India’s Scope For Biotech

A nation’s ambitions, even if delayed, are laudable to a patriot. It becomes incumbent upon us to cheer the right decisions, historically impeded as they may be, simply because thankfully, it’s finally happening! For generations, India’s attitude towards research and development was almost akin to feeding foreign universities and companies. A reverse brain drain that happened in plain sight as bright and able Indian minds contributed towards global innovation. All at the same time, when we desperately needed it back home, too. It’s not that nothing happened on Indian shores; of course, we made some strides, but did we ever optimally push sectors such as research and development? We didn’t even scratch the surface.

Soon after acquiring our Independence, our forefathers had bigger fish to fry. Robbed of our riches and prospects by the colonial raj, it was a time of fighting poverty, establishing reliable healthcare, encouraging industry, and generating employment. Even after we stabilised our existence on the back of newfound freedom, we didn’t enthusiastically take up the cudgels of innovation. For years, India continued to spend about 0.6-0.7 per cent of its gross domestic product (GDP) on R&D compared to the US, China, and Israel, which spend anywhere between 2.5 per cent and 5 per cent. Countries such as China have gradually surpassed us, and the reality of the advancement of their technologies is there now for all to behold. I mean, just ask Galgotias University.

But finally, change is afoot. Maybe it’s the USD 300 billion dollar opportunity in the bioeconomy sector or the early successes of tenacious biotech startups such as String Bio, Eyestem, Bugworks Research, Pandorum Technologies, among others — but the tide is definitely turning. These brilliant teams are creating path-breaking treatments that will not only serve the world but, in many instances, dramatically democratise access by reducing cost. As per the recently released ‘India’s Biopharma Moment’ by venture capital firm Endiya Partners, in 2026, the bioeconomy sector is pegged at USD 195 billion, and the projected USD 300 billion will come briskly by 2033 — a massive testament to the bullishness surrounding it.

Unlike in other countries, the majority of the support to R&D in India has come from the Indian government. As paltry as it may have been compared to other nations, it must be noted that for a very long time, the government, even in its limited capacity, has been the primary benefactor. Private capital has largely remained absent, chasing quicker and larger returns. A handful of investors have propounded patient capital in the recent past; a trend that the government hopes will pick up pace in contemporary times. So enthused is the government by the possibility of this sector that, along with industry-friendly policies and programmes, a Rs 1 lakh crore Research, Development Innovation Fund (RDIF) has been constituted to mobilise private capital.

As gung-ho as the horizon may seem, there are still sobering realities to grapple with, though. Even if capital is not an issue, the efficacy of the regulator will remain in question. Industry leaders say that approvals are slow and often not time-bound, unlike in other nations. It’s also true that perhaps the regulatory teams don’t have the experience of handling breakthrough R&D swiftly. Therefore, while the government encourages more investors to pump in capital into the sunrise sector, it must simultaneously strengthen domestic regulatory processes and compliance with a view to elevating us to world standards.

Here’s taking an unbiased look at the brass tacks — the opportunity is well-established, the talent has long been ready, and the right kind of capital is finally on its way. Everything seems well-aligned, but what about the cost of lost time? Can we scale speedily enough to accomplish the potential already achieved by other nations and possibly even dream of leading in a few? Or are we destined to play catch-up? Industry leaders and practitioners opine that India’s time to shine, at least in the field of bioeconomy, may well be nigh. A lot will transpire in this coming decade, and all eyes are on us.

Views expressed are personal. The writer is an author and media entrepreneur