Bharat BioEconomy to touch $30 trillion by 2050: IBER 2024

“The Indian BioEconomy is projected to rise to $30 trillion by 2050, within a global economy valued at $228 trillion, representing a significant increase in its economic share from 4 to 13 per cent,” according to the India BioEconomy Report (IBER 2024), prepared for 'Make In India Facilitation Cell for Biotechnology' of Biotechnology Industry Research Assistance Council (BIRAC), by Association of Biotechnology Led Enterprises (ABLE).

- Dr Manbeena Chawla

Releasing the India BioEconomy Report at the three-days Global Bio-India (GBI) 2024 event on September 12 in New Delhi, Dr Rajesh Gokhale, Secretary, Department of Biotechnology (DBT) said“With more than five sectors generating over $1 billion each month, India’s BioEconomy reached a value of $151 billion in 2023. This growth is matched by a thriving entrepreneurial landscape, with 1,776 new biotech startups joining the ecosystem, showcasing India’s robust innovation capabilities”.

The report highlights the sector’s increasing significance as it now accounts for 4.25 per cent of India’s Gross Domestic Product (GDP) of $3.55 trillion in 2023. India’s BioEconomy registered a 10 per cent growth rate in 2023, characterised by a strong industrial focus, with BioIndustrial and BioPharma collectively accounting for over 83 per cent of the sector’s value.

Indian startups have developed over 800 products and raised more than $600 million in follow-on funding, as per the report. However, while 2022 saw 31 deals totalling $938.8 million, 2023 saw a dip, with only 16 deals worth $199.6 million. On a positive note, the medtech sector witnessed a robust growth in Foreign Direct Investment (FDI), rising from $370 million in 2022 to $480 million in 2023. In contrast, FDI in pharmaceuticals dropped from $2 billion to $1 billion in the same period, signalling shifting investment priorities.

The report predicts a surge in biotech startups, from 8,531 in 2023 to an impressive 35,460 by 2030. This growth will significantly boost employment, creating 35 million jobs. The report highlights five states as leaders in the biotech startups space, which includes Maharashtra (1,421), Karnataka (1,054), Telangana (872), Delhi (875), and Uttar Pradesh (699). These states account for over 50 per cent of all biotech startups in India.