India's BIRAC is propelling the country to global biotech leadership

As India's bioeconomy soars to a remarkable valuation of $151 billion, the government's Biotechnology Industry Research Assistance Council (BIRAC) has underscored the critical need for innovation and private sector investment to unlock further growth.

From a staggering $92.3 billion valuation in 2022, the industry has set its sights on an ambitious goal of $300 billion by 2030, with the BIRAC, a key catalyst in this journey, spearheading a multi-pronged strategy to propel India to the forefront of global biotech innovation, reports The Pharma Letter’s India correspondent. The BIRAC, established by the Department of Biotechnology (DBT), is a government-backed not-for-profit organization.

Dr Jitendra Kumar, managing director of the BIRAC, said India's biotechnology sector is on the cusp of a revolution. Over the past decade, India’s bioeconomy has transformed, evolving from a nascent sector into a robust contributor to the country's economic growth.