What are the key highlights of ‘India’s Bioeconomy Report 2022’?
The Biotechnology Industry Research Assistance Council (BIRAC) recently released its “India Bioeconomy Report 2022”. Report has been prepared on the basis of data on contribution of biotech sector to the economy.
Key findings of the report include:
- As per report, India’s bioeconomy is expected to reach USD 150 billion by 2025 and more than USD 300 billion by 2030.
- In 2021, India’s bioeconomy has touched USD 80 billion, accounting for a growth of 14.1 per cent growth, as compared to USD 70.2 billion in 2020.
- USD 219 million of bioeconomy were generated daily in 2021.
- Three biotech start-ups were set up every day, on an average, in 2021. Thus, 1128 biotech start-ups were set up in 2021.
- Bioeconomy industry spent over USD 1 billion in research and development.
- India administered around 4 million vaccine doses for Covid-19 per day. Thus, in 2021, a total of 1.45 billion doses were administered.
- 3 million Covid-19 tests were conducted, every day in 2021, accounting for 506.7 million tests in total.
Number of biotech start-ups in India has hiked from 50 to more than 5,300 in last 10 years due to growth in enabling ecosystem and priority given by government to this sector. Biotech Start-up is likely to increase further by 2 times, and will cross 10,000 by 2025. BIRAC has set up a network of 74 specialised bio-incubation centres across 21 states/UTs in a bid to nurture bio-entrepreneurial ecosystem and boost local bioeconomy. India is known for the 2nd highest number of USFDA approved manufacturing plants, outside the United States.
Month: Current Affairs - July, 2022
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