the BioEconomy’s benefits reach everyone.
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Overview of Bio-based
Products, including
recent technology
developments and their
implications

Biomass Utilization Methods

Biomass resource utilization includes energy, raw material, feed, base material, and fertilizer. This section highlights how biomass is
converted into various products and its applications.
Bioenergy
Bioenergy is a renewable energy source derived from biomass. It includes solid, liquid, and gas biofuels
like biomass briquettes, biogas, and biodiesel. Technology developments focus on enhancing produc-
tion and efficiency, with mature systems in the EU and ongoing advancements in developing countries.

Bio-based chemicals
Bio-based chemicals are produced from renewable biomass and include categories like acids, alco-
hols, furans, and bio hydrocarbons. They offer advantages over petroleum-based chemicals, such as
reduced environmental impact. Recent technological developments focus on improving production
methods and expanding applications.
Bio-based plastics
Bio-based plastics are made from biomass and categorized as biodegradable or non-biodegradable.
Innovations include developing new biodegradable materials and improving the efficiency of produc-
tion processes. The technology for bio-based plastics is advancing, aiming to replace petroleum-based
plastics in various applications.
Natural fibers
Natural fibers like cotton, silk, and hemp are renewable and biodegradable. Advances in textile technol-
ogy are enhancing the durability and functionality of these fibers, making them more competitive with
synthetic fibers. The focus is on improving processing techniques and exploring sustainable practices.

Pulp and paper products

Pulp and paper products are derived from cellulose in wood and agricultural straw. Technological de-
velopments include advances in recycling processes, alternative fiber sources, and improved produc-
tion techniques. Innovations aim to increase efficiency and reduce environmental impact.
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GLOBAL BIOECONOMY

Global BioEconomy
Policy Frameworks
In response to global environmental and economic challenges, countries and regions
are increasingly adopting BioEconomy strategies to leverage biological resources for
sustainable development. This chapter examines the diverse approaches to BioEconomy
policy across different continents, highlighting key strategies and objectives. From the
European Union’s integrated frameworks to emerging policies in Africa, these efforts reflect
a global commitment to fostering innovation and sustainability in the BioEconomy.

The EU has been a leader in developing BioEconomy strategies, guided by

its broader environmental and economic goals. The European BioEconomy
Strategy, first released in 2012 and updated in 2017 and 2018, aims to promote
sustainable growth, enhance resource efficiency, drive innovation, support
bio-based industries, and ensure a balanced policy framework. The Europe-
an Green Deal (EGD), launched in 2019, targets a resource-efficient econo-
EUROPEAN my with net-zero greenhouse gas emissions by 2050, integrating initiatives
across Research and Innovation, Regional Development, Climate Change,
UNION (EU) and Circular Economy.

Germany has been at the forefront of BioEconomy policy, starting with the
National BioEconomy Research Strategy (2010) and the National BioEcono-
my Policy Strategy (2013). These strategies emphasize integrating biological
knowledge into industry to drive growth and sustainability. The “From Biology
to Innovation” agenda (2018) reinforces the role of the BioEconomy in Germa-
ny’s transition to a renewable resource-based economy. The 2020 plan under
Germany’s EU Presidency further highlighted the BioEconomy’s importance
GERMANY in education and research.

Despite limited biomass resources, the UK has made significant advancements

in BioEconomy policy. The “Natural Environment White Paper” (2011) outlined a
vision for sustainable agriculture. This was followed by the Anaerobic Diges-
tion Strategy and Action Plan (2020), targeting waste reduction and green-
house gas emissions. The “United Kingdom Bioenergy Strategy” (2012) focused
on decarbonization through biomass and waste. The 2018 strategy, “Growing
the BioEconomy,” aimed to build a high-value BioEconomyfrom waste. This
UNITED strategy has since been succeeded by the 2021 Innovation Strategy and other
KINGDOM (UK) government initiatives supporting the UK’s Net Zero objectives.
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ASIA PACIFIC
China has integrated BioEconomy development into its strategic plans from
the Tenth to the Fourteenth Five-Year Plans. The Twelfth Five-Year Plan em-
phasized urban and rural development integration and biomass energy tech-
nologies. The Fourteenth Five-Year Plan focuses on clean, efficient energy
use, with recent initiatives like the “Three-Year Action Plan” (2023) advancing
bioenergy technologies and alternatives to petroleum-based plastics.
CHINA

Japan’s commitment to biomass utilization began with the “Biomass Japan

Strategy” (2002), revised in 2006 to include bioenergy and biomass towns.
The Biotechnology Strategy Committee, established in 2002, supports bio-
tech development, and the “Dream BT Japan” strategy (2008) emphasizes
high-tech BioEconomy aspects. The National Biomass Utilization Promotion
Plan (2010) set targets for biofuels, and Japan’s first dedicated BioEconomy
strategy (2019, updated 2020) builds on its strong bio-industry and research
JAPAN capabilities.

AMERICAS
Costa Rica has been a pioneer in Latin America for BioEconomy strategies,
starting with the National Biofuels Plan (2008) aimed at replacing fossil fuels
with renewable sources. In 2020, Costa Rica launched the National BioEco-
nomy Strategy Costa Rica 2020–2030, integrating production development
with the conservation and sustainable use of biological resources, reflecting
a commitment to aligning environmental and production policies.

COSTA RICA

The USA has been a major player in BioEconomy policy with the release of
the “National BioEconomy Blueprint” (2012), covering biotechnology and bio-
medicine. USDA initiatives from 2014 to 2018 supported bio-based product
procurement and biorefining. A 2017 report on modernizing biotechnology
regulation and the 2022 National Biotechnology and Biomanufacturing Ini-
tiative highlight ongoing efforts to enhance innovation and growth in the US
BioEconomy.
UNITED STATES
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Canada’s BioEconomy strategy leverages its rich biomass resources and tra-
ditional industries. The Paris Agreement and Vancouver Declaration empha-
size sustainable agriculture and clean growth. Canada’s approach involves
converting agricultural outputs and residues into high-value bioproducts,
developing stress-tolerant crops, and enhancing environmental sustain-
ability, reflecting adaptation to evolving agricultural and technological land-
scapes.
CANADA

AFRICA
South Africa introduced its dedicated BioEconomy strategy in 2013, aiming
to transition to a knowledge-based BioEconomy by leveraging the country’s
biodiversity. This strategy builds on the National Biotechnology Strategy and
the Ten-Year Innovation Plan, with a vision of significantly contributing to the
national GDP by 2030 and engaging in international cooperation within the
Southern African Development Community.

SOUTH AFRICA
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Key Components of
BioEconomy Strategies:
Navigating the Future

As the global focus sharpens on reducing fossil fuel reliance, the BioEconomy emerges as a
pivotal area of development. While a unified definition remains elusive, countries worldwide
are advancing varied strategies to tap into the BioEconomy’s potential. This table elucidates
the fundamental components of BioEconomy strategies, highlighting regional approaches,
strategic focus areas, and critical development aspects.

Pillar Summary
EU: Leads with comprehensive national strategies aligned with circular economy and
climate goals.
Asia-Pacific: Focus on high-tech and industrial innovations; countries like
Japan and Thailand have specific strategies.
Africa: Growing initiatives, with South Africa and East African countries developing
Policy Promotion strategies.
Latin America & Caribbean: Recent strategies from Argentina, Brazil,
and Costa Rica, but slow overall progress.
North America: USA emphasizes biotechnology; Canada focuses on
agricultural biomass.
Embraces life cycle carbon disclosure, trade policies, digital transformation, and
Strategic Focus carbon pricing.
Areas Stresses the importance of holistic and gender-responsive approaches.

Biomass: Focus on second- and third-generation resources; addresses food

security issues.
Bio-jet Fuels: Need policy support and technological advances to be competitive.
Bioresources and Bio-based Compounds: Utilizes lignocellulosic feedstocks; advancements reduce
Bioproducts costs and pollution.
Bioplastics: Viable but require cost-effectiveness and technical improvements.
Textiles: Preference for natural fibers; challenges include land use and cost.
Paper Industry: Impacted by digitalization; emphasis on recycling and alternative fibers.

BioEconomy impacts land use, agriculture, deforestation, and biodiversity.

Sustainable Land
Requires sustainable practices, robust regulatory frameworks, and balanced
Use and land-use planning.
Biodiversity Focuses on ecosystem conservation and adaptation of legal frameworks.
Climate Mitigation: Bio-based products can help reduce emissions, but their impact
varies; biofuels are not always carbon-neutral.
Interaction with
Climate Impact: Extreme events affect agriculture and resource availability.
Climate Risk Gender Impact: Women, particularly in developing countries, face disproportionate
effects but also play a crucial role in climate solutions.
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GLOBAL BIOECONOMY

A 2050 PROJECTION

Global BioEconomy’s
$30 Trillion Future
BioEconomy Set to Surge: From $4 Trillion to $30 Trillion by 2050,
Transforming the Global Economic Landscape. This dramatic
increase will reshape economic frameworks, emphasizing the
BioEconomy’s crucial role and its capacity to drive innovation and
sustainability across industries.
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74 GLOBAL BIOECONOMY

The BioEconomy is emerging as a critical striking. With the global economy expected
sector within the global economy, with its to hit approximately US$228 trillion by 2050,
current valuation of approximately US$4 the BioEconomy’s anticipated rise to US$30
trillion poised for dramatic growth. Projections trillion indicates it will occupy a substantial
by Boston Consulting Group’s Henderson 13% share of the total economic output.
Institute suggest that by 2050, the BioEconomy This marks a significant increase from its
could reach a remarkable US$30 trillion. current 4% share of the world economy of
This growth underscores the BioEconomy’s $104 trillion in 2022. The projected fourfold
potential to become a dominant force within the increase in the BioEconomy’s share reflects
global economic framework. a broader trend of integrating biotechnology
The correlation between the BioEconomy’s and sustainable practices into various
expansion and the broader global economy is industries.

Current Contribution and Projected Trends:

The BioEconomy’s current contribution to national GDPs varies widely across
countries. For instance:
Italy and Spain lead with BioEconomy shares of 22% of GDP, highlighting their strong
focus on sustainable and bio-based industries.
France and Germany also exhibit substantial BioEconomy shares at 18% and 16%
respectively.
In contrast, major economies like the USA and China have lower BioEconomy shares of
5% and 4% respectively, due to their broader and more diversified economic bases.

By 2030, the BioEconomy is expected to see considerable

growth. Projections suggest:
European countries could see BioEconomy contributions rise to 30-40% of GDP,
driven by ongoing investment and policy focus.
Major economies like the USA and China might achieve BioEconomy shares of
10-15% as they adopt more sustainable practices and technologies.
Emerging markets such as India and Brazil are expected to increase their
BioEconomy shares significantly, driven by policy shifts and the push for
sustainable development.
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GLOBAL BIOECONOMY

Global BioEconomy in 2050

As the BioEconomy expands, its role in the global economy will become increasingly
prominent. The projected rise from US$4 trillion to US$30 trillion by 2050 reflects its
potential to drive significant economic growth and innovation. This expansion will
likely be supported by:
Increased Investment: Accelerated development in biotechnologies, bio-based
materials, and green energy solutions.
Policy Support: Enhanced funding for research and development, supportive
regulations, and incentives for sustainable practices.
Technological Advancements: Continued advancements in biotechnology and
sustainable practices, making bio-based industries more competitive.
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Country Comparison: BioEconomy Size and GDP Share

Country BioEconomy Economy BioEconomy Share
($ Billion) ($ Billion) of GDP (%)

USA 959 18715 5

China 750 17700 4
Germany 642 4077 16
Japan 541 5041 11
France 497 2775 18
Italy 457 2047 22
UK 363 3065 12
Spain 318 1416 22
India 150 3466 4
Brazil 125 1920 7
Source: ABLE

Implications for the Global BioEconomy in 2050

Increased Economic Influence: The BioEconomy’s expanded share signifies its
growing importance, influencing global economic policies, driving innovation, and
reshaping market dynamics.
Integration of Biotechnology and Sustainability: The shift reflects an increasing
trend towards biotechnology and sustainable practices across industries, central to
future economic strategies.
Enhanced Investment Opportunities: As the BioEconomy grows, it will attract more
investment, fostering development in biotechnologies, green technologies, and
sustainable solutions.
Policy and Regulatory Changes: Governments will need to adapt policies to support
this growth, including increased funding, supportive regulations, and incentives.
Global Economic Shifts: The prominence of the BioEconomy will influence global
trade patterns, supply chains, and economic relationships, potentially reshaping
global economic alliances.

