The India BioEconomy Report (IBER 2024), prepared by the Association of Biotechnology Led Enterprises (ABLE) for the ‘Make In India Facilitation Cell for Biotechnology’ of BIRAC, was released during the Global Bio India 2024 event in New Delhi on September 12.
India’s BioEconomy reached $150.97 billion ($151 billion) in 2023, contributing 4.25% to the country’s GDP of $3.55 trillion. This represents a robust 10% growth for the sector, underscoring its increasing importance. The BioEconomy’s industrial focus remains strong, with BioIndustrial and BioPharma segments collectively making up over 83% of the sector’s value.
Indian biotech startups developed more than 800 products and raised $600 million in follow-on funding in 2023. However, the number of deals fell from 31 deals totaling $938.8 million in 2022 to 16 deals worth $199.6 million in 2023. On the positive side, Foreign Direct Investment (FDI) in MedTech grew from $370 million in 2022 to $480 million in 2023, while FDI in pharmaceuticals decreased from $2 billion to $1 billion.
The report projects a significant surge in biotech startups, growing from 8,531 in 2023 to 35,460 by 2030, expected to create 35 million jobs. Maharashtra, Karnataka, Telangana, Delhi, and Uttar Pradesh lead with over 50% of biotech startups.
Looking ahead, India’s BioEconomy is expected to grow to $30 trillion by 2050, becoming a key driver of sustainable economic growth, with its share in the global economy rising from 4% to 13%. Strategic investments and supportive policies will be crucial for realizing its full potential.
