INDIAN BIOTECH INDUSTRY AT A GLANCE IN 2022 - 2023 India stands 12 th globally as far as Biotechnology Industry is concerned and is the 3 rd largest Biotechnology industry in the Asia-Pacific Region. New start-ups have emerged in the Indian Biotechnology scene. The total number of biotechnology start-ups is at 5,365, as of 2022. The number of startups is expected to touch 10,000 by the year 2024.
The largest portion of the Indian bio-economy continues to be accounted for by bio-pharma. Biopharma accounted for 49% share of the bioeconomy, and its total economic contribution was estimated at US$ 39.4 billion. By 2025, the vaccination market in India is projected to be worth US$ 3.04 billion (Rs. 252 billion).
India is the world’s third-largest producer of recombinant Hepatitis B vaccine.
And the second-largest producer of BT cotton.
Scope for Biotechnology in India• Patient pool is expected to increase by over 20% in the next decade, mainly due to the rise in population.
• New diseases and lifestyle changes would boost the demand for drugs and Biotechnology devices.
Market sizeIndia’s bio-technology industry has grown from US$ 10 billion to US$ 80 billion in the last 8 years in 2022-2023. India’s bioeconomy contributes 2.6% to India’s GDP, as of this current financial year. India's bioeconomy is poised to reach US$ 300 billion by 2030.
Indian Biotechnology in Covid controlAbout US$ 14.56 billion was spent by the Indian Biotechnology firms for Covid-19 vaccination and testing drive. Covid-19 vaccines had a worth of US$ 8.7 billion, whereas testing cost US$ 5.9 billion. 1.45 billion Covid-19 doses were administered in 2021, and 1.3 million Covid tests were taken every day.
Industry InvestmentsInvestment in India's bioeconomy increased 400%, reaching US$ 507.77 million (Rs. 4,200 crore) in 2022to 2023 from US$ 1.20 million (Rs. 10 crore) in 2014.
In the Union Budget 2023-24, the Department of Biotechnology (DBT) was allotted US$ 162.7 million (Rs. 1,345 crore) to promote research and development by the Indian Government.
Biotech ExportsIn FY22, India’s pharmaceutical exports touched Rs. 1.8 trillion (US$ 23.04 billion). Formulations and biologicals account for 73.31% of the country's total exports, followed by bulk drugs and drug intermediates.
Industry ForecastThe Indian biotechnology industry is expected to reach US$ 150 billion by 2025 and has the potential to reach US$ 270-300 billion by the year 2030. By 2025, the contribution of the Indian biotechnology industry to the global biotechnology market is expected to grow to 19%. The Indian biologics market is forecasted to reach US$ 12 billion by 2025, at a CAGR of 22%. It is expected that the bio-economy in the country will reach the US$ 150 billion mark by 2025.