“I think the 21st century will be at the intersection of biology and technology. A new era is beginning,”— Steve Jobs.
Biotechnology is the amalgamation of biological sciences with technology, to produce a solution to real-world disease and environmental issues. Over the years it has made major contributions towards making the world more sustainable, resourceful and environmentally friendly. It has helped us set up sustainable industries, by allowing us to design more efficient industrial production processes. Currently the biotech industry is valued at about $370 billion in 2017, according to the reports of market analyst Grand View Research, it is predicted that the global biotech industry may possibly grow to $727 billion by 2025.
Nonetheless, progress in technology, is not adequate to incorporate biotechnological methods into various industrial value chains. This integration should be widely accepted by society. The general public and decision-makers should accept these integrations, for the future expansion and commercialization of industrial biotechnology. Both are nurtured by the acuity and awareness of the economic, social and ecological benefits of industrial biotechnology. The last three years have seen a balanced development in the quality and numbers of startup movements, in India’s science and technology. Indian companies today have become pioneers in the plethora of domains, such as computer science, engineering, medicine, drug discovery and agriculture. This has led them to move briskly beyond their comfort zone of e-commerce ventures.
Many diverse bunches of entrepreneurs are setting up businesses for new methods of drug delivery, regenerative medicine, novel biocompatible materials, sustainable energy, molecular diagnostics, agriculture, and nutrition.
India a Fertile Ground for Biotechnology Startups
Twenty years ago when the first generation of Biotechnology startups arose, India lacked experienced personnel in the field. The earlier biotech startups industry was mostly service oriented, due to the lack of funding available to set up a product-oriented business. India wasn’t a big market for biotechnology then, making venture capitalist least interested in funding startups here. It lacked the infrastructure and experienced personnel for biotechnology research and development (R&D). However, the past few years have seen a drastic positive change in this scenario. The present generation of entrepreneurs has the zeal and courage to attack these problems head-on, with the financial backing provided by the government programs.
“I’m an investor in a number of biotech companies, partly because of my incredible enthusiasm for the great innovations they will bring.” —Bill India has now become a biotech growth catalyst. Currently, it is one of the top 12 destinations for biotechnology in the world. Approximately, three percent of the global investment is currently invested in India. Comprising of about 800 companies, the biotechnology industry in the country is estimated to grow over CAGR of twenty percent to reach USD 100 billion, by 2025.
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