Biotech will become the biggest foundation for health treatment: Union health minister

This sector’s contribution will be instrumental in making India a developed nation: Dr Mandaviya

“India’s ‘Bio Economy’ has grown eight times in the last eight years from $10 billion to $80 billion. In the coming times, biotechnology will become the biggest foundation for health treatment.” This was stated by Dr Mansukh Mandaviya, Union Minister for Health & Family Welfare as he virtually addressed the pre-event summit “Biotechnology: The Path of Innovation & Wellness for Viksit Bharat” in the presence of Bhupendra Patel, Chief Minister, Gujarat at Vigyan Bhavan, Science City, Ahmedabad, Gujarat today.

The summit is a preliminary event leading up to the 10^th Vibrant Gujarat Global Summit that will take place on January 2024 at the Mahatma Gandhi Mandir, Gandhinagar under the theme of ‘Gateway to the Future’.

Dr Mandaviya noted that Indian biotech industry aiming to grow to $150 billion by 2025 and $300 billion by 2030, and India is currently among the top 12 destinations for Biotechnology in the world with approximately 3 per cent share in the Global Biotechnology Industry. He stated “This industry will become a medium for finding solutions for complex problems in various spheres such as agriculture, environment, industrial production and many more. In light of this, in the future, the economy will become biotechnology based.”

Quoting PM Modi, Dr Mandaviya stated “in the global biotechnology ecosystem, India will soon feature as one of the top ten nations.” Reiterating the Prime Minister’s vision of India achieving the status of a developed nation by 2047, Dr Mandaviya cited that “this sector’s contribution will be instrumental in making India a developed nation.”

Highlighting the growth and prowess of the industry, Dr Mandaviya stated that the vaccination produced by India during the pandemic showcased India’s power in the field of biotechnology to the world. Underscoring the importance of this sector, the Union Minister stated “the National Biotechnology Development Strategy 2020-25 provides the government a platform to strengthen skill development, resource and innovation converging into one strong ecosystem for knowledge sharing.” He stated it further facilitates commercialisation and market linkages by encouraging private-public partnership models in these sectors.

Commending the progress of the nation and industry in this sphere, the Dr Mandaviya praised the participation of startups, industries and industry associations, researchers and academicians across the nation for contributing to the development of this sector.

He further cited that “Biotechnology sector is known as the sector of hope. With its rapid growth, it will provide significant contributions to the world.”