Editorial: Harnessing power of biotech
While BioE3 policy is a promising step, attracting investment and collaborations are a must
Despite India’s progress in biotechnology, particularly in vaccine development, the sector has not reached its full potential. The Union Cabinet’s recent approval for BioE3 (Biotechnology for Economy, Environment and Employment) policy is a welcome move to boost innovation in biomanufacturing, covering everything from medicines to bio-plastics. The policy aligns with India’s aim to become a developed nation by 2047, providing alternatives to traditional resources and addressing environmental concerns. Unlike the semiconductor industry, which arrived in India 15-20 years later, we must seize this opportunity now. Biomanufacturing will help existing industries meet growing demands for food and fuel while also creating new job opportunities. It must be pointed out that the next global revolution will be driven by the industrialisation of biological sources and processes, and India needs to position itself at the forefront of efforts to harness the emerging technologies in the sector. Biomanufacturing offers solutions to climate change, resource depletion, waste generation, and pollution through innovations like bio textiles and bioplastics. The new policy is rightly focused on addressing critical societal challenges such as climate change, food security and human health through sustainable and innovative biotechnology solutions. It seeks to establish a resilient biomanufacturing ecosystem that can accelerate the development of bio-based products. The government has acknowledged the need for enhanced public-private partnerships (PPPs) to drive innovation and commercialisation efforts. The success of the policy hinges on sustained financial support and collaboration between central and State governments. India’s biotechnology sector can benefit from successful PPP models like the one formulated by the European Union.
The global biotechnology industry is expected to grow from $412.2 billion in 2023 to $465.9 billion in 2024, driven by innovations like gene editing and biopharmaceuticals. India should focus on applied research to capitalise on emerging trends. The number of biotech startups is expected to cross 10,000 by 2024-25. While the BioE3 policy is a promising step, it is essential to create a conducive environment for long-term capital investment and foster collaborations. Without these enabling conditions, the policy’s impact may be limited. India needs to progress more in the field of biotechnology to fully realise its potential and contribute to global advancements in this sector. Biotechnology is recognised as a sunrise sector, playing a crucial role in India’s ambition to become a $ 5 trillion economy by 2025. At present, India ranks among the top 12 destinations for biotechnology worldwide. The country hosts the highest number of US FDA-approved plants outside the United States. Success stories like Biocon demonstrate the potential for Indian biotech firms to compete globally. India’s prowess in vaccine production has earned it the moniker “pharmacy of the world”, accounting for 60% of global vaccine production and contributing 40-70% to the WHO demand for Diphtheria, Tetanus and Pertussis (DPT). During the Covid-19 pandemic, India’s Serum Institute became the world’s largest vaccine manufacturer.
