BFI and BIRAC ink a Letter of Intent to advance biomedical innovation

Blockchain for Impact (BFI), a philanthropic organisation, has signed a Letter of Intent to collaborate with the Biotechnology Industry Research Assistance Council (BIRAC), Department of Biotechnology, Government of India, marking a significant step forward in promoting biomedical innovation and biotechnology startups.

The announcement of this strategic Letter of Intent was a significant step forward for both BFI and BIRAC in their efforts to stimulate biomedical research. BFI and BIRAC stated that it arrived at an appropriate time for India's economic growth. The Indian bioeconomy was valued at more than $100 billion in 2022 and is expected to reach $150 billion by 2025. 

Furthermore, India ranks 12th internationally in biotechnology and third in the Asia-Pacific region, with a 3-5% part of the global biotechnology market. The country is also ranked 40th in the Global Innovation Index 2022, demonstrating its expanding presence in the global science and technology sphere.   Using this favorable growth environment and the positive policy support infrastructure, including the recently announced BioE3 policy, BFI intends to align its vision for biomedical research and innovation with that of the government, resulting in an impactful public-private collaboration to effectively leverage India's biomedical research capabilities.