India’s
fastest growing knowledge based industry, the biotechnology sector, has been in
the spotlight over the past several years. With a vast talent pool of trained
scientists and engineers, world class R&D institutes with access to cutting
edge technologies and India’s inherent manufacturing cost advantage, the
country’s biotechnology industry is expected to hit an average growth rate of
around 30 percent a year and touch $100 billion by 2025.
The
optimism and expectation surrounding the industry owes much to the strong focus
by Central and State governments on creating biotech hubs to tap the
entrepreneurial and innovative talent of industry professionals. The Startup
India initiative launched on January 16, 2016 has given a further impetus to
the momentum created by the Make in India campaign. The key challenges to
biotech innovation were lack of funds, high capital intensity needed to launch
startups and the resources required to sustain the long gestation period
between ideation and end product manufacture. To meet these challenges, the
Department of Biotechnology and the Biotechnology Industry
Research Assistance Council (BIRAC) have provided funding
support and incentives for the development of biotech incubators. Other
noteworthy steps taken to create a nurturing ecosystem include creation of University
Innovation Clusters, innovative funding by Small Business Innovation
Research Initiative (SBIRI) and Biotechnology Industry Partnership Programs
(BIPP) where the Government partners with the industry on a cost sharing basis
to support the development of high risk but innovative technology. Results
indicate that this concerted effort to ensure that the biotech industry
achieves its enormous potential has started paying rich dividends. As per
figures published by the Department of Biotechnology, there are more than
240 start-ups and innovators and 89 incubatees in the country.
The Rajiv
Gandhi Centre for Biotechnology (RCGB) is an active participant in India’s race
towards developing an innovative, versatile and cutting edge biotechnology
sector. RCGB-managed Bio-Nest technology and business development incubator at
KINFRA Biotechnology Park in Kochi is a 50,000 square foot business incubator
where a dynamic environment exists for biotech start-ups. The objective is to
accelerate the commercialization of new technologies, nurture emerging ventures
and to assist entrepreneurs to forge appropriate link with other biotech
companies, academia and government.
Bio-Nest
also provides the overheads that start-ups often lack. This includes
management, administrative and back office support. Freedom from the
nitty-gritty of running an establishment and access to funding, research and
technology provided by Bio-Nest gives entrepreneurs and innovators the opportunity
to concentrate on product development, marketing and sales. This comprehensive
support will help India’s young tech generation to breach new frontiers of
innovation in the biotechnology sector.