In a recent industry development, the Indian Angel Network (IAN) has signed a Memorandum of Understanding (MoU) with Biotechnology Industry Research Assistance Council (BIRAC). The agreement will be a boon for bio-technology startups to be introduced to angel investors. Along with funding, this will help them receive critical mentoring and access to global markets.
BIRAC, a public sector enterprise under the aegis of Department of Biotechnology (DBT), mediates to strengthen and empower emerging biotech companies in India. BIRAC facilitates startups and enterprises to pursue strategic research and innovation, especially for the development of products that are of national interest.
Indian Biotech Industry Ranked High Globally
BIRAC has been instrumental in bringing a sea change in the Indian bio-entrepreneurial ecosystem. The BIRAC-IAN partnership is expected to benefit 500 start-ups that have earlier received support from BIRAC. These companies can leverage the partnership, along with IAN’s wide network to move to the next level of development and introduce avant-garde products and solutions that are of national and global interest.
The biotech industry displays immense potential, despite challenges of high capital and high-end infrastructure. As per a study presented by India Brand Equity Foundation (IBEF), India ranks among the world’s top 12 biotech destinations and ranks third in Asia Pacific. Revenue-wise, India accounts for 2 percent share of the global biotech industry. The valuation of the Indian biotech industry is expected to reach US$11.6 bn by the end of 2017.
As commented by a senior executive at IAN, the Indian biotechnology industry nurtures innovative technologies that can have an immense impact on everyday lives of the population.