India's bio-economy growing at 14 per cent, says DBT secretary

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Chandigarh, June 28

Stating that the Indian bio-economy was valued at 90.12 billion US dollars in 2022, the secretary, Department of Biotechnology (DBT), Dr Rajesh S Gokhale, today said this sector had a 14 per cent compounded annual growth rate.

Speaking at a seminar on road map for medical devices organised by the Central Scientific Instruments Organisation (CSIO) here, he said the country now had over 7,000 biotechnology start-ups.

He said India was the third largest biotech destination in the Asia-Pacific Region and among the top 12 destinations for biotechnology in the world, besides having the second highest number of Federal Drug Administration-approved manufacturing plants outside the United States.

He also highlighted the department’s efforts in promoting medical technology and innovation, providing manufacturing support and developing a viable research ecosystem for biomedical engineering.

A meet on “Innovations in Materials for Energy and Environmental Technologies” was also held to foster collaborative and interactive research and highlight present state-of-the-art advancements and breakthroughs in advanced materials and devices in photonics, electronics, biomedical sciences and additive manufacturing.

The events focused on medical devices and innovations in materials for energy and environmental technologies and brought together experts, researchers and industry leaders on a common platform to discuss and strategise the roadmap for achieving self-reliance in medical devices.