India Powers Global Healthcare, Supplying 40% of World's Generic Medicines

Indian companies supply 40% of the world's generic medicines, showcasing India's important role in global healthcare. Dr. Jitendra Kumar, Managing Director of BIRAC, stated that the biotechnology industry in the country is experiencing impressive expansion, with the bioeconomy currently estimated at USD 150 billion. Despite this success, there is still a considerable amount of unexplored potential in innovation and product development that could enhance India's reputation on a global scale within the sector.

BIRAC, established by the government's Department of Biotechnology (DBT), is a non-profit public sector organization that fosters innovation, entrepreneurship, and research in the field.

"We have enormous potential and capability, but when it comes to the value of our bioeconomy, we are ranked 14th globally. This is because much of the value stems from patented, innovative products' -- an area where India still needs to improve," Kumar said.

"So that emphasis effort from the government and BIRAC side is to actually promote that which is why we will now be promoting innovations that is why the biotech industry is concentrating on promoting new innovations and promoting and nurturing them," he said.

In order to fill this void, BIRAC is focusing on promoting innovation and supporting startups through different initiatives aimed at transforming academic research into marketable products.

"Our goal is to promote academic conversion into enterprise. Through initiatives like the Promoting Academic Conversion to Enterprise (PACE), we're helping scientists move their research out of labs and into the market," he said.