In summary, the BioEconomy’s projected rise to US$30 trillion by 2050, within a global
economy valued at US$228 trillion, represents a significant increase in its economic
share from 4% to 13%. This transformation highlights the BioEconomy’s expanding role
in driving sustainable economic development and underscores the need for strategic
investments and supportive policies to maximize its potential and integrate it into the
broader economic framework.
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Section 5

BIOTECHNOLOGY
LANDSCAPE &
INVESTMENTS
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BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

TOP STATES

Comparative
Analysis of
BioClusters
The India BioEconomy thrives on collaboration, with various states
playing a crucial role in driving growth, innovation, and sustainability.
Maharashtra, Karnataka, and Telangana continue to be key
contributors, showcasing diverse strengths across biotechnology,
research, pharmaceuticals, and bioIndustrial sectors.

 Maharashtra: Retains its position as the leading state with a substantial contribution
KEY HIGHLIGHTS

across diverse bio-based sectors.

 Karnataka: Maintains its prominence in biotechnology and research, significantly

impacting the national BioEconomy.

 Telangana: Continues to make notable contributions from the pharmaceutical and

biotech sectors, fostering innovation.

 Gujarat, Uttar Pradesh, and Delhi: Each hold a steady share, with Gujarat focusing on
BioIndustrial applications, Uttar Pradesh showcasing diversified contributions, and
Delhi leveraging its resources in research and healthcare.

 Other States: Other states collectively hold a significant 20% share and a combined
BioEconomy value of $28.02 billion, highlighting the pan-India nature of the
BioEconomy.
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79 BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

BioEconomy
State Share (%)
Contribution ($ Bn)

Maharashtra 27 40.5

Karnataka 20 31.0

Telangana 12 18.0

Gujarat 8 12.0

Uttar Pradesh 7 10.5

Delhi 6 9.0

Others 20 30.0

Total 151.0
Source: ABLE

$40.5 bn $31.0 bn $18.0 bn

Maharashtra Karnataka Telangana

$30.0 bn
Others
$9.0 bn
Delhi
$12.0 bn $10.5 bn
Gujarat Uttar Pradesh
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BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

BioClusters,
BioEconomy, and
Capacity
India’s key BioEconomy activities are spread over 90 cities in different
states. Here’s a brief over of the significant BioEconomy infrastructure
in various sectors across the country.

BioPharma spread
Ranked third globally for pharmaceutical production
by volume and 14th by value, India’s BioPharma spread
pharmaceutical industry features a robust network
of approximately 3,000 drug companies and around
10,500 manufacturing units. Here we are considering
pharmaceutical sector as a whole because a large
number of these units also have considerable
presence with a range of biotechnology based drugs.
The future outlook is promising, with projections
indicating that the Indian pharmaceutical products
market will reach a value of approximately US$130
billion by 2030. The global market, in contrast, is
expected to surpass the US$1 trillion mark in 2023.

India’s pharmaceutical industry is supported by an

extensive network of over 118 pharmaceutical clusters
spread across 19 states and union territories. These
clusters are vital hubs for production, innovation, and
research, driving the industry forward.

The state of Maharashtra leads with the highest

number of pharmaceutical clusters, totaling 40.
Gujarat follows with 13 clusters, and Andhra Pradesh
has 8.
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81 BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

Additional clusters are located in Punjab, Chhattisgarh,

Madhya Pradesh, Odisha, Puducherry, Sikkim, West
The state of Maharashtra Bengal, and Jharkhand. These pharmaceutical clusters
leads with the highest collectively host 7,673 pharmaceutical industries,
averaging 65 units per cluster.
number of pharmaceutical
clusters, totaling 40. The annual domestic pharmaceutical production by
Gujarat follows with 13 the industries in 118 pharma clusters in the country
clusters, and Andhra is approximately 611,120 tonnes. Apart from that, the
annual export amount of pharmaceutical products from
Pradesh has 8. these clusters is about 576,140 tonnes. The annual total
output is approximately 1,187,260 tonne. The value of

MAHARASHTRA GOA

40 05
GUJARAT KARNATAKA

13 05
ANDHRA PRADESH TAMIL NADU

08 05
HIMACHAL PRADESH HARYANA

07 03 the domestic production as well as export production

from these 118 pharma clusters is estimated to be about
`400,000 crore.
RAJASTHAN UTTARAKHAND

07 03 Hyderabad is a crucial part of India’s pharmaceutical

landscape. Telangana also hosts India’s largest medtech
R&D, innovation, and manufacturing cluster at the
UTTAR PRADESH Medical Devices Park in Sultanpur, Patancheru, with

06 Source: ABLE
products ranging from orthopedic implants to advanced
coronary stent systems.
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BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

PLI Scheme: A
Strategic Initiative
for Pharmaceutical
Manufacturing

Government Support
and Growth Drivers The PLI Scheme for Pharmaceuticals, introduced by
the Government of India, represents a strategic ini-
tiative aimed at bolstering domestic manufacturing
The Government of India has introduced sever-
capabilities for 41 essential bulk drugs that are vital
al Production Linked Incentive (PLI) Schemes
to the pharmaceutical industry. With a total financial
aimed at enhancing domestic manufacturing
outlay of ₹6,940 crores, the scheme is designed to
and attracting significant investments in the
provide financial incentives to manufacturers over
sector. These initiatives, coupled with the ex-
six years, encouraging investments, scaling up pro-
pected expiration of major global drug patents
duction capacities, and ensuring that India achieves
and the rising demand for healthcare services,
self-sufficiency in the production of critical drugs.
position India’s pharmaceutical industry for sus-
tained growth. Since its inception, the PLI scheme has seen remark-
able progress. In the first phase, which spans from
India’s pharmaceutical clusters, coupled with FY 2022-23 to FY 2028-29, the response from the in-
strong government support and foreign invest- dustry has been overwhelmingly positive. Against
ment, are set to solidify the country’s status as the initially targeted investment of ₹3,938 crores, the
a global pharmaceutical leader, driving innova- pharmaceutical sector has already attracted ₹4,024
tion, production, and exports well into the next crores, surpassing expectations and underscoring
decade. the industry’s commitment to this initiative. These in-
vestments have led to the completion of 32 projects,
In a landmark achievement for India’s health- which together boast a production capacity of 56,679
care sector, the nation has made significant MT per annum, a significant boost to the country’s
strides under the Production Linked Incentive pharmaceutical infrastructure.
(PLI) Scheme, successfully completing 32 cru-
Furthermore, 16 additional projects are currently un-
cial projects that have established a cumulative
der development, backed by critical regulatory ap-
installed capacity of 56,679 metric tonnes per
provals such as environmental clearances and drug
annum (MT per annum) for the domestic man-
manufacturing licenses, which have been stream-
ufacturing of Key Starting Materials (KSMs),
lined with the active support of state governments.
Drug Intermediates, and Active Pharmaceutical
This proactive regulatory environment has been in-
Ingredients (APIs). This development is pivotal
strumental in accelerating project timelines and en-
in reducing India’s dependence on imports and
suring that the manufacturing capacities come online
fortifying the pharmaceutical supply chain, sig-
as swiftly as possible.
naling a new era of self-reliance and industrial
growth in the country.
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Geographical Distribution and Impact on States

The projects under the PLI scheme are strategical- ed manufacturing a range of APIs. These devel-
ly distributed across various states, with Andhra opments highlight the scheme’s effectiveness in
Pradesh, Gujarat, Karnataka, and Telangana emerg- fostering a robust pharmaceutical manufacturing
ing as the major hubs for pharmaceutical manu- base across multiple states, thereby contributing
facturing. This geographical distribution not only to regional economic growth and job creation.
balances regional industrial growth but also aligns
with the government’s vision of a more decentral- In total, 48 projects have been selected under the
ized and equitable industrial ecosystem. PLI scheme, including 13 projects being imple-
mented by Micro, Small, and Medium Enterprises
For instance, in Andhra Pradesh, Lyfius Pharma Pvt. (MSMEs). This inclusion of MSMEs is particular-
Ltd. has successfully commenced the production ly noteworthy, as it ensures that smaller enter-
of Penicillin G, a critical antibiotic. Similarly, Ma- prises also benefit from the scheme, promoting a
cleods Pharmaceutical Limited in Gujarat has be- more inclusive industrial growth model that sup-
gun producing Rifampicin, another essential drug, ports a diverse range of players within the sector.
while Hetero Drugs Limited in Telangana has start-

Significant Expansion in
Medical Devices Manufacturing
Parallel to the pharmaceutical sector, the PLI scheme for medical devices
has also witnessed substantial progress, further reinforcing India’s position
as a critical player in the global healthcare market. With a financial outlay of
₹3,420 crores, this component of the PLI scheme is dedicated to enhancing
the domestic manufacturing capabilities of medical devices, which are cru-
cial for the country’s healthcare infrastructure.

As of September 2023, the PLI scheme for medical devices has approved 26
projects, with 16 projects already commissioned. These projects have led
to the production of 39 different medical devices, ranging from diagnostic
equipment to advanced surgical tools, contributing significantly to the en-
hancement of India’s healthcare system. The cumulative investment in these
projects stands at ₹879 crores, a clear indication of the sector’s growth tra-
jectory. Moreover, these projects have created employment opportunities
for 4,546 individuals, showcasing the scheme’s role in generating jobs and
driving economic growth.

The impact of these investments is also reflected in the financial outcomes.

The total sales generated from these projects amount to ₹3,251.76 crores,
with a significant portion, ₹1,654.09 crores, coming from exports. This not
only underscores the quality and competitiveness of Indian-manufactured
medical devices in the global market but also highlights the country’s poten-
tial to become a leading exporter of healthcare products.
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Regional Focus and Key

Projects in Medical Devices

The medical devices sector has seen substantial in- a widely used medication for managing cholesterol
vestments across key states, with Gujarat, Maharash- levels, further expanding the range of critical health-
tra, and Karnataka emerging as leading centers for care products being manufactured domestically.
manufacturing. Gujarat, in particular, has become a
hub for medical device production, with Meghmani LLP These developments not only enhance the country’s
leading the way with the manufacturing of Para Amino healthcare infrastructure but also reduce depen-
Phenol, a critical input for many pharmaceutical prod- dency on imports, particularly from countries like
ucts. In Punjab, Centrient Pharmaceuticals India Pvt. China, thereby contributing to national security and
Ltd. has commenced the production of Atorvastatin, public health.

Quick Glimpse of Achievements under the PLI Scheme

Sector Total Completed Ongoing Cumulative Investment
Projects Projects Projects Capacity (₹ Crores)
Pharmaceuticals 48 32 16 56,679 MT 4,024
per annum
Medical Devices 26 16 10 39 Types of 879
Medical Devices
Source: ABLE
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Biofuels Capacity
India’s ethanol policy aims to increase the use of bio-
fuels to reduce dependence on imported fuels, en-
hance environmental sustainability, and support the
agricultural sector. The key target is to blend 20% eth-
anol with petrol (E20) by 2025, advancing from the ini-
tial 2030 goal. This policy also aims to utilize diverse
feedstocks, including grains, to optimize distillery ca-
pacity and flexibility.

The increase in production is driven by government

incentives, expansion of existing facilities, and es-
tablishment of new distilleries. The ethanol sector
significantly impacts the Indian economy by providing
markets for surplus agricultural produce and creat-
ing rural employment opportunities.

Current Ethanol Production Capacity and Statistics

Total Production  Sugarcane Feedstock

Capacity 8.8 billion litres
13.8 billion  Grain Feedstock
litres 5 billion litres

Source: ABLE

The increase in production is driven by government incentives, expansion of existing fa-

cilities, and establishment of new distilleries. The ethanol sector significantly impacts the
Indian economy by providing markets for surplus agricultural produce and creating rural
employment opportunities.

Ethanol Production Targets for 2025

Source: ABLE
 Blending Target: 20% ethanol with petrol
 Required Production Capacity: 17.0 billion litres
 Current Production Level: 13.8 billion litres
Achieving the E20 target will reduce crude oil
dependency, cut greenhouse gas emissions, and bolster
the agricultural sector.

Source: ABLE
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Upcoming Ethanol Projects

The Indian government has approved several new ethanol projects:

Capacity Addition Investment Project Types

47 CRORE `1,310  Grain-Based: 10 projects (using rice, wheat, corn)
LITRES CRORE  Dual Feedstock: 1 project
(using both grain and non-grain materials)

Source: ABLE

These projects are crucial for meeting the E20 target and involve significant
investment in infrastructure.

