Bio-RIDE Scheme to Support R&D in Biotechnology

Syllabus: GS3/Science and Technology

Context

• The Union Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to support cutting-edge research and development in biotechnology.

About

• Bio-RIDE combines two existing schemes — Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED) — with a new component, Bio-manufacturing and Bio-foundry.
• The outlay for the implementation of the scheme is Rs.9197 crore during the 15th finance Commission period from 2021-22 to 2025-26.
• Implementation of Bio-RIDE Scheme will;
  • Promote Bio-Entrepreneurship: Bio-RIDE will nurture a thriving ecosystem for startups by providing seed funding, incubation support, and mentorship to bio-entrepreneurs.
  • Advance Innovation: The scheme will offer grants and incentives for cutting-edge research and development in areas like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
  • Facilitate Industry-Academia Collaboration: Bio-RIDE will create synergies between academic institutions, research organizations, and industry to accelerate the commercialization of bio-based products and technologies.

Status of Biotechnology in India

• India ranks 3rd in the Asia-Pacific region and 12th globally in terms of biomanufacturing.
  • Biotechnology, a sunrise sector, has achieved a valuation of Rs 75,000 crore over the past 10 years.
• The Indian Biotechnology industry was valued at $93.1 billion in 2022, with expectations of reaching $300 billion by 2030.
• In the Global Innovation Index,  India has climbed from 81st place in 2015 to 40th out of 132 economies in 2023.
• In 2022, BioEconomy accounted for 4% of India’s gross domestic product (GDP) of $3.47 trillion and employs over 2 million people.

Government Initiatives

• Biotechnology Industry Research Assistance Council (BIRAC) established by the Department of Biotechnology (DBT) is aimed at strengthening and empowering emerging biotechnology enterprises to undertake strategic research and innovation.
• Policy initiatives of the Government of India (GoI) such as Startup India and Make in India programs are aimed to develop India as a world-class Biotechnology and Bio-manufacturing hub.
• Favorable Government Policies like Draft R&D Policy 2021, PLI Schemes and Clinical trial rules have propelled India to be the ‘pharmacy of the world’. 
• FDI Policy: 100% FDI is allowed under the automatic route for greenfield pharma. Also 100% FDI is allowed under the government route for brownfield pharma.
  • Up to 74% FDI is under the automatic route and beyond 74% is under the government approval route.

Concluding remarks

• The Bio-RIDE scheme is designed to foster innovation, promote bio-entrepreneurship, and strengthen India’s position as a global leader in biomanufacturing and biotechnology. 
• It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications. 

Source: PIB