Currently valued at $63 billion, the biotechnology industry is looking at a revamp, with the government’ impending focus on product development commercialization ecosystem, including strengthening lab infrastructure in tier- 2 and 3 cities.
The draft national biotechnology development strategy 2020-24, reviewed by Mint, has called for more engagement with startups and to leverage the public-private partnership (PPP) model to take the industry to $150 billion by 2025. This is in sync with the government’s playbook of greater private sector participation across sectors.
The biotechnology industry, valued at $63 billion, is looking for a revamp, with the government’s focus on product development commercialization ecosystem, including strengthening lab infrastructure in tier- 2 and 3 cities. The new playbook to be adopted includes engaging with private players and adopting a PPP model for co-development.
The government aims to build and nurture a vibrant startup, entrepreneurial, and industrial base, connecting the academia and industry, shows the document.
The National Biotechnology Development Strategy 2020-2025 drafted by the department of biotechnology, ministry of science and technology, aims to build human resource and infrastructure capacity to cater to the current as well as future needs by adopting emerging technologies.
Covid-19 has indicated that the focus has to continue on “strengthening and nurturing of a strong basic research and innovation driven ecosystem across research institutes and laboratories, both public and private sector, with complete engagement of startups, small industry, and large industry and also reaching out to tier 2 and tier 3 cities," it added.
According to the document, the Centre’s aim is to promote the biotech industry through a strong education and research ecosystem, and make India a global hub for the development and deployment of new and emerging technologies. India is ranked among the top 12 biotech destinations in the world and the third in Asia.