Business News/ Industry / Manufacturing/  India’s biotech sector likely to reach $150 billion in 4 years: Minister

The union minister of state for science and technology Jitendra Singh on Saturday said that He said, today, the Indian biotech sector is expected to grow from the current size of $70 billion to $150 billion in the next four years.

Speaking at the Biotech Start-up Expo here, Singh said that India is moving from women specific to women-led projects in the biotech startups sector and its growth cannot be accomplished without the active participation of women.

The minister said that women scientists have carved a niche for themselves in space, nuclear science, drone and nano-technology and added that many of the big scientific projects including that of the most ambitious manned-mission ‘Gaganyaan’ to be launched in 2023 are being led by women scientists.

He added that market conditions, access to varied business opportunities, and female entrepreneurs’ readiness to jump into the world of business ownership create a winning trifecta.

He also said that the number of biotech startups in the country has increased from 50 to over 5,000 in the last eight years, because of the support and enabling milieu provided by Prime Minister Narendra Modi ever since he took over in 2014. It is expected to cross the figure of 10,000 by 2025, he added.

Singh also said that biotechnology is the key enabling technology driving bio-economy that is recognized as a sunrise sector. India is ranked 12th in the world in biotech, 3rd in Asia-pacific and the largest vaccine manufacturer in the world, he added.

He said that industry, both large and small, and academia have to come together to create and support this ecosystem and culture of innovation. “Each partner brings its own expertise, resources and resolve to support this ecosystem." he said

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Updated: 11 Jun 2022, 07:58 PM IST
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