Karnataka set to be half of India’s $100 billion bio-economy by 2025

2020/11 19 13:11

Karnataka is effectively on its path to develop and contribute 50 per cent to the nationwide bio-economy which is anticipated to cross a $100 billion mark by 2025, mentioned Kiran Mazumdar-Shaw, chairperson of Biocon.

Talking on the opening session of the State’s annual tech occasion, Bengaluru Expertise Summit, she mentioned Karnataka’s bio-economy is estimated to have contributed $22.6 billion to the nation’s bio-economy in 2019, accounting for 10.2 per cent of Gross State Home Product.

“That is of immense significance when in comparison with the valuation of nationwide bio-economy, which has been estimated at $62.5 billion at present. Meaning, Karnataka already accounts for 1/three of nationwide bio-economy. We need to quickly scale this and purpose to be 50 per cent of the $100 billion bio-economy by 2025,” she mentioned.

In her commentary on the State’s bio-economy panorama, Mazumdar-Shaw mentioned, Karnataka was the primary State within the nation to introduce a coverage on biotechnology on the flip of the millennium, when the sector was nonetheless in its infancy.

Most well-liked vacation spot

Inside a span of 20 years, the State has emerged as the popular vacation spot for biotech investments within the nation. As we speak, it hosts round 60 per cent of the biotech firms within the nation and employs round 54 per cent of the nation’s complete biotech workforce. The State is residence to as many as 380 biotech firms and over 200 start-ups, representing 18 per cent of the whole registered biotech start-ups in India, she added.

“We’ve got been on the forefront of a number of improvements which might be serving to reimagine the way forward for healthcare. Innovators within the State are leveraging thrilling, cutting-edge alternatives corresponding to Synthetic Intelligence, knowledge evaluation and CRISPR gene-editing know-how to handle rising international ailments challenges,” she elaborated.

In line with Mazumdar-Shaw, who can be chairperson, Imaginative and prescient Group on Biotechnology, the State’s emergence as a frontrunner in biotech-led innovation is a fruition of the plans laid out by the Karnataka Imaginative and prescient Group on Biotechnology 20 years in the past.

“Whether or not it’s diagnostics, vaccines, therapies or telehealth, know-how has acted as a saviour for us on this pandemic,” she mentioned. The tech summit was happening at a time when Covid-19 has highlighted the transformative energy of biotechnology and data know-how in offering options to quickly and successfully tackle this international pandemic, Mazumdar-Shaw identified.

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