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BHARAT EYES GLOBAL BIOMANUFACTURING DOMINANCE: Boosting Innovation, Collaboration & Entrepreneurship with BioE3 Policy
Bio Spectrum
|BioSpectrum India Oct 2024
Bharat has demonstrated a strong economic growth in the past decade and is poised to be amongst the global leaders in the next industrial revolution by leveraging emerging technologies and new innovative solutions.
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Bharat is competitively positioned to be amongst the global leaders in futuristic manufacturing that leverages living systems. Biomanufacturing can fundamentally transform the global economy from today's consumptive manufacturing paradigm to the one based on regenerative principles. Biomanufacturing refers to the use of engineered microbial, plant, and animal (including human) cells with increasing precision and control to produce commercially important products on scale. These are versatile processes that have the potential to create bio-based products allowing efficient utilisation of resources, in a scalable and costeffective manner with reduced environmental impact. Keeping in view the national priority of steering Bharat on the path of accelerated 'Green Growth', an integrated BioE3 (Biotechnology for Economy, Environment and Employment) Policy for "Fostering High-Performance Biomanufacturing" with an aim to make a green, clean, prosperous, and self-reliant Bharat was released on September 12 at Global Bio-India (GBI) 2024. Let's take a look at how the BioE3 Policy for biomanufacturing is set to transform this landscape.
Bharat's bioeconomy is estimated to be valued around $300 billion by 2030, making it the third largest biotech destination in Asia Pacific and one of the top biotech destinations globally. With COVID-19 providing the industry with a much-needed boost, the country's bioeconomy reached $151 billion in 2023 and witnessed an exponential increase in valuation over the previous 11 years. As one of the top hubs for bioinnovation and biomanufacturing today, Bharat is recognised as a rising sector and a crucial component of the country's economic growth plan, which aims to see its GDP grow to $5 trillion by 2027.
This story is from the BioSpectrum India Oct 2024 edition of Bio Spectrum.
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