Biotechnology - #SectorUpdates
India is the 3rd largest destination for biotechnology in Asia Pacific and leading destinations for bio – innovation and bio – manufacturing. The industry has witnessed a growth rate of 14% during 2021 – 2022 and is expected to grow by 19% by the end of 2025. India’s bio – technology sector contributes 2.6% in the country’s GDP as reported in 2021. Government of India has allowed 100% FDI under the automatic route for Greenfield pharmaceuticals and manufacturing medical devices. Make in India initiative by Government of India includes biotechnology sector with an objective to of turning the country into a global manufacturing hub by smoothening business processes and attracting foreign companies to set up factories in India and invest in the infrastructure of the sector. Government has also set up Biotechnology Patent Facilitation Cell (BPFC) for helping the patent seekers, creating awareness and understanding among biologists and biotechnologists, keeping a watch on development in the area of Intellectual Property Rights (IPR). New disease and lifestyle changes of the increasing population will boost up patient pool by 20% in next 10 years. The sector in India is also growing generously to take care of the patients.