Biotechnology is a potential gamechanger for a country like India, where it can transform healthcare, agriculture, industrial processing and environmental sustainability sectors. Valued at approximately $7 billion in 2016, the biotechnology industry in India has biopharma as its largest sector, contributing over 60 per cent of the total revenue.
India has inherent capabilities in biotech and the country is one of the leading global hubs in clinical trials, contract research and manufacturing activities owing to a robust bio-services sector.
However, a lot needs to be done to achieve the set target of $100 billion turnover by 2025. The National Biotechnology Development Strategy-2015-2020, which aims to establish India as a world-class bio-manufacturing hub, envisages to build
a skilled workforce, encourage use-inspired discovery research, focus on biotechnology tools for inclusive development and fostering global and national alliances, among other steps.
In line with the government’s policy push, the Union Budget 2017-18 has allocated $333.31 million to the Department of Biotechnology (DBT), which is an increase of 22 per cent from the previous year. Dedicated policy for the development of biotechnology sector in states like Telangana are also steps in the right direction.