Ethanol Capacity Requirements for 2025

Ethanol Capacity Molasses-Based Grain-Based Total
Current Capacity 880 crore litres 470 crore litres 1,350 crore litres
Required by 2025 970 crore litres 638 crore litres 1,608 crore litres
Additional Capacity Needed 90 crore litres 168 crore litres 258 crore litres
Source: ABLE

Biofuel Dispensing Stations

 Ethanol Blending Rate (May 2024): ~15%
 E20 Fuel Dispensing Stations: 12,000
 ETHANOL100 Launch: 183 outlets of IOCL
 E85 and E93 Fuels: Introduction of advanced blends, including E93 ethanol in
vehicles like Toyota Innova and TVS Apache RTE 200Fi.

Source: ABLE
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Sustainable Aviation Fuel (SAF)

 Current Status: Nascent stage with
research and development ongoing.
 SAF Blending Targets:
o 1% by 2027 for international flights
o 2% by 2028
o 5% by 2030
 Indian Oil SAF Plant: Investment of $122
million, aiming for an annual output of
88,000 MT of SAF by 2030.
Source: ABLE

Biodiesel Production and Targets

Source: ABLE

 2024 Production Forecast: 226 million litres

(13% increase from previous year)
 Current Capacity: 820 million litres
 Aspirational Blending Target (2030): 5%
 Challenges: Import restrictions, feedstock shortages, and
inconsistent availability.

Source: ABLE
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Socio-Economic
Impact Analysis
Driving Employment, Affordability, sands of highly skilled workers who use these
Innovation, and Sustainable Growth biotech-based raw materials into highly useful
finished products. For every job in the BioEcono-
India’s BioEconomy touches many aspects of my, at least 3 to 4 indirect jobs are created in the
people’s lives daily. Because BioEconomy has larger economy. So, we are talking about an em-
products and services that fuel, feed and heal ployment figure of 3 to 4 million (30 to 40 lakh)
the people in a variety of ways. Some of the key jobs in the entire biotech across several down-
biotech products that touch our lives daily are stream sector. In addition, these 4 million Bio-
bread and other dairy and more such products Economy jobs support 4 million families or 20
we consume, beverages, clothes we wear that million (2 crore) family members. Thus, BioEcon-
are produced using highly advance water-saving omy is a significant employment generator for the
and environment friendly enzymes, the biofuels country.
that help us commute with less carbon footprint,
vaccines that keep us away from deadly viruses, Bio impact of biosimilars
hundreds of medicines that we take to ward off
many illnesses, the dozens of medical tests we do Biosimilar Trastuzumab:
to diagnose what is making us sick very quickly so A Global Game-Changer
that doctors can start right medication and so on.
The list of biotech products that we engage with Biocon’s pioneering role in the development of
daily is too long. biosimilar Trastuzumab has had a profound im-
pact on global healthcare. The original biologic,
And as we consume every such product, there are priced at an average of $20,000, was often out
millions of people who are getting these ready for of reach for many patients, particularly in de-
our instant use. The economic value chains are veloping countries. Biocon’s biosimilar version,
too numerous. It’s a large BioEconomy that drives which is generally 65% cheaper, has significant-
these daily interactions between people and the ly increased access to this life-saving therapy.
products. The WHO listing of biosimilar Trastuzumab in is a
testament to affordability of Biosimilars. As more
BioEconomy supports 2 crore people biosimilars enter the market, it is expected that
the cost of cancer treatments will continue to de-
First some numbers. The country’s BioEcono- crease, improving outcomes for patients around
my employs slightly more than 1 million (10 lakh) the globe.
highly skilled people directly in the 600+ large,
medium and small enterprises that produce a CAR-T cell Therapy
host of biotech products. There are few thousand
enterprises of varying sizes that employ thou- Cellular therapies to treat a large number of dis-
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eases for which no standard cure exists have been terials improves income levels in rural areas.
around for more than a decade in many countries.
As these are complex medical products the costs Various studies indicate that the biofuel com-
are very high and even in the case of many debil- ponent of petrol used in transport has ‘net zero’
itating diseases, not every one gets these latest impact on carbon emissions. Use of ethanol has
treatments due to unaffordability. Just take the substituted import of 17.3 million metric tonnes
case of CAR-T Cell therapy developed by a team of petroleum since 2014. Also carbon emissions
of researchers and their startup named Immuno- have been reduced by 51.9 million metric tonnes
Act in Indian Institute of Technology in Mumbai. in the past decade. There could be some carbon
emission during the processes involved in the life
Last year, President of India honoured the team cycle assessment of biofuel production. Experts
that developed the country’s first approved are still working on methodologies to measure
CAR-T cell therapy. Therapy costs about $40,000 the full impact of biofuels.
(`35 lakh in the country. The same treatment
abroad costs about 5 times more at $200,000 (`1.9 Another example, according to experts, is etha-
crore). By making available the same world class nol production. Considering the yields of grains
product at a lower cost, the IIT-Mumbai team has such as millets and barley, in addition to other
already treated more than 25 people, thus saving grains used in ethanol production, the average
precious lives and also the foreign exchange of feedstock (grain) yield is assumed to be 2.5 kilos
the country. per liter of ethanol. Thus, producing 700 million
liters of ethanol requires 1.8 billion kgs or 1.8 mil-
There are hundreds of such biotech products de- lion tonnes of grain. According to experts, nearly
veloped by companies in India whose products 3.6 million farmers are engaged in or employed
focus on affordability so that access to such cut- for the grain production used for ethanol.
ting-edge technologies become easier for our
citizens who need it urgently. Vaccines

Biofuel and Beverages Serum Institute of India (SII) makes vaccines

against diphtheria, tetanus, pertussis, hepatitis B,
The country consumed more than 5.15 billion li- measles, mumps and rubella, and ships out more
ters (515 crore liters) of biofuels mainly as etha- than 1.5 billion vaccine doses annually at afford-
nol blended upto 13% of petrol used in in 2023. Bio- able prices.It is estimated that about 65% of the
fuels are primarily now produced from maize and children in the world receive at least one vaccine
molasses and in the next stage with newer tech- manufactured by SII. These vaccines are used in
nologies agricultural wastes could be the key raw around 170 countries for national immunization
materials for bioethanol production. programs, saving millions of lives throughout the
world. Hyderabad-based Bharat Biotech has over
Biofuel production has many societal benefits. It 145 patents and produces hepatitis B, rotavirus
directly reduces the greenhouse gas emissions and typhoid vaccines, and is developing vaccines
from the amount of conventional petroleum prod- for viral diseases like chikungunya and Zika.
uct is displaces. As a nation that imports more
than 85% of its petroleum products, increase use According to the WHO, Indian vaccine manufac-
of alternative biofuels produced within the coun- turers including SII, Bharat Biotech, Panacea
try enhances our energy security. Biotec, Sanofi Shantha Biotechnics, Biological E,
Hester Biosciences and Zydus Cadila have an in-
As biofuels are sourced from agricultural prod- stalled capacity to manufacture 8.2 billion doses
ucts, the increased use of home-grown raw ma- of different vaccines every year.
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FDI

Foreign Direct
Investment (FDI)
The Government has established an investor- there was a notable increase in Medtech FDI,
friendly FDI policy to encourage investment in rising from $375 million in 2022-23 to $477
the pharmaceutical sector. In Medical Devices, million in 2023-24. Additionally, biotech FDI
100% foreign investment is permitted under the constitutes an estimated 40% of the total FDI in
automatic route. In pharmaceuticals, up to 100% Drugs & Pharmaceuticals activities.
FDI is allowed in greenfield projects, and up to
74% FDI in brownfield projects is permitted under The combined FDI in medical devices and
the automatic route. Government approval is drugs & pharmaceutical activities continues
required for foreign investment beyond 74% in to play a crucial role in bolstering the sector’s
brownfield projects. growth, even amidst fluctuating annual
inflows.
The pharmaceutical sector contributes
approximately 3.71% to the total FDI inflows in FDI Inflows ($ Million)
the country. From April 2000 to March 2024, FDI
inflows in Drugs & Pharmaceuticals (Pharma) Year Drugs & Medtech
and Medtech Sectors reached $7.74 billion. Pharmaceuticals
2018-19 221 133
The FDI inflows in the pharmaceutical sector,
2019-20 438 264
including both drugs & pharmaceuticals and
medtech activities, have seen significant growth
2020-21 1,322 61
over the years. In the financial year 2023-24, FDI 2021-22 1,266 185
inflows in the pharmaceutical sector amounted 2022-23 1,998 375
to $1.06 billion from drugs & pharmaceuticals 2023-24 1,061 477
activities and $477 million from medtech Source: ABLE Inflows in $ mn
activities, totaling $1.54 billion. This represents
a decrease from the previous year, where the Source: FDI Linked Compliance Monitoring
sector saw a total inflow of $2.37 billion. However, Portal (pharmaceuticals.gov.in)
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CONTRIBUTION TO GDP
BioEconomy: 4.25% of GDP
The national BioEconomy value stood at $151 billion
or about 4.25% of the national GDP (Gross Domestic
Product) of $3.5 trillion in 2023. The BioEconomy’s
contribution to the national GDP in 2022 was at 4% of
the GDP of ($3.4 trillion) in 2022.
4.25
4.0

3.3
3.2
2020

2023
2022
2021

Source: ABLE

BioEconomy’s share of GDP

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START - UPS

Incorporation of new
Biotechs and Overall
Performance Highlights
India’s biotech start-ups base (i.e., total number of
companies registered since 2010) continued to grow in
2023 as well. The country’s total biotech start-up base
has expanded to 8,531 companies. The base grew from
3,397 companies in 2019.
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Explosive Startup Surge

A breeding ground for innovation 8531
India’s bioeconomy is not just 2662
about large-scale figures; it’s also
about fostering a vibrant startup 462
ecosystem. The number of biotech
startups has witnessed an
18-fold increase from 2013-2023,
reflecting a staggering Compound
Annual Growth Rate (CAGR) of
33.85% This period can be further
divided into two sub-phases.
2013 2018 2023
Source: ABLE

1776
New Registrations
1391
This surge in startups
1128 highlights their
dynamism and
840
potential as key
drivers of innovation
and economic growth.

2020 2021 2023

2022

Source: ABLE
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Regional Presence
The top five states for Biotech startups are Maharashtra
(1,421), Karnataka (1,054), Telangana (872), Delhi (875), and
Uttar Pradesh (699). These states account for over 50% of all
biotech startups in India. The other states have a relatively
smaller number of biotech startups, with the exception of
Gujarat (642) and Tamil Nadu (565).

Maharashtra
1,421

Karnataka
1,054
Telangana
872
Delhi
875

Uttar Pradesh
699
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Cumulative Base

875
699

642 243

1,421
872

239
1,054

565

Source: ABLE
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The Role of MSMEs in

India’s BioEconomy
India’s BioEconomy, with nearly 10,000 industrial hubs like Mumbai, Pune, Ben-
companies ranging from large firms to galuru, Baddi, NCR, and Chennai. MSMEs
micro startups, showcases a robust and play a critical role in the sector, serving as
diverse landscape. The BioPharma and essential suppliers to larger pharmaceu-
ethanol sector, in particular, have a strong tical and biotech firms, as well as other
manufacturing base, complemented by industries within the green economy. They
a growing number of startups focusing provide crucial raw materials, interme-
on innovative platforms, research ser- diary products, platforms, and services
vices, and devices. Notably, Micro, Small, essential for the operations of these larger
and Medium Enterprises (MSMEs) form a entities.
significant majority, constituting approx-
imately 90-91% of the total sector, under- MSMEs face several challenges, partic-
scoring their critical role in the broader ularly in scaling their operations to meet
BioEconomy. both national and international regulatory
standards. Many MSMEs struggle with
Micro companies are defined as those inadequate infrastructure, including high-
with turnovers under $0.6 million (Rs 5 end research and development facilities,
crore), Small companies fall between $0.6 digital laboratories, and advanced testing
million and $6 million (Rs 5-50 crore), centers. Further, limited access to ad-
while Medium Enterprises report turn- vanced R&D facilities, digital labs, testing
overs between $6 million and $30 million centers, and even basic needs like captive
(Rs 50-250 crore). Companies above $30 power plants restrict their ability to im-
million (Rs 250 crore) in turnover are cat- prove efficiency and maintain quality.
egorized as large enterprises.
Despite these challenges, MSMEs remain
A detailed breakdown of the sector re- the backbone of India’s BioEconomy. Their
veals that micro industries constitute contributions are vital for the sector’s
36%, small industries account for 32%, and growth and resilience, and with contin-
medium-scale industries make up 25%. ued support and development, they are
Large industries represent just 7% of the well-positioned to sustain their crucial
total, with most of them concentrated in role in the industry’s future.
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Distribution of enterprises in India’s BioEconomy

Micro
Small
36%
32 %

Large Medium
7% 25%

Source: ABLE
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FUNDING TRENDS

Biotech Investments
A Shift in Momentum
The biotech industry, which experienced a record-breaking surge in 2022, saw a
significant shift in 2023. Total investments plummeted from $938.8 million across
31 deals in 2022 to just $199.61 million across 16 deals in 2023. This 79% decline in
investment value, coupled with a halving of the number of deals, underscores a
marked change in investor sentiment and market conditions within the sector.

