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India’s Bioeconomy Report 2022

India’s Bioeconomy Report 2022:

Biotechnology Industry Research Assistance Council (BIRAC) released India’s Bioeconomy Report 2022.

  • During the release, the government launched a special Biotech Ignition Grant call for North East Region (BIG-NER) and announced financial support of up to Rs 50 Lakhs each to 25 startups and entrepreneurs from North East Region to develop biotech solutions.
  • BIRAC is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, set up by Department of Biotechnology (DBT).

Highlights of the Report:

  • India’s bioeconomy is likely to touch USD 150 billion by 2025 and over USD 300 billion by 2030.
  • The country’s bioeconomy has reached over USD 80 billion in 2021, registering a 14.1 percent growth over USD 70.2 billion in 2020.
  • On average, at least three biotech startups were incorporated every day in 2021 (a total of 1,128 biotech startups set up in 2021) and the industry crossed USD 1 billion in research and development spending.
  • India has the second highest number of USFDA-approved manufacturing plants outside the US.
  • USFDA: US Food and Drug Administration
  • India administered nearly 4 million doses of Covid-19 vaccines per day (a total of 1.45 billion doses given in 2021).
  • The country conducted 1.3 million Covid-19 tests each day in 2021 (a total of 506.7 million tests).