Life Science Company News

Global Bio-India 2023 attracts global interest for India's $300 billion biotech potential from companies, academia, and start-ups

  • From $92.3 Bn to $300 Bn: GBI 2023 Sets the Stage for India's Biotech Meteoric Rise
  • Leading US biotech giants converge in India, marking a historic collaboration that positions the Global Bio-India 2023 event as a pivotal hub for international biotech partnerships.

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- The Global Bio-India 2023 event organized by the Department of Biotechnology (DBT), Ministry of Science & Technology, Government of India, and its Public Sector Undertaking, Biotechnology Industry Research Assistance Council (BIRAC), is set to take place from December 4-6, 2023, in India. Global Bio-India 2023 would be the largest congregation of biotech startups. The central theme of Global Bio-India 2023 is Biotech Innovation and Bio-manufacturing.

With the Indian biotech industry reaching $92.3 billion in 2022 and targeting an impressive $150 billion by 2025 and $300 billion by 2030, the event invites individuals and companies worldwide to participate and establish their innovative practices in a thriving market driven by escalating demand both domestically and internationally. Global Bio-India 2023 is not just an event; it's an opportunity to shape the future of biotechnology on a global scale  (Source).

With the global biotech market estimated at USD one trillion in 2022 and projected to grow at a CAGR of 7.4 percent to 15.6 percent from 2023 to 2030, the conference serves as a catalyst for collaborative advancement in the rapidly evolving biotechnology sector (Source). North America commands the industry's growth, contributing to a substantial 37.76 percent revenue share in 2022 (Source). Key factors, such as robust R&D initiatives, the presence of significant competitors, and considerable healthcare expenditures propel the growth of the biotech sector in North America.

The conference will bring together stakeholders from across the world like the regulatory bodies, government players, SMEs, large industries, bio clusters, research institutes, investors, and the startup ecosystem. With a focus on biosafety, ethics, and inclusive growth, the event benefits global stakeholders in Life Sciences, Healthcare, Industrial Biotech, Agri-Tech, Med Tech, and Clean Energy. Global attendees can expect opportunities for business growth and meaningful dialogues with policymakers.

Global Bio-2023 will see representation from over 30+ countries thus emerging as one of the biggest networking events connecting India's biotech network with the global community.  

US Experts, Investors, and Industry Players to Explore Collaborative Ventures

The participation of US biotech leaders in India underscores the strategic importance of the collaboration between two global biotechnology giants. In 2021, the US-India biotech trade surged to USD 9.8 billion, with the US accounting for over 40 percent of India's biotechnology imports (Source). It aligns with the fact that the US biotechnology market is the largest in the world, commanding over 50 percent of the global market (Source).

Hon'ble Union Minister of State (Independent Charge) Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said, "The event is testimony to the fact that India is set to enter the league of nation who are leaders in Biotech. This truly global event not only reflects the intention of Government to attract global players in India and increase FDI in Pharma and Biotech sector. We are also committed to take a leadership position in Biotechnology."

Dr. Rajesh S Gokhale, Secretary, Department of Biotechnology (DBT), said, "Global Bio-India 2023 is evidence of India's dedication to advancing biotechnology in the world. The conference serves as a crucial platform for fostering international collaboration to learn from one another as we navigate the future of biotechnology. We look forward to welcoming experts, investors, and partners from around the world to explore the vast opportunities within the dynamic biotech sector. The gathering reflects the shared vision of a globally connected biotech community, working towards transformative advancements."

Speaking about how the event is set to bring the global biotechnology industry together, Dr. Jitendra Kumar, Managing Director, BIRAC said, "As we kick off Global Bio-India 2023, envisioning a collaborative platform where global minds convene to discuss the latest in biotechnology. It is a unique opportunity for everyone in the field, from scientists to businessmen, to unite. With the Indian biotech industry set to reach $150 billion by 2025 and an ambitious $300 billion by 2030, the event calls on individuals and companies worldwide to participate and establish innovative practices in a thriving market driven by escalating demand. Serving as a hub for international stakeholders, it provides a forum to collectively address critical issues such as biosafety and ethics, fostering a collaborative spirit with a focus on inclusivity, ethics, and forward-thinking policies."

US luminaries, including Dr. Arun Kumar, Bioposthetics Inc, and Dr. Sarfaraz K. Niazi, University of Illinois, Chicago, will contribute to global discussions on the future of biotechnology. The conference will address topics, such as "Preparing for the next Pandemic - Accelerate Biotech," "Science Connect with Society," "Lignin Valorization," and global issues like biological manufacturing, smart proteins, bio-based energy solutions, and conducive regulatory frameworks.

About BIRAC

Set up by the Department of Biotechnology (DBT), Government of India, Biotechnology Industry Research Assistance Council (BIRAC), is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, which acts as an Interface Agency to improve and encourage the evolving biotechnology industry to execute strategic research and development activities in context to Nation's product development needs.

For Media Queries-

Contact Gutenberg at birac@thegutenberg.com

Cision View original content:https://www.prnewswire.com/news-releases/global-bio-india-2023-attracts-global-interest-for-indias-300-billion-biotech-potential-from-companies-academia-and-start-ups-302004191.html

SOURCE BIRAC

By: PR Newswire Association LLC. - 04 Dec 2023
Back to overview

Enhance your business development with Biotechgate