Geographic Distribution of Investments The National Capital Region (NCR), including

(2013-2023) Delhi, attracted $410 million in deals, making
up 8% of the total. This reflects the region’s
Over the decade from 2013 to 2023,
importance as a business hub with a strong
Karnataka emerged as the clear leader
startup culture.
in India’s investment landscape, securing
a substantial $1.52 billion in deals, which Haryana followed closely with $300 million,
accounted for 30% of the total $5.1 billion accounting for 6% of the total investments.
raised across the country. This reflects the Tamil Nadu and Uttar Pradesh each secured
state’s strong startup ecosystem, driven by $150 million, representing 3% of the total,
the presence of technology hubs in cities showing moderate activity in these regions.
like Bengaluru, which continues to attract
Smaller states like Goa contributed $50
significant venture capital.
million, representing just 1% of the total,
Telangana and Gujarat also showed strong indicating limited but present investment
performance, each attracting $710 million interest. Notably, states like Kerala and
in investments, representing 14% of the Andhra Pradesh reported no investment
total deals for each state. Telangana, with deals during this period, highlighting
its thriving tech sector centered around regional disparities in investment activity.
Hyderabad, has become a notable player in The remaining states collectively captured
the investment scene. Gujarat’s equal share 8% of the total investment amount,
reflects its industrial strength and growing underscoring the concentration of funding
focus on innovation and entrepreneurship. in a few key regions across India.

Maharashtra, home to the financial capital 2023 Funding Landscape: Mixed Trends
Mumbai, secured $660 million, capturing Across Stages
a 13% share of the total investments. The
In 2023, the funding landscape witnessed
state’s diverse economy and significant
significant shifts, with average funding
business activity make it a key destination
sizes showing mixed trends across various
for investors.
investment stages. Angel investments
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experienced a dramatic decline, plummeting from Percent Share of Total Deals

$510,000 in 2022 to just $90,000 in 2023. This sharp
drop may indicate a growing caution among early- State Deal Amount* %Share
stage investors, possibly due to heightened market $million
volatility or a recalibration of risk appetite. Karnataka 1520 30%
Seed funding, which serves as the initial capital Telangana 710 14%
to help startups establish their operations, also Gujarat 710 14%
saw a slight decrease. The average funding size
dipped from $470,000 in 2022 to $440,000 in 2023. Maharashtra 660 13%
While this decline is less severe compared to angel Delhi 410 8%
investments, it reflects a cautious approach among
Haryana 300 6%
investors, possibly influenced by macroeconomic
factors or changing market conditions. Tamil Nadu 150 3%

In contrast, later-stage investments showed

Uttar Pradesh 150 3%
a more positive trend. Series A funding, which Goa 50 1%
typically supports the scaling of operations, Rest of the 410 8%
increased from $5.55 million in 2022 to $7.15 million States
in 2023. This rise suggests that investors are more
Total 5070 100%
willing to back companies with proven potential,
focusing on those that have already established a
solid foundation and are ready for growth.

The average Series B funding also experienced a Source: ABLE

*(2013-2023)
substantial increase, jumping from $8.49 million in
2022 to $14.6 million in 2023. This growth indicates opportunities or shifting market dynamics.
strong investor confidence in companies that are
Overall, these trends highlight a complex
in the expansion phase, where funds are needed
and evolving funding environment, where
to boost market reach, product development, and
early-stage investments are becoming
scaling of operations.
more conservative, while later-stage
However, Series C funding, which often supports funding remains robust, particularly for
companies preparing for major expansion or a companies demonstrating strong growth
potential exit, saw a significant downturn. The potential. The mixed signals across different
average funding size dropped from $76.5 million in stages underscore the need for startups
2022 to $17.1 million in 2023. This stark decline could to strategically position themselves to
be attributed to a more cautious approach among attract the right level of investment amid a
investors, possibly due to uncertainties in exit changing financial landscape.
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INVESTMENT & GROWTH DRIVERS

Strengthening India’s
Biotech Ecosystem
BIRAC’s Decade of Impact

Over the past decade, the Biotechnology

Industry Research Assistance Council (BIRAC)
has been a cornerstone in the growth of India’s
biotech ecosystem. Since its establishment in
2012 as a Section 8 Public Sector Enterprise,
BIRAC has played a pivotal role in empowering
emerging biotech enterprises across the
country. Through its unwavering support,
BIRAC has nurtured a thriving Biotech
Innovation Ecosystem, driving the development
of globally competitive and affordable products
that address pressing societal needs.

BIRAC’s initiatives are comprehensive, ranging

from funding high-risk translational research
and supporting nascent ideas to building
capacity through bioincubation centers and
providing mentorship and training. The
organization is also deeply involved in
policy advocacy, working to further
strengthen India’s biotech ecosystem.
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12+ YEARS OF BIRAC

Nurturing & Strengthening Biotech Innovation Enterprise

95 7.1 Lakh+ 15 Lakh+ 800+

Incubation Sq. ft. Incubation
Students
Products in
1300+
entrepreneurs IP’s FILEd
Centres space market
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

Figures as on April 2024 Source: www.birac.nic.in

Source: ABLE Analysis

Aligned with Government of India initiatives developing bioplastics, and encouraging

like “Make in India” and “Startup India,” BIRAC the use of biofertilizers and biopesticides
has been instrumental in positioning India as as sustainable alternatives to traditional
a global hub for biotechnology innovation and chemicals. The biotech innovation ecosystem,
bio-manufacturing. The country is on track largely driven by startups, continues to grow
to meet its BioEconomy target of $300 billion annually, bolstered by BIRAC’s steadfast
by 2030, with significant growth expected in support.
sectors such as Bio-pharma, Diagnostics,
The success of BIRAC’s model is a testament
Medical Devices, and Bio-industrials, both in
to the visionary approach of the Department
domestic consumption and exports.
of Biotechnology (DBT) in fostering innovation
BIRAC envisions a future where innovative and research and development (R&D). BIRAC’s
biotech-based solutions reduce reliance on programs and schemes are meticulously
non-renewable resources. Key initiatives designed to foster ecosystem growth,
include promoting ethanol production creating a pipeline of entrepreneurs and
from natural resources for fuel blending, startups by providing comprehensive support
 INDIA BIOECONOMY REPORT
102
BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

from idea conception to product

EQUITY SCHEMES- SEED & LEAP commercialization.

EQUITY SUPPORT NO OF FOLLOW ON FUNDS BIRAC’s impact is evident in the growing

TO STARTUPS STARTUPS RAISED BY 98 STARTUPS number of funding applications, the
`60 Cr 159 `737 Cr increasing count of biotech startups,
and the successful commercialization
Figures as on April 2024
Source: www.birac.nic.in of Made-in-India products. National
NO OF PRODUCTS VALUATION OF
COMMERCIALIZED 122 STARTUPS and international recognition of Indian
startups further underscores BIRAC’s
164 `4,166 Cr
contributions.

Over the past 12 years, BIRAC has

FUND OF FUNDS- BIOTECHNOLOGY supported more than 4,800 beneficiaries

INNOVATION ACE FUND through various programs. The

Biotechnology Ignition Grant (BIG)
program nurtures a pipeline of biotech
FUNDS OF FUNDS - NO OF INVESTMENT COMMIT-
ACE FUND DAUGHTER FUNDS MENT FOR BIOTECH startups. More than 1000 innovative
`150 Cr 13 STARTUPS ideas have received support, reflecting
`300 Cr BIRAC’s extensive reach across 550+
Figures as on April 2024
Source: www.birac.nic.in
cities and 38 aspirational districts in
NO OF STARTUPS India. Early-stage schemes like E-YUVA
SUPPORTED INVESTED IN BIOTECH
and SPARSH create a robust pipeline of
88 STARTUPS
innovators for the BIG scheme.
`1,172 Cr
BIRAC’s Bioincubation (BioNEST) and
pre-incubation (EYUVA) programs have
successfully established and supported
over 95 bioincubation facilities
nationwide, serving as incubators for
nascent ideas. These facilities provide
access to high-end infrastructure,
specialized equipment, business
mentorship, intellectual property (IP),
legal and regulatory guidance, and
networking opportunities, strategically
located within universities, research
institutes, research hospitals, or as
standalone centers.

These centers provide entrepreneurs

with the space and resources needed to
test ideas, run operations, access high-
end instrumentation, and connect with
mentors and peers. From 2014 to 2023,
the number of BIO-NEST incubators
 INDIA BIOECONOMY REPORT
103 BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

increased from six to 75, creating a dynamic While BIRAC supports the entire
environment for entrepreneurial minds. biotechnology sector, it has also launched
niche initiatives aligned with national
Under the umbrella of i4: Intensifying the
missions, such as those focused on
Impact of Industrial Innovation, BIRAC’s
antimicrobial resistance, anti-snake venom,
Small Business Innovation Research
and preclinical models for drug discovery. The
Initiative (SBIRI) and Biotechnology
recently announced Biomanufacturing and
Industry Partnership Program (BIPP)
Bio-AI Metabolic Hubs program is another
continue to enhance R&D capabilities for
step towards strengthening India’s position in
biotechnological product and technology
biomanufacturing.
development.
Looking ahead, BIRAC is focused on
BIRAC’s PACE Scheme (Promoting Academic
consolidating its achievements and
Research Conversion to Enterprise)
developing strategies for critical components
nurtures translational research within
such as infrastructure, regulatory
academia. Additionally, equity schemes such
frameworks, and intellectual property. The
as SEED (Sustainable Entrepreneurship
organization will continue to sustain, support,
and Enterprise Development) Fund,
and scale innovative biotech-based solutions,
LEAP (Launching Entrepreneurial
fostering partnerships with government
Driven Affordable Products) Fund, and
agencies, venture capitalists, angel investors,
Biotechnology Innovation Fund of funds
and international organizations to collectively
AcE – (Accelerating Entrepreneurs) further
contribute to the growth of the innovation
contribute to BIRAC’s holistic approach.
ecosystem.
 INDIA BIOECONOMY REPORT
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BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

INVESTMENT & GROWTH DRIVERS

State and Union Territory

Startup Investment Promotion
Most Indian states are actively promoting startups and investments through dedicated policies.
Each state and Union Territory has its own approach to supporting incubators and innovation
centers. These policies offer a range of financial incentives, grants, and infrastructure support
aimed at stimulating entrepreneurial growth and fostering a vibrant startup ecosystem. From
capital grants to land leases, these diverse measures reflect the varied strategies adopted by
regional governments to encourage innovation and support startups across India.

State and Union Territory Startup Policies for Startup Support in India
State/UT Policy Details

Andaman & `1 Crore innovation fund by ANIIDCO Ltd for startup incubators
Nicobar and coworking spaces.

