India is among the top 12 destinations for biotechnology globally and 3rd largest biotechnology destination in the Asia Pacific region. In 2020, the Biotech industry reached a market size of $ 70.2 n, rising 12.3% from the previous year. The bio economy has observed almost a 95% increase in valuation over the period of five years, with the COVID-19 pandemic boosting it even further. While the Bio Economy contributed to 1.7% of the GDP, this share has grown to 2.7% in 2020. Thus, the sector is a key part of India’s vision of reaching a $ 5 Tn Economy by 2024.
India’s Biotech sector is categorised into Biopharmaceuticals, Bio Industrial, Bio agriculture, Bio IT & Bio Services. Within the biopharmaceuticals segment, India has developed into a prominent vaccine manufacturer globally, occupying a leading position in the supply DPT, BCG, and measles vaccines among others. India also leads in biosimilars, with one of the most biosimilars approved in the domestic market. It is estimated that the biosimilars industry in India will grow at CAGR of 22% to become $ 12 Bn by 2025. Within bio-services, India offers a strong capability in contract manufacturing, research and clinical trials, and is home to the most US FDA approved plants globally outside of the US.
Forecast to reach $150 bn by 2025, with a CAGR of 16.4%
Over 5075+ biotech startups, expected to reach 10,000 by 2025
760+ core biotech companies, 200+ Biotech products
38.1% CAGR for Biotech startup growth over last seven Years.
1Mn+ skilled biotech workforce
100% FDI is allowed under the automatic route for greenfield pharma.
100% FDI is allowed under the government route for brownfield pharma. Upto 74% FDI is under automatic route and beyond 74% is under the government approval route.
FDI up to 100% is allowed under the automatic route for the manufacturing of medical devices.
The Indian Biotechnology industry that was valued at $70.2 bn in 2020 will reach $150 bn target by 2025.
India is also one of the first countries to have a department dedicated to the Biotechnology industry. Moreover, the Department has also set up BIRAC (Biotechnology Industry Research Assistance Council) which is a not-for-profit agency to strengthen and empower emerging Biotechnology enterprises to undertake strategic research and innovation, by handholding them from ideation to the commercialization of their products/ technologies.
