The Business Bytes
New Delhi, August 8, 2024 (TBB Bureau): Union Minister of State (Independent Charge) for Science and Technology, Jitendra Singh, declared that the Bio-Economy and Space Economy will be central to India’s future growth during the launch of the ‘Impact Report 2024’ on the National Biopharma Mission. The event, held at the Dr. Ambedkar International Centre, marked a five-year milestone for the National Biopharma Mission (NBM) and its collaborative efforts with the Biotechnology Industry Research Assistance Council (BIRAC).
Singh praised the National Biopharma Mission as a cornerstone of India’s innovation landscape, highlighting its success in advancing biopharmaceuticals, vaccines, biosimilars, medical devices, and diagnostics. Launched with a US$250 million budget—50% co-funded by the World Bank—the mission has benefited nearly 150 organizations and 300 MSMEs.
The Minister emphasized the dramatic growth of India’s bio-economy, which has surged from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030. Singh also noted India’s rise in the Global Innovation Index from 81st in 2015 to 40th place out of 132 economies.
Singh highlighted key achievements of the NBM, including India’s first MRI scanner, the ZyCoV-D DNA vaccine for COVID-19, and the first injectable non-insulin antihyperglycemic biosimilar for type-2 diabetes. The mission has established 21 shared infrastructure facilities for research and biomanufacturing, which were crucial during the COVID-19 pandemic and are pivotal for future advancements.
Additionally, Singh outlined the mission’s support for over 200 grantees across vaccines, biotherapeutics, medical devices, and diagnostics, leading to the introduction of more than 18 successful products. The establishment of seven technology transfer offices has strengthened intellectual property management, facilitated training, and resulted in over 25 licensed technologies.
Describing the NBM as a “game changer,” Singh praised its role in making India’s biopharma sector globally competitive and addressing unmet medical needs. He also emphasized the need for early industry linkage and the expansion of resources beyond government support to foster successful startups.
In his address, Singh also spotlighted the Genome India Flagship Programme, which aims to revolutionize global healthcare strategies through 10,000 genome sequencing projects. He reaffirmed Prime Minister Modi’s vision of empowering the Department of Biotechnology and BIRAC to enhance India’s healthcare ecosystem, underscoring the pivotal role of the biopharma sector in preventive healthcare.
Singh concluded with a commitment to advancing these initiatives with renewed vigor and assured ongoing support to drive India’s biopharma sector forward.