75% grant up to `5 Crore for incubation centers at IITs,

Assam
engineering colleges, etc.
Lease of land/space for 90 years at Government-owned IT Parks for
Andhra Pradesh
NSTEDB-recognized TBIs.
Fiscal grant @3% for tech startups, @5% for social sector startups,
Bihar and 1:1 financial assistance matching Government of India or donor
funding.
Innovation Fund for core incubator-cum-accelerator setup for three
Chhattisgarh
years, covering infrastructure, operating costs, and events.
One-time grant of `10 lakhs for educational institutes to set up incu-
Goa
bators for student-founded startups.
Eligible incubators can choose between startup policies and
Gujarat receive one-time capital assistance of 50% of Gross Fixed Capital
Investment.
 INDIA BIOECONOMY REPORT
105 BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

Establishment of at least 22 Technology Business Incubators and

Haryana
Accelerators across different sectors.
Himachal Financial assistance of `30 lakh per incubator per year
Pradesh for three years.
Government-funded institutes receive `50 lakh annually for the first
Jharkhand
5 years for setting up incubation/innovation centers.
State support for initial capital cost, recurring costs for
Karnataka
management of TBIs for 3-5 years.
Capital grant of max 50% for fixed cost investment, up to `50 lakh for
Madhya Pradesh
setting up an incubator.
Infrastructure Fund to assist incubators, accelerators, CoEs, and
Maharashtra
tinkering labs with capital and operational expenditures.
Special fiscal incentive @2% for incubators on investments received
Manipur
by incubates from SEBI registered VC/PE.
Nagaland Financial assistance up to `25 Lakh as capital grant to incubators.
Approved educational institutions eligible for a one-time grant of
Odisha
50% of capital cost up to `1 crore for incubator facilities.
Land or built-up space allotted on a preferential basis in Industrial
Puducherry
Estates/IT Parks for setting up incubators, coworking spaces, etc.
100% capital grant subject to a maximum of `1 crore for setting
Punjab
up incubators.
One-time grant for capital items up to `50 lakh for host institutes for
Rajasthan
entrepreneurship development and startup events.
Land allotted at nominal lease for 99 years to establish ‘Startup
Tamil Nadu
Parks’ for entrepreneurs/NRIs.
Matching funding raised by the incubator from Government of India
Telangana
on a 1:1 basis as matching grants.
Capital grant of max 50% for IT infrastructure setup, up to `25 lakh,
Uttar Pradesh
with similar grants for expanding existing incubators.
Capital grant of max 50% for IT infrastructure setup, up to `25 lakh,
Uttarakhand
and 50% of capital cost up to `1 crore for incubators.
Support of `10 lakh to universities for creating a central
West Bengal
Entrepreneurship Development Centre (EDC).
 INDIA BIOECONOMY REPORT
106
BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

Comparative Overview of
Bioincubators and Biotech Parks
India’s leading incubators have been pivotal in advancing
biotech innovation and supporting diverse startups

Most Indian states are actively promoting startups and investments through ded-
icated policies. Each state and Union Territory has its own approach to supporting
incubators and innovation centers. These policies offer a range of financial in-
centives, grants, and infrastructure support aimed at stimulating entrepreneur-
ial growth and fostering a vibrant startup ecosystem. From capital grants to land
leases, these diverse measures reflect the varied strategies adopted by regional
governments to encourage innovation and support startups across India.

Trends in Biotechnology
Incubation Across India
With India’s biotechnology sector booming, the incubation
spaces are rapidly expanding across regions, offering
diverse facilities and catering to a variety of focus areas.

South India leads the biotechnology Top Regions adds to this, focusing on biotechnology
incubation landscape, accounting for dedicated to multi-sector advancements.
the largest share of the total incubation space
in the country. With major hubs such as Hy- India’s biotech ecosystem is robustly supported by
derabad, Bengaluru, and Chennai, the region 95 incubators across various regions. The high-
dominates with state-of-the-art infrastructure est concentration is in South India, hosting 53% of
and focus areas ranging from life sciences and these facilities, including key hubs in Bengaluru
MedTech to bio-industrial innovations. West and Hyderabad. North India follows with 21%, fea-
India follows, with significant contributions turing prominent incubators like the Indian Institute
from cities like Mumbai, Pune, and Ahmedabad. of Technology (IIT) in Delhi. West India houses 12%
The Society for Innovation and Entrepreneur- of the facilities, including notable centers in Pune
ship (SINE) at IIT Bombay and Venture Center in and Mumbai. North East India, with 7%, and East
Pune are key players, offering large and versa- India, with 4%, also contribute significantly to the
tile incubation spaces, particularly for MedTech sector. Central India holds a modest 2%, reflecting
and technology startups. The Savli Technology the diverse geographical spread of biotech support
& Business Incubator in Vadodara, Gujarat, across the country.
 INDIA BIOECONOMY REPORT
107 BIOTECHNOLOGY LANDSCAPE
& INVESTMENTS

Top States and Cities for Incubation

Karnataka, Telangana, and Ma- and agri-tech. The city’s facili-
harashtra emerge as the leading ties provide shared equipment,
states, housing multiple world- co-working spaces, and partner-
class incubation centers. Ben- ships with industry leaders, making
galuru, often referred to as the it a major biotech ecosystem.
biotech capital of India, is home In Maharashtra, Mumbai and Pune
to various prestigious incubators are significant biotech incubator
like the Bangalore Bioinnovation hubs, especially in MedTech and
Centre (BBC) and C-CAMP, each technology startups. SINE at IIT
contributing significantly to Med- Bombay and Venture Center in Pune
Tech, healthcare, and bio-industrial are examples of how Maharashtra
sectors. is fostering a thriving startup envi-
ronment.
Hyderabad also stands out, with in- Telangana and Tamil Nadu lead the
cubators like IKP Knowledge Park, country in the number of incubation
T-Hub, and Society for BioTechnolo- facilities, with 14 and 13 locations
gy Incubation Centre (SBTIC), which respectively.
together offer over 100,000 sq. ft. of India’s incubation sector is char-
cutting-edge infrastructure, partic- acterized by a mix of concentrated
ularly in life sciences, healthcare, hubs and broader regional support.

Infrastructural Services: Building the Future of Biotech

One of the major trends observed in India’s bio- Other infrastructure offerings include ad-
tech incubation landscape is the emphasis on vanced wet labs, prototyping spaces, and
comprehensive infrastructural services. Incu- shared equipment facilities, available in incu-
bators across the country are offering high-end bators like IKP Knowledge Park in Hyderabad
facilities designed to support biotech startups at and Bangalore Bioinnovation Centre. These
every stage of their growth. facilities enable startups to prototype and test
Many incubators, such as TICEL BioPark Ltd. in their innovations rapidly, significantly reducing
Chennai, are equipped with clean rooms, indus- the time to market.
trial HVAC systems, and fume hoods, providing A key driver of this ecosystem is Biotechnology
an ideal environment for bio-industrial research Industry Research Assistance Council (BI-
and manufacturing. Similarly, KIIT-TBI in Bhu- RAC), which has played a pivotal role in estab-
baneswar offers specialized technology and lishing incubation spaces across India. BIRAC
testing labs, ensuring startups have access to the has created a vibrant ecosystem comprising
latest tools and resources to innovate effectively. 95 bioincubators.
 INDIA BIOECONOMY REPORT
108
PRODUCTS

PRODUCTS

India Welcomes
New Biotech
Products
New Product Releases Drive Innovation

The year 2023 saw a wave of innovative new product

releases in India’s healthcare sector, revolutionizing
diagnostics, therapeutics, and preventive care.

The year was marked by a surge in groundbreaking medical innovations.

AI-powered solutions, like LifeSigns’ remote patient monitoring platform,
and innovative devices, such as the 3D printed device for UTI diagnosis,
showcased India’s technological advancements. Preventive healthcare also
witnessed significant progress with the introduction of various vaccines,
DNA tests, and early screening solutions. These new product releases have
the potential to improve healthcare outcomes, enhance accessibility, and
drive overall progress in the Indian healthcare landscape.This is a sample
list of notable product launches and may not include all the significant
innovations introduced during the year.
 INDIA BIOECONOMY REPORT
109
PRODUCTS

A quick analysis of the

products launched in 2023
reveals a strong emphasis on
technological innovation and a
focus on improving healthcare
outcomes in India.

Medical devices account

for the largest share of new
ICS
OM

NE
CI I
product releases at 34.4%,
N

ED
GE

AL
DIC
M
LE
TE ME ICES followed by pharmaceuticals
V
DE
AGRITECH

AG
N
DI
17.2%, vaccines 7.3%, and
OS
genomics solutions 13.8%.
VACC

PH

IC T
AR
MA
IN

This highlights a concerted

ES

effort to incorporate cutting-

edge technologies and
groundbreaking solutions into
medical devices. Although
agricultural technology
34.4% 17.2% 7.3%
10.3% and telemedicine/
others 3.5% are showing
growth, medical devices and
pharmaceuticals continue to
13.8% 10.3% 3.5% be the primary drivers of new
product launches in the Indian
healthcare market.

Source: ABLE
13.5%
 INDIA BIOECONOMY REPORT
110 PRODUCTS

THERAPIES VACCINES
Alkem launches novel antibiotic for multiple
drug resistance infections GSK introduces shingles vaccine Shingrix in India

Alkem (Intenza, critical care division) has an- British firm GlaxoSmithKline (GSK) Pharmaceu-
nounced the launch of its novel anti-infective in India ticals has announced the launch of Shingrix (Zos-
under the brand name, Zidavi, which is novel combi- ter Vaccine Recombinant, Adjuvanted) in India,
nation of ceftazidime and avibactamrecommended for the prevention of shingles (herpes zoster) and
by the Infectious Disease Society of America (IDSA) post-herpetic neuralgia in adults aged 50 years and
and the Indian Council of Medical Research (ICMR) above. Shingrix is the world’s first non-live, recom-
as a preferred treatment against OXA-48-like and binant subunit vaccine to be given intramuscularly
Klebsiella pneumoniae carbapenemase (KPC)-pro- in two doses.
ducing carbapenem-resistant Enterobacteriaceae
India Launches First Made-in-
(CRE) for pyelonephritis or Complicated Urinary
India Cervical Cancer Vaccine
Tract Infections (cUTI) and in other CRE infections
‘CERVAVAC’
caused by KPC and OXA-48 producers.
The Serum Institute of India (SII)
has launched the country’s first
Medtronic launches ‘Symplicity’ blood indigenously developed Quad-
pressure procedure for hypertension in India rivalent Human Papillomavirus
India Medtronic Private Limited launched Sym- (qHPV) vaccine, CERVAVAC, marking
plicity Spyral renal denervation system (RDN) for a significant milestone in healthcare and
treating high blood pressure.RDN is a minimally women’s well-being. Developed through a partner-
invasive therapy that targets nerves near the kid- ship between SII, the Department of Biotechnology
neys that can become overactive and cause high (DBT), the Biotechnology Industry Research Assis-
blood pressure. Medtronic received the US Food tance Council (BIRAC), and the Bill and Melinda Gates
and Drug Administration’s (FDA) approval of the Foundation, CERVAVAC places India at the forefront
system which is a culmination of ten years of clini- of the global fight against cervical cancer by offering
cal research and development, and the system has affordable and accessible healthcare solutions.
approval of the Indian regulatory authorities too.
Indian Immunologicals unveils Measles and
Rubella vaccine for children
Terumo India advances liver cancer care in
India with launch of Occlusafe & LifePearl Vaccine maker Indian Immunologicals (IIL) launched
measles and rubella vaccine Mabella for children. A
Terumo India, the Indian arm of Terumo
live-attenuated MR vaccine developed in an exclu-
Corporation launched Occlusafe and
sive partnership with Polyvac Institute of Vietnam,
LifePearl, intended for use in the man-
Mabella was launched as part of the 25th celebra-
agement of liver cancer.
tions of the IIL division Human Biologicals Institute
(HBI) in Udhagamandalam (Ooty), Tamil Nadu.
For the first time in India, a Japan
based company, Terumo, had intro-
World’s first and only oral cholera vaccine in LDPE
duced an advanced therapy called Bal-
unidose pack launched in India
loon-TACE (B-TACE) for the management
of liver cancer. WithOcclusafe, Terumo’s B-TACE TechInventionLifecare has partnered with Eubiologics
device, patients benefit from more precise and tar- Co. in South Korea, to launch Euvichol-Plus, the world’s
geted delivery of chemotherapy drug to the tumour. first and only oral cholera vaccine (OCV), in a low-den-
sity polyethylene (LDPE) unidose pack in India.
 INDIA BIOECONOMY REPORT
111 PRODUCTS

