Biotech Will Become the Biggest Foundation for Health Treatment: Mandaviya

Mandaviya noted that the Indian biotech industry is aiming to grow to $150 billion by 2025 and $300 billion by 2030, and India is currently among the top 12 destinations for Biotechnology in the world with approximately 3% share in the Global Biotechnology Industry.

Union minister for health & family welfare, Mansukh Mandaviya said biotechnology will become the biggest foundation for health treatment in the coming times.

Addressing an event, he said, “India’s ‘Bio-Economy’ has grown eight times in the last eight years from $10 billion to $80 billion. In the coming times, biotechnology will become the biggest foundation for health treatment.”

The minister noted that the Indian biotech industry is aiming to grow to $150 billion by 2025 and $300 billion by 2030, and India is currently among the top 12 destinations for Biotechnology in the world with approximately 3% share in the Global Biotechnology Industry.

He further went on to state that the biotech industry will become a medium for finding solutions for complex problems in various spheres such as agriculture, environment, industrial production and many more. Considering this, the economy is poised to transition into a biotechnology-centric paradigm in the future.

Emphasising the industry's expansion and capabilities, Mandaviya pointed out that India's production of vaccines during the pandemic underscored the country's strength in the biotechnology sector on a global scale.

He said the National Biotechnology Development Strategy 2020-25 provides the government with a platform to strengthen skill development, resources and innovation converging into one strong ecosystem for knowledge sharing. It also facilitates commercialisation and market linkages by encouraging private-public partnership models in these sectors.

Acknowledging the advancements in both the country and the industry within this sphere, the union minister expressed appreciation for the active engagement of startups, industries, industry associations, researchers, and academics across the country for their noteworthy contributions to the development of this sector.

He further cited that the Biotechnology sector is known as the sector of hope. With its rapid growth, it will provide significant contributions to the world.

With the increasing growth in the biotech sector, recently, the Department of Biotechnology and WIPO launched a fellowship to promote MedTech Startups and innovators. The initiative seeks to find scientific solutions to unmet health-related needs and challenges while promoting intellectual property and public health. It also aims to enhance institutional collaboration and provide a platform for young innovators to tackle global health challenges.