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Need to set a new target of $200 billion for India’s bioeconomy: Kiran Mazumdar-Shaw, ET HealthWorld


New Delhi: India is on the cusp of a major breakthrough when it comes to scaling up this enormous bioeconomy. New opportunities in the era of synthetic biology, gene editing, personalised medicine, precision medicine, and digital healthcare, which is now getting into this very exciting realm of digital prognostics and predictive diagnostics, said Kiran Mazumdar-Shaw, Biocon executive chairperson.

Participating in the 3rd edition of Global Bio-India summit, Mazumdar Shaw informed that India needs to set a new target for India’s bioeconomy for 2025, “I still recall that in 2018, when we set ourselves a very daunting target of creating $150 billion economy, we wondered whether we could do it. Today, we are not only on track to achieve this, we are set to achieve the target of $150 billion by the end of this fiscal. This means that a new target of approximately $200 billion lies ahead of us for 2025.”

Noting that Rajesh Gokhale, Secretary, Department of Science and Technology (DST) mentioned that the biotechnology sector accounts for four per cent of the Indian economy, Mazumdar Shaw said, “I hoped that this percentage will rise to 10 per cent of the Indian economy by 2047. That is the potential and scale of this sector.”

Further, she added that biotechnology is not a sector it is an ecosystem. Bioeconomy brings economic development to any country and as far as India is concerned it addresses many challenges and opportunities in climate change, sustainability, energy independence, food and nutrition, healthcare, and other aspects of economic development.

“What is very crucial about the biotech economy is that it is a very inclusive economy. There is something in it for every part of our society to engage in. And today, I think the opportunities are even greater because of technology convergence. New opportunities in the era of synthetic biology, gene editing, personalised medicine, precision medicine, and digital healthcare, which is now getting into this very exciting realm of digital prognostics and predictive diagnostics is something that India has a huge opportunity to reap from,” she stated.

Calling upon a collective effort, Mazumdar Shaw said, “We should see how we can sensitise capital markets, to provide exits to venture funds and major investors. Without that access and exits to capital markets, we will not be able to speed up these really exciting ideas. India has an enormous opportunity because of its demographics, its size, and because of the opportunities that this great country creates for entrepreneurs, and what we are doing is developing innovation that has mobility. It is exciting for all of us to march over to take India to its rightful leadership position in global biotechnology.”

  • Published On Dec 6, 2023 at 12:50 PM IST

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