DIAGNOSTICS &
MEDICAL DEVICES
CrisprBits, Molbio Diagnostics launch CRISPR- IIT Guwahati researchers develop 3D printed device
based Point-of-Care tests for rapid diagnosis of Urinary Tract Infection
CrisprBits and Molbio Diagnostics launched point Indian Institute of Technology Guwahati(IIT Guwaha-
of care diagnostics by the introduction of CRISPR in ti) Research team led by Dr. Partho Sarathi Gooh Pat-
Point-of-Care (POC) tests. The strategic partner- tader developed a fast, accurate, and reliable device
ship between CrisprBits and Molbio Diagnostics to detect specific bacteria that cause Urinary Tract
represents a significant milestone in the advance- infection (UTI).The estimated cost of manufactur-
ment of accessible, cost effective and accurate di- ing the device is `608 while testing a single sample
agnostic testing in the frontline. The collaboration will cost `8 only.The device can measure and identi-
is set to identify and capitalize on market opportu- fy the type of bacteria in a UTI suspected patient in 5
nities, bringing together their respective strengths minutes compared to conventional detection, which
and expertise. By harnessing the unprecedented uses urine culture that requires a few days.
sensitivity and specificity of RNA guide-based tar-
get identification of nucleic acid, and the presence
LifeSigns launches first-of-its-kind AI-powered
of both cis and trans-cleavage property of certain
uninterrupted health monitoring solution
Cas enzymes, CrisprBits has developed a platform
to build rapid, precise, and affordable POC tests for LifeSigns’ solution for the first
a wide range of disease and health conditions. time provides 24×7 real-time,
uninterrupted streaming
of patient data to doctors
Healthium Medtech launches TRUMAS
and healthcare profes-
Healthium Medtech launched TRU- sionals, whether the pa-
MAS, a range of sutures de- tient is at home, in the
signed to address challeng- ambulance or at the hos-
es faced during suturing in pital. The company deploys
minimal access surgeries. remote patient monitoring
Minimal access surgery, a solutions in 1000 rural and tier
technique that has gained re- III cities across India, in the next 1000
markable momentum over the days. LifeSigns also inked a strategic partnership
last two decades, is now consid- with RailTel Corporation, a leading provider of optic
ered the gold standard for performing fiber network services. LifeSigns will leverage Rail-
surgeries across various medical specialties. Tel’s optic fiber cable network spanning more than
62,000 km to provide enhanced connectivity across
GenWorks Health launches IVD tests for Dengue & rural India, enabling remote monitoring of patients.
Malaria
Lord’s Mark Industries launches Microbiotech to
To improve the offering in the IVD field, GenWorks pioneer genome testing in India
launched In-Vitro Diagnostic tests including Rapid
Mumbai-based Lord’s Mark Industries has launched
Card test kits for Dengue and Malaria.iScreen Ma-
a new wholly owned subsidiary - Lord’s Mark Micro-
laria Card Antigen (Pf/Pv) by GenWorks is a visual
biotech - to champion genome testing in India with
lateral flow immunoassay designed for the qualita-
their first online lab. The new subsidiary has been
tive and differential detection of P. falciparum spe-
established as a part of celebrations to mark the
cific histidine-rich protein-2 (Pf. HRP-2) and P. Vivax
successful completion of 25 years of excellence in
specific lactate dehydrogenase (pLDH) in human
business by Lord’s Mark Industries. With the launch
whole blood with 98.5% sensitivity & 95% specificity.
 INDIA BIOECONOMY REPORT
112 PRODUCTS

of Lord’s Mark Microbiotech, the company is also Mylab launches Point-of-Care solution for new-
introducing saliva-based technology for genome born screening
testing through its brand MyDNA, which results Mylab Discovery Solutions launched a Point-of-Care
99% accuracy. The saliva-based test does not re- Device named MyNeoShield for New-born Screen-
quire the extraction of blood or a phlebotomist. An ing.This device makes screening faster, more acces-
individual can do it after reading the enclosed in- sible, and more affordable, ultimately saving lives
structions in the kit at their home. and preventing lifelong illnesses. The device sup-
ports all the seven tests done for New-born screen-
Lord’s Mark Industries also has its patented algo- ing globally.
rithm called SNAPPY for calculating the Polygenic
Risk Score (PRS), which estimates an individual’s
genetic risk (predisposition) for a trait or condition. Roche Diagnostics launches dual antigen & antibody
diagnostic test for hepatitis C
PRS takes the sum (aggregate) of all known com-
mon variants to calculate an overall genetic risk Roche Diagnostics India launched Elecsys HCV Duo,
for a particular disease. India’s first commercially available fully automated
immunoassay that allows simultaneous and inde-
pendent determination of the hepatitis C virus (HCV)
MapMyGenome announces launch of at-home
antigen and antibody status from a single human
microbiome test
plasma or serum sample.This means that the test
MapMyGenome, a Hyderabad-based preventive canbeused to detect the early stage of infection, as
genomics company, has announced the launch of well as when the patient is recovering from the virus,
Mapmybiome, a DNA based at-home test for un- or even during chronic infection.
derstanding and improving your gut health. The
test gives you a detailed view of the microbial spe-
cies in your gut and how they affect your health, en- Roche Diabetes Care manufactures blood glucose
monitoring meters in India
ergy, and mood.
Roche Diabetes Care India (RDC India)blood glucose
monitoring device ‘Accu-Chek Active’ is now man-
MapMyGenome launches DNA test for
ufactured in Indiain collaboration with their man-
personalised skin and hair care
ufacturing partner Sanmina-SCI India Pvt. Ltd. and
MapMyGenome launched BeautyMap, a DNA- assembly & distribution partner Parekh Integrated
based test that provides personalised recommen- Services Pvt. Ltd. (PISPL).
dations for skin and hair care products based on an
individual’s unique genetic makeup. The test will be The production of Accu-Chek Active meters will take
available in the Indian market at a price of `6999. place in Sanmina’s state-of-the-art multi-client
manufacturing site in Chennai, India, in line with the
BeautyMap is the first of its kind in India and aims globally approved quality standards synonymous
to help people achieve their beauty goals by under- with the brand.The new Accu-Chek Active product
standing their genetic predispositions to 40 con- packs will now proudly display the ‘Made in India’ tag.
ditions related to skin and hair care such as acne,
hair loss, sun damage, hydration, sleep habits, and Thermo Fisher launches PCR kits for detection of
vitamin levels, among others. infectious diseases
Thermo Fisher Scientific designed the Applied Bio-
systems TaqPath PCR kits for infectious diseases
such as Multi-Drug Resistant Tuberculosis (MTB
MDR), M. Tuberculosis complex (MTB), Hepatitis B
 INDIA BIOECONOMY REPORT
113 PRODUCTS

Virus (HBV), Hepatitis C Virus (HCV), Human Im- Revvity launches its T-SPOT.TB test for latent TB
munodeficiency Virus (HIV), and for genetic analy- screening in India
sis (HLA B27), have received licensing rights by the Revvity launched T-SPOT.TB test for latent TB
Central Drugs Standard Control Organisation (CD- screening, at MICROCON in Lucknow.Revvity’s
SCO) and will be manufactured in India in associa- T-SPOT.TB is the only FDA-approved, commercial-
tion with Mylab Discovery Solutions, India’s leading ly available IGRA (interferon gamma release as-
healthcare company. say) based on the ELISPOT technology.

The Applied Biosystems TaqPath PCR kits have This technology includes the isolation, washing
been analytically- and clinically-validated for use and counting of peripheral blood mononuclear
in patient care for disease screening and diagno- cells (PBMCs) from whole blood to standardize
sis, monitoring of therapeutic response and dis- the test and provide reproducible results for re-
ease progression, and identification of genetic risk liable detection — even in challenging-to-screen
factors. groups, such as the immunosuppressed.

BIOSUPPLIERS & SERVICES

Beckman Coulter unveils Next Gen Immunoassay cal platform will provide a near real-time patient
Analyzer monitoring, even during the odd hours like mid-
Beckman Coulter unveiled the DxI 9000 Access Im- night, enabling early patient interventions.
munoassay Analyzer which can run up to 215 tests
per hour per square meter (tests/hr/m2). The plat- PerkinElmer launches EnVison Nexus Multimode
form has been independently verified to perform Plate Reader
at the European Federation of Clinical Chemistry
PerkinElmer launched EnVisionNexus system, its
and Laboratory Medicine (EFLM) optimal level,
fastest and most sensitive multimode plate read-
the highest level of EFLM performance evalua-
erto date, designed for demanding high-through-
tion. At the same time, the novel Lumi-Phos PRO
put screening (HTS) applications and to accelerate
Substrate has shown the capability to develop in-
drug discovery efforts. The EnVision Nexus plat-
creasingly sensitive and clinically relevant assays,
form, with complementary microplates and opti-
ensuring the system is able to meet the healthcare
mized reagents from PerkinElmer’s drug discovery
needs of tomorrow.
reagents portfolio, including proprietary HTR and
AlphaLISAtechnologies and latest reagent kits,
Medanta & GE HealthCare launch Tele-ICU provides researchers increased assay flexibility.
services in India
Medanta group of hospitals launched Tele-ICU ser- The EnVision Nexus system features high-through-
vices in India as Medanta e-ICU project, in associ- put, exceptionally fast dual detectors, enabling
ation withGE HealthCare. This association address researchers to screen millions of samples with
the existing gaps in critical care, with high level the increased accuracy, speed and sensitivity.
knowledge transfer via 24×7Medanta e-ICU Com- For walkaway convenience, the system can be
mand Centre, powered by cutting edge technol- equipped with a plate stacker for 20 or 50 plates or
ogy from GE HealthCare that equips both central can also be fully automated and integrated for 24/7
and bedside medical teams.This medical-techni- workflow-driven automation.
 INDIA BIOECONOMY REPORT
114
PRODUCTS

BIOAGRI
Garuda Aerospace, Ninjacart Syngenta India launches agriculture drone spraying
launch agri-tech solutions awareness drive
Garuda Aerospace, a Syngenta India launched a
leading manufactur- special awareness drive
er of drones for the by simultaneously us-
Agritech sector and ing 100 drones across
Ninjacart an Agritech Punjab and Haryana
e-commerce startup, to spray its advanced
brought together ad- crop protection solu-
vanced drone technology to tion – Incipio. With this
farmers across India.Through Syngenta has taken an-
this partnership, Garuda Aerospace and other pioneering step to-
Ninjacart will offer short-term financing options to wards advancing sustainable
farmers, enabling them to access the latest drone agriculture.
technology at affordable rates.Using drones in the
fields helps improve crop yields, reduce costs and With the increasing role of drones in boosting ag-
increase efficiency. By partnering with Ninjaca- ricultural productivity and empowering farmers,
rt, Garuda Aerospace will be able to reach more this initiative aims to equip farmers of Punjab and
farmers and provide them with the benefits of this Haryana with benefits and implications of modern
emerging technology. farming practices and also educate farmers about
the transformative potential of drones in farming,
including efficiency improvements, cost reductions,
Netafim India launches latest drip technology,
and the promotion of sustainable practices.
aims to reach 35,000 farmers by 2025
Netafim India launched Toofan,
Syngenta India launches Incipio
an irrigation technology that
and Simodis
promises to transform
farming for growers of While Incipio effectively
all scales. Through this combats stem borers and
product, the company leaf folders in rice, Simodis
aims to cover 25,000 ha saves vegetables against
of land and reach 35,000 sucking and lepidoptera
farmers by 2025 across insects as well as protects
India to revolutionize sus- paddy crops. These advanced
tainable farming. The cost-effec- products, based on the innova-
tive drip technology is now available to farmers of tive PLINAZOLIN technology, offer
all scales, from large to small holdings, regardless effective defence against various pests, ensuring
of subsidy eligibility. The drip line is engineered for improved yields and crop quality. These are devel-
swift deployment, allowing farmers to cover up to oped to efficiently meet the challenges arising from
10 acres in a single day. This revolutionary feature climate change and pest resistance, which are re-
saves both time and resources. sponsible for major crop losses every year.
 INDIA BIOECONOMY REPORT
115

Section 6

POLICY AND
REGULATORY
ENVIRONMENT
 INDIA BIOECONOMY REPORT
116 POLICY AND REGULATORY
ENVIRONMENT

Policies
Major Policy Reforms Enhance
Governance and Impact
The Department of Biotechnology (DBT) has successfully
executed the rationalization of autonomous bodies,
subsuming 14 institutes under the Biotechnology Research
and Innovation Council (BRIC). This restructuring aims
to centralize governance for maximum impact in biotech
research across India.
 INDIA BIOECONOMY REPORT
117 POLICY & REGULATORY
EVIRONMENT

Policy Measures Fueling

the Bioengine
The Government’s proactive policy interventions
have played a pivotal role in propelling this growth.
Key measures include:

Biofuel Policy
Introduction of biofuel policies promoting 10% and 20% blending of
ethanol with petrol.

Startup Support
BIRAC’s support for over 4500 startups, entrepreneurs and
government-backed development of over 750 products.

Product Linked Incentives

Schemes incentivising the production of pharmaceutical
products within India.

Regulatory Advancements
Formulation of globally acclaimed Biosimilar guidelines and
gene editing guidelines.

