Global Bio-India 2019: Commerce Min extends support to biotech sector startups

New Delhi: The Union Minister of Railways and Minister of Commerce & Industry, Piyush Goyal yesterday said the Government has simplified the Patents regime for startups and MSMEs to encourage innovation. He assured that the Ministry of Commerce & Industry will extend all support to new and emerging enterprises in the Biotechnology sector.

Goyal was addressing the gathering after giving away Awards at the Global Bio-India Summit 2019 in New Delhi today. Goyal said biotechnology is a key sector to fulfill India’s aspirations.

“The Prime Minister’s vision of New India is intertwined with the Department of Biotechnology’s enterprising endeavours,” said Goyal. “The aspirations of 1.3 billion Indians rest on our success to adopt technology and innovations that lead to transformations,” he added.

Goyal said India was the first country in the world to have a separate Department of Biotechnology. “Outside the US, the largest number of FDA approved drugs, 523 in numbers, come from India,” said the Minister.

“From the present nearly Rs 3.5 lakh crore worth of biotechnology industry in India, the Department of Biotechnology (DBT) aims to top Rs 7 lakh crore output by 2025, and analysts say this could even touch Rs.11 or 12 lakh crores,” he predicted.

Calling upon academia, industry and Government to come together, Goyal said sustainability will be the fulcrum for innovation. Goyal also released various reports and launched a web portal for biotechnology startups.

Member, NITI Aayog, Vinod K. Paul and Secretary, DBT, Renu Swarup also addressed the gathering.

Union Minister for Science and Technology, Earth Sciences, and Health and Family Welfare, Harsh Vardhan, who had inaugurated the Summit along with the Minister for Petroleum & Natural Gas and Steel, Dharmendra Pradhan, also released a report on the bright future of biologics and biosimilars at the Summit yesterday.

Before that, Vardhan had released a report on private investment in biotechnology. The report, among other things, highlighted the need for the Government to find out why there was inadequate private investment in biotech research.

Speaking at the inauguration, Vardhan had remarked that India has the potential to emerge as a world leader in Biotechnology, while Dharmendra Pradhan noted that India has the highest scope globally for growth of biofuels.

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The ID Staff

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