BioTech - #SectorUpdates
India’s biotechnology sector has a 3% share in the global biotech industry. It ranks 48th on the Global Innovation Index and comprises over 5,000 companies with 760 core companies and 4,240 startups. India’s bio-economy has grown 8 times in the last 8 years, from $10 billion to $80 billion. Developments in healthcare, agriculture, energy, natural farming, bio fortified seeds are creating new avenues for this sector. The other prominent growth drivers for this sector are diverse population, diverse climatic zones, talented human capital pool and rising ease of doing business. FDI in biotechnology in India puts the country among the top 12 favorable destinations for foreign direct investment (FDI) globally and makes it the third-largest in the Asia-Pacific region. It is fast becoming the foremost hub for contract research, clinical trials, and biotech manufacturing. It will be a crucial contributor to India’s goal of becoming a $5 trillion economy by 2024.