Mission-Oriented Approach
Launching of the National Biopharma Mission for indigenous vaccine
development and the National Medical Devices Policy 2023.

Strategic Vision
Unveiling the National Biotechnology Development Strategy 2020-2025,
aiming for India’s recognition as a Global Biomanufacturing Hub by 2025.
 INDIA BIOECONOMY REPORT
118 POLICY AND REGULATORY
ENVIRONMENT

To incentivize industry
involvement, DBT
Strengthening Intellectual
proposes allowing Property Guidelines in
exclusive licensing
and IP assignment for September 2023
products/technologies
intended for large-scale
public deployment, with
affordability clauses for
The Department of Biotechnology (DBT), in consultation with
the Indian market. stakeholders, has notified Intellectual Property (IP) guidelines to
facilitate seamless transfer of IP from research organizations to
commercialization, thereby enhancing societal impact.

DBT Recommends Overhauling IP Policies to Boost

Commercialization. DBT emphasized the need to harness
IP from public-funded research for maximum socio-
economic impact.

Key recommendations include allowing various

forms of licensing- non-exclusive, exclusive, or IP
assignment - based on the inventor’s discretion
and institutional IP committees’ decisions.
Additionally, DBT suggests amending grant
Memoranda of Agreement (MoA) to provide
flexibility in licensing options.

To incentivize industry involvement, DBT

proposes allowing exclusive licensing and
IP assignment for products/technologies
intended for large-scale public deployment, with
affordability clauses for the Indian market.

Moreover, DBT assures protection of public-

interest issues through mechanisms like
March-in Rights, including the option of
compulsory licensing under patent law.

These reforms aim to streamline the transfer of IP from

institutes to commercialization, fostering technological
innovation for larger societal impact.
 INDIA BIOECONOMY REPORT
119 POLICY & REGULATORY
EVIRONMENT

National Consultation Meeting

Propels Policy Framework on
Biomanufacturing
A major initiative has been launched to promote high-throughput analytical equipment.
high-performance Biomanufacturing, fostering
innovation, scale-up, and manufacturing facilities Biofoundries play a pivotal role in implementing
for bio-based commercial products. This initiative a Design-Build-Test-Learn (DBTL) approach,
is expected to drive growth in India’s Bioeconomy. facilitating the rapid development of tools and
datasets for rational strain improvement in
This is a bid to capitalize on India’s burgeoning biomanufacturing. Pilot-scale biomanufacturing
bioeconomy set to reach $300 bn by 2030, and units, employing fermentation with enhanced
align with the vision of Green Growth outlined in microbial cell factories and utilizing sugar,
the Union Budget 2023-2024. The Department of biomass, or waste-based raw materials, are
Biotechnology (DBT) is spearheading a pioneering envisioned to produce a wide array of bio-based
initiative. Termed “Fostering High Performance products across sectors like biopharmaceuticals,
Biomanufacturing: An Integrated Approach bulk chemicals, biomaterials, and more.
towards Promoting Circular Economy for Green,
Clean, and Prosperous India,” this national With its potential for innovation, energy efficiency,
endeavor aims to cultivate world-class expertise, and reduced pollution, biomanufacturing aligns
infrastructure, and workforce in synthetic biology- with the ethos of ‘Lifestyle for the Environment
based sustainable manufacturing practices. (LiFE)’ advocated by the Honorable Prime Minister.
By harnessing biomass and waste resources, a
At the core of this initiative lies the concept of pan-India biomanufacturing program can cater
a cutting-edge ‘plug and play’ manufacturing to burgeoning consumer demands, bolster the
model for Industry 4.0. Leveraging advanced nation’s economy, and steer towards net-zero
biotechnological tools like synthetic biology, carbon emissions. In light of these prospects,
genome editing, and metabolic engineering, DBT establishing a robust national strategy for advancing
envisions a comprehensive national infrastructure biomanufacturing is imperative to enhance India’s
platform to propel the synthetic biology capacity scientific and economic competitiveness. The
of a bio-manufacturing program. Central to this proposed policy framework aims to catalyze the
infrastructure are biofoundries, high-throughput transition towards a sustainable, circular economy,
facilities equipped with state-of-the-art automation driving India’s progress towards a greener and more
methods, including robotics, AI algorithms, and prosperous future.
 INDIA BIOECONOMY REPORT
120 POLICY AND REGULATORY
ENVIRONMENT

Streamlining Regulatory
Approval Processes
DBT has launched the Biological Research Regulatory Approval
Portal (BioRRAP), simplifying regulatory approval processes for
biological research activities in India, fostering ease of scientific
research.BioRRAP provides a single route to direct the applicant
to regulatory agencies providing requisite approval relevant to the
biological research. Based on a succinct set of questions responded in affirmative by the applicant, the
list of regulatory agencies from whom approvals may be required for biological research, is determined
and attached to the unique BioRRAP ID generated on the submission.Mandatory registration at BioRRAP
is required for all organizations and researchers conducting biological research in India. The portal
enables researchers to submit their proposals, which are subsequently forwarded to the relevant
regulatory authorities for necessary approvals.

India Introduces Guidelines

for Research on Genetically
Engineered Insects
In compliance with the “Rules for the Manufacture, Use/Import/Export
and Storage of Hazardous Microorganisms/Genetically Engineered
Organisms or Cells 1989,” established by the Ministry of Environment, Forest
and Climate Change (MoEF&CC), the Government of India regulates all activities
concerning Genetically Engineered (GE) organisms and hazardous microorganisms. Recognizing the
diverse applications of genetic engineering in insects and the need for stringent biosafety measures,
the “Guidelines and Standard Operating Procedures for Research on Genetically Engineered Insects,
2023” have been meticulously crafted. These guidelines ensure the safety of organisms and the
environment while maximizing the benefits of genetic engineering.

Following extensive deliberations by an expert committee and the Review Committee on Genetic
Manipulation (RCGM), the Guidelines received approval and endorsement during RCGM’s 252nd
meeting held on 22.02.2023. The Department of Biotechnology officially notifies the adoption of the
“Guidelines and Standard Operating Procedures for Research on Genetically Engineered Insects,
2023.” Offering a comprehensive regulatory roadmap, the Guidelines delineate standard operating
procedures and data requirements essential for conducting research with GE insects within
controlled environments.

These Guidelines and SOPs are binding for all public and private entities engaged in the research and
handling of GE insects under containment facilities. The introduction of the “Guidelines and Standard
Operating Procedures for Research on Genetically Engineered Insects, 2023” marks a significant
step towards ensuring responsible and safe practices in genetic engineering research, fostering
innovation while safeguarding environmental and public health interests.
 INDIA BIOECONOMY REPORT
121 POLICY & REGULATORY
EVIRONMENT

Government of India Unveils

National Medical Device Policy to
Revolutionize Healthcare Sector
On May 2, 2023, the Government of clusters with world-class infrastructure,
India announced the National strengthening testing laboratories,
Medical Device Policy, and ensuring continuous access
2023, with a vision to to critical components through
transform the medical phased manufacturing.
device sector into a
key driver of public 3. Facilitating R&D and
health objectives. The Innovation: The policy
policy aims to ensure encourages industry-academia
the production of quality collaboration, setting up
medical devices, promote Centers of Excellence, providing
accessibility and affordability, infrastructure for health technology
and foster innovation and growth in a ecosystems, and promoting innovation
coordinated manner. commercialization.

The policy sets ambitious missions to achieve 4. Attracting Investments: It aims to attract
universal access to quality healthcare, enhance private investments through venture capital
domestic manufacturing capacity, ensure global outreach, funding for startups, and leveraging
competitiveness, improve clinical outcomes, existing government initiatives to promote
promote healthier lifestyles, foster innovation, domestic manufacturing.
and develop resilient supply chains. It emphasizes
a patient-centric approach and envisions an 5. Human Resources Development: Focuses
ecosystem supported by robust infrastructure, a on developing skilled labor, multidisciplinary
streamlined regulatory framework, and skilled courses, national skill databases, and
manpower. partnerships with foreign institutions for
technology development.
Strategic Focus Areas
6. Brand Positioning and Awareness: Aims to
1. Regulatory Streamlining: The policy proposes adapt global best practices, raise awareness
a Single Window Clearance System for about safety requirements, and promote
licensing, protocols for quality control, pricing knowledge-sharing among stakeholders.
regulations for affordability, and regulatory
compliance assistance for research and The National Medical Device Policy reflects India’s
innovation. commitment to revolutionizing its healthcare
sector by fostering innovation, promoting
2. Enabling Infrastructure: It calls for accessibility, and ensuring quality healthcare
establishing medical device parks and services for all.
 INDIA BIOECONOMY REPORT
122 POLICY AND REGULATORY
ENVIRONMENT

National Green Hydrogen Mission

Gains Momentum
The Ministry of New and Renewable Energy’s
ambitious National Green Hydrogen Mission,
sanctioned by the Union Cabinet on January
4, 2023, with a budget of ₹19,744 crore ($2.4
Billion), is rapidly advancing towards its
objectives. Anchored on the vision to position
India as a global leader in the production,
utilization, and export of Green Hydrogen
and its derivatives, the Mission is making
significant strides. Spearheaded by a
Working Group chaired by the Secretary
of MNRE, the Mission recently shared its
first set of regulatory recommendations
with key ministries including the Ministry of
Road Transport and Highways, Ministry of
Consumer Affairs, Department for Promotion
of Industry and Internal Trade, and Ministry of
Petroleum & Natural Gas.

A pivotal financial measure under the

Mission, the Strategic Interventions
for Green Hydrogen Transition (SIGHT)
Programme, with an allocation of ₹17,490
crore ($2.1 billion), aims to bolster domestic Council of Scientific & Industrial Research,
manufacturing of electrolysers and the witnessed robust participation from over
production of Green Hydrogen. Initiatives 10 countries. With insightful plenary talks,
like issuing Requests for Selection panel discussions, and technical sessions,
(RfS) for Green Hydrogen Producers the conference served as a catalyst for
and Electrolyser Manufacturers signify fostering international collaboration and
tangible progress towards achieving the showcasing innovative advancements in
Mission’s objectives. Moreover, the recent hydrogen utilization. Country round tables with
International Conference on Green Hydrogen prominent stakeholders from Europe, Japan,
(ICGH – 2023), organized in collaboration Singapore, and Korea further enriched the
with key stakeholders including the discourse, propelling India towards its Green
Ministry of Petroleum & Natural Gas and the Hydrogen aspirations.
 INDIA BIOECONOMY REPORT
123 POLICY & REGULATORY
EVIRONMENT

Other Policy Interventions

by DBT

Promoting International Collaborations

DBT has signed MoUs with organizations like Armed Forces Medical Services (AFMS), National
Science Foundation (NSF) of the USA, and World Intellectual Property Organization (WIPO) to
promote healthcare research and international collaborations.

Advancements in Research and Development

DBT has made significant research breakthroughs, such as decoding genome sequences of
bacterial pathogens and developing host-directed therapeutics for mitigating diseases like
SARS-CoV-2 infection.

Human Resources Development Programme

DBT’s Human Resources Development Programme has supported initiatives like the Star College
Program, Postgraduate Teaching Program, Research Associateship Program, and Biotechnology
Career Advancement and Re-orientation Programme (BioCARe).

North East Biotechnology Programme

In the Northeast region, DBT has established facilities for certified scion material generation,
developed natural packaging solutions, and set up eight BioNEST bioincubators to promote
entrepreneurship and sustainable development.This has augmented nurturing of a local startup
ecosystem in the Northeast Region.

