In an article published by Financial Express it was reported that India’s bioeconomy or bio-based economy might grow to $100 billion in size by 2025 from $50 billion in 2018 on the back of innovations in biotech and efforts made by all stakeholders, according to Dr Manish Diwan, Head – Strategic Partnership & Entrepreneurship Development, Biotechnology Industry Research Assistance Council (BIRAC).

Diwan was speaking at an event highlighting the role of women entrepreneurs in biotechnology and BIRAC’s role said that more than 60 of women founders among its beneficiaries “have shown great aptitude in converting opportunities into value.” The council functions as an industry-academia interface and focuses on helping startups and SMEs in the biotechnology space grow by fostering innovation and entrepreneurship. It offers incubation support to enterprises from idea to late-stage along with funding support.

Financial Express has also found that BIRAC has so far supported 516 startups that have generated 767 jobs and created 166 intellectual properties.The council had launched Bio-Nest programme to support setting up of bio-incubators for offering incubation space to startups, enable interactions with industry, mentorship etc. So far it has set up 40 bio-incubators and has committed Rs 213 crore for the Bio-Nest programme and has a mentor pool of over 600 mentors, according to the details on its website.

Source: https://www.financialexpress.com/industry/sme/innovations-in-biotech-likely-to-create-100-billion-bioeconomy-by-2025-says-birac/1699793/

In an article published by Financial Express it was reported that India’s bioeconomy or bio-based economy might grow to $100 billion in size by 2025 from $50 billion in 2018.