India will reach its goal of a $5-trillion economy “a taint sooner than we think”, Biocon Executive Chairperson Kiran Mazumdar-Shaw has said.
Biotech will also have a huge role in contributing to the $5-trillion goal, according to Mazumdar-Shaw, who is also the chairperson of the Vision Group for Biotechnology of the Karnataka government.
“India is on a roll,” she told BQ Prime on the sidelines of the Bengaluru Tech Summit 2023. “We have an impressive digital urban infrastructure which we’re leveraging—from payment gateways to direct transfers—and many other aspects of the economy, including healthcare.”
It was earlier forecasted that the biotech economy would be at $150 billion by end of 2025, but it is already tracking at $137 billion, according to Mazumdar-Shaw.
“Attaining this target within the fiscal is very doable, which means we’ll have to revise our targets for 2025 closer to $200 billion and beyond. I’m excited with the leaps and bounds being made in biotech. Health data is also proving to be a large opportunity,” she said.
The Karnataka government also unveiled a fresh draft biotech policy for the state. “We keep revising our biotech policies regularly. This is yet another revision, given the fact that these are emerging technologies. So, this draft biotech policy factors the new technologies like digital biotechnology, use of data (and) AI to drive drug discovery and manufacturing,” Mazumdar-Shaw said.
She pointed out that the state is also looking at newer areas like synthetic biology which also uses new technologies to accelerate the pace of development.
“We’re looking at cell and gene therapies, and regulatory sandboxes we can create to further augment the startup ecosystem and accelerate the lab to market access of new technologies.” BQ Prime