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 INDIA BIOECONOMY REPORT
124 POLICY AND REGULATORY
ENVIRONMENT

Uttar Pradesh Unveils

Pharmaceutical and Medical
Devices Industry Policy 2023 to
Foster Growth and Innovation

In a bid to bolster its Development Cell

pharmaceutical (UPPDC) will provide
and medical technical guidance
devices and support.
sector, the Additionally,
Uttar Pradesh an Empowered
government Committee,
has rolled out the chaired by the Chief
Pharmaceutical Secretary, will oversee
and Medical Devices policy development and
Industry Policy 2023. scheme implementation,
Championing the cause of ease further enhancing accountability and
of doing business, the policy introduces a efficiency.
single window clearance mechanism under
the direct purview of the Chief Minister’s office. The policy’s overarching objective is to
With a focus on expeditious clearances, pre- invigorate the local pharmaceutical and medical
consultation of project plans, and dedicated device industry by fostering local production,
technical advisory support, the policy aims to research, and development. Incentives such as
streamline regulatory processes and attract subsidies and land allocation for manufacturing
investments. units aim to attract investments, with 217
companies expressing interest to invest
Under the new regulations, the state will approximately `28,500 crore ($3.4 billion).
establish a single window clearance system These investments are anticipated to generate
supervised by the Chief Minister’s office, around 57,000 job opportunities, fortify the local
ensuring swift delivery of services and permits. economy, and catalyze sectoral growth. With a
The Food and Drug Administration (FSDA) will robust talent pool and a conducive regulatory
appoint a nodal officer to facilitate investors in framework, Uttar Pradesh is poised to emerge
obtaining necessary certifications, while the as a hub for pharmaceutical innovation and
newly formed Uttar Pradesh Pharmaceutical manufacturing.
 INDIA BIOECONOMY REPORT
125 POLICY & REGULATORY
EVIRONMENT

Tamil Nadu Unveils Ambitious

Ethanol Blending Policy to
Accelerate Green Fuel Adoption

Tamil Nadu, known as the automotive manufacturing hub of India, has launched a
comprehensive Ethanol Blending Policy aimed at revolutionizing its fuel landscape. The policy,
set against the backdrop of increasing urbanization and escalating petrol demand, seeks to
harness indigenous resources to meet energy needs sustainably.

With a robust roadmap outlined, the government aims to achieve self-sufficiency in ethanol
production, targeting an estimated blending requirement of 130 crore liters. To catalyze this
transition, the policy envisions attracting investments totaling `5000 crore in molasses and
grain-based ethanol production capacity within the state.

Driving Force Behind the Policy: The policy draws inspiration from Tamil Nadu’s status as a key
player in the automotive sector, coupled with its commitment to environmental sustainability.
As the third-largest consumer of petrol in the country, the state recognizes the urgent need to
shift towards greener alternatives to mitigate climate change.

Aligned with the National Biofuels Policy’s vision of achieving 20% ethanol blending by 2025,
Tamil Nadu aims to leverage its agricultural abundance to bolster ethanol production. With a
rich agricultural landscape spanning sugarcane, paddy, maize, tapioca, and sweet sorghum, the
state is poised to tap into diverse feedstock resources for ethanol generation.

Investment Opportunities and Regulatory Support: The policy presents

lucrative investment prospects. The government has introduced
several relaxations and incentives to incentivize the sugar
industry’s expansion and encourage new ethanol production
units. Relaxations in environmental clearance procedures for
distilleries and sugar mills, along with waivers for incidental
increases in ethanol production, underscore the government’s
commitment to facilitating a conducive business environment.
Tamil Nadu’s Ethanol Blending Policy represents a significant
stride towards achieving energy security, reducing import
dependency, and curbing greenhouse gas emissions. By
capitalizing on its agricultural prowess and fostering indigenous
ethanol production, the state aims to pave the way for a greener,
more sustainable future while bolstering economic prosperity.
 INDIA BIOECONOMY REPORT
126 TRENDS & CONCLUSIONS

IMPORTANT DEVELOPMENTS

Key Trends
India’s BioEconomy is advancing rapidly with breakthroughs in gene
therapy, diagnostics, and biomanufacturing. The country’s focus on
self-reliance is driving innovations in vaccines and biotech, reshaping
its economic and healthcare landscape through significant local
research and development.

BioPharmaceutical Breakthroughs and Vaccine Development

 CERVAVAC: The nation’s first indigenously variant-resistant vaccines. This achievement

developed quadrivalent Human Papillomavirus highlights the country’s capacity for advanced
(qHPV) vaccine, launched to combat cervical cancer, biopharmaceutical innovation and showcases
was developed through a collaborative effort the mRNA technology’s potential to create safe
between Serum Institute of India (SII), DBT, BIRAC, and effective vaccines.
and the Bill and Melinda Gates Foundation.
 iNCOVACC: India’s first intranasal COVID-19
 ZyCoV-D: India’s DNA-based COVID-19 vaccine, vaccine, designed to induce mucosal immunity
ZyCoV-D, is the world’s first plasmid DNA vaccine and prevent infection at the site of viral entry,
against COVID-19. This vaccine represents a major offering a novel administration route without
milestone, offering a needle-free delivery system the need for injections.
and broad coverage for individuals.
 GEMCOVAC-OM: India’s first Omicron-specific
 CORBEVAX: India’s first protein subunit vaccine booster vaccine, based on the mRNA platform,
for COVID-19, CORBEVAX, was developed for provides targeted protection against newer
mass immunization. This low-cost and easy- variants of the virus, contributing to ongoing
to-manufacture vaccine is a key part of India’s efforts in COVID-19 management.
COVID-19 vaccination strategy.
 Liraglutide Biosimilar Approval: A biosimilar
 GEMCOVAC-19: India’s first mRNA COVID-19 vaccine, of Victoza, a treatment for diabetes, was
GEMCOVAC-19, sets a new standard for developing approved after Phase III trials, marking its
market introduction in India.

Advanced Waste Treatment Technologies

 Anaerobic Bioreactor for Textile Waste: A ceramic  Coal-to-Liquid (CTL) Technology: An innovative
membrane integrated anaerobic bioreactor process has been created to convert municipal
(CMIAR) has been developed to improve the solid waste into liquid fuel, achieving an 80%
treatment of textile industry wastewater. This conversion rate. This offers a sustainable
technology enhances the efficiency of effluent energy solution by turning waste into valuable
treatment, helping reduce environmental impact. resources.
 INDIA BIOECONOMY REPORT
127
TRENDS & CONCLUSIONS

Gene Therapy and Healthcare Innovations

 Gene Therapy Clinical Trial for Hemophilia A: The cells (RBCs). This innovation could lead to
Central Drugs Standard Control Organisation the development of advanced blood bags,
(CDSCO) has approved India’s first gene therapy reducing transfusion-related risks.
clinical trial for Hemophilia A, utilizing a novel
 MRI Scanner Development: A compact,
hematopoietic stem cell-based lentiviral
lightweight next-generation MRI scanner,
vector technology, which marks a significant
developed under the National Biopharma
advancement in treating genetic blood disorders.
Mission (NBM), is poised to transform
 Blood Bag Technology: The Institute for Stem Cell diagnostic imaging. This disruptive
Science and Regenerative Medicine (inStem) technology, produced by an Indian
has developed novel electrospun-nanofibrous- company, received a commercial sale and
sheets that reduce damage to stored red blood manufacture license from CDSCO.

Technological Innovations in Food Safety and Environment

 Iron and Zinc Enrichment in Lentils: A breakthrough to detect methamphetamine, showcasing

process was developed to infuse iron and zinc into advancements in portable diagnostic tools for
lentils, significantly improving their micronutrient law enforcement and healthcare.
bioavailability and offering a practical solution to
address nutritional deficiencies.  Food Safety Device: A prototype device has
been created to detect harmful bacteria in food,
 Wearable Electrochemical Glove for Drug Detection: including S. typhimurium and E. coli, ensuring
A novel glove-based sensor has been designed food safety through rapid and accurate testing.

Crop Improvement and Breeding Innovations

 ADVIKA, Drought-Tolerant Chickpea Variety: facility enables speed breeding with precise
ADVIKA (NC 7) is a new chickpea variety developed environmental control, accelerating crop
through genetic introgression, offering 7% higher development.
yield under drought conditions. Approved for
 IRRI’s SpeedFlower Protocol for Rice: The
nationwide cultivation, it is specifically suited for
International Rice Research Institute’s
India’s Central Zone.
SpeedFlower Protocol combines advanced light
 AccelBreed at PAU, Ludhiana: The Punjab and climate controls to expedite the breeding of
Agricultural University’s AccelBreed rice varieties, contributing to global food security.
 INDIA BIOECONOMY REPORT
128 TRENDS & CONCLUSIONS

THE FUTURE BIOECONOMY

A Collaborative Approach
Looking ahead, the BioEconomy is poised for continued growth. Collaboration between
academia, industry, and policymakers will be crucial to harness the full potential of this
sector. Continued investment in research and development, coupled with robust regulatory
frameworks, will drive innovation and ensure the BioEconomy thrives in a sustainable and
equitable manner.

The BioIndustrial segment presents a significant opportunity to address climate change

through the development and widespread adoption of bio-based materials. The BioPharma
sector holds the promise of personalized medicine and more effective treatments for
various ailments. BioAgri offers a path towards sustainable food production and improved
food security for a growing global population. BioIT / Research Services / BioServices will
continue to be the engine driving innovation across the BioEconomy.

The BioEconomy holds the potential to revolutionize various sectors, from healthcare and
agriculture to energy and materials. By recognizing the opportunities and addressing the
challenges, stakeholders can ensure this exciting field continues to flourish for the benefit
of society and the environment.

In conclusion, the BioEconomy is experiencing a

period of remarkable growth. Segment-specific
analysis reveals impressive growth trajectories
in BioIndustrial, BioIT / Research Services
/ BioServices, and BioAgri segments.
While the decline in the Covid
Economy segment reflects a
return to normalcy, the lessons
learned from this rapid response
are invaluable.
 INDIA BIOECONOMY REPORT
129
TRENDS & CONCLUSIONS

BIOECONOMY PROJECTIONS 2030 ($ 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
173.9
169.9
200 19.9
16.4 101.1
13.6 92.5
150 84.5 39.3
77.3 33.7
70.6
74.6 28.9
100 21.2 24.8
18.2
15.6 115.8 128

Source: ABLE
50 85.6 94.7 104.7
77.5
70.1
0
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.

Based on recent performance, it is estimated that India’s BioEconomy may reach �150 billion two years earlier, possibly in 2023
itself. The BioEconomy value could be in the range of �147 billion to �152.6 billion.
35,460 CUMULATIVE STARTUPS
PROJECTED FOR 2030
35,460

CUMULATIVE STARTUP
BASE 2023-2030 *
*

20,950

13,470

8,530

Source: ABLE
2023 2025 2027 2030
*Projections Source: ABLE Analysis
 INDIA BIOECONOMY REPORT
130 ACKNOWLEDGEMENTS

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-profit
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 Office. 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 firms, 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.
 INDIA BIOECONOMY REPORT
131 ACKNOWLEDGEMENTS

Mr G S”
ABLE CONTRIBUTORS TO THE REPORT
TheMazumdar
Ms Kiran

Dr Anand
Annual India
evolution
Krishnan,of
nowAnandkumar,
Mr Ravi
become a key
Bhola, General
BioEconomy
Shaw,

Vice Presidentfor
reference
Secretary, ABLE
Report has been tracking the
Chairman, ABLE
the country’s
President, ABLE bioeconomy for several years. It has
& Treasurer,
stakeholders, as well as policymakers.
national andABLEinternational

Dr PM Murali, President, ABLE Council of Presidents

Dr KK Narayanan, Member, ABLE Council of Presidents — Dr. Manish Diwan
Mission
Dr Vijay Chandru, Member, Director
ABLE - Make
Council In India PMU for biotech sector, BIRAC
of Presidents
Head — BioFoundry,
Council NCR Biotech Cluster & IVCOL

”
Mr Shrikumar Suryanarayan, Member, ABLE of Presidents
Mr Narayanan Suresh, Chief Operating Officer, ABLE
Mr Srinivas Rao Chandan, Senior Consultant, ABLE

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economictimes.indiatimes.com www.businessworld.in www.ppac.gov.in
www.egrowfoundation.org www.caionline.in www.sciencedirect.com
www.eximmitra.in www.ccamp.res.in www.statista.com
www.fincomindia.nic.in www.cdc.gov www.techsciresearch.com
www.gain.fas.usda.gov www.cdsco.gov.in www.textileexcellence.com
www.indiabioscience.org www.cotcorp.org.in www.thehindubusinessline.com
www.indianexpress.com www.cottoninc.com www.timesnownews.com
www.indiansugar.com www.crisil.com www.tracxn.com
www.indxauth.ccamp.res.in www.csoisw.gov.in www.trade.gov
www.karunadu.karnataka.gov.in www.dbtindia.gov.in www.vccircle.com
www.mea.gov.in www.entrackr.com www.ventureintelligence.com
www.mnre.gov.in www.expresspharma.in www.volza.com
www.mopng.gov.in www.forbesindia.com www.weforum.org
www.mospi.gov.in www.fortuneindia.com www.who.int
www.newprojectstracker.com www.hindustantimes.com yourstory.com
www.niti.gov.in www.ibef.org
www.pharmaceuticals.gov.in www.icmr.gov.in
 INDIA BIOECONOMY REPORT
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