Bio-manufacturing is a branch of biotechnology that involves using living organisms to make products. It encircles several sectors like agriculture, pharma, cosmetics, food and beverage, industrial biotechnology, etc., and is responsible for developing products as new technological innovations emerge.
Experts predict that by 2030, the global bio-manufacturing industry may reach USD 1,683.52 billion, expanding at a CAGR of 8.7%. Apart from this, streamlining medication regulatory pathways, accelerating product approval procedures, standardization of clinical studies, etc., by countries around the world will Favor this industry’s growth.
Thus, to take advantage of this emerging sector, multinational businesses are actively branching out to new markets. In this regard, India is one of the most favorable destinations for bio-manufacturing and bio innovations. Additionally, this country has one of the biggest consumer markets in the world, which acts as a bonus.
However, given its vast size and diversity, local knowledge of the market is crucial for successful entry and expansion. Thus, it is of utmost importance for firms to opt for Indian management consultant services.
Indian Bio-Manufacturing Industry – An Overview
India’s bio-manufacturing industry constitutes almost 3% of the international biotechnology industry. It is the top global supplier of measles, BCG, and DPT vaccines, along with having the second-highest number of US FDA-approved manufacturing units outside the US.
Moreover, India was among the first nations to establish a Biotechnology Department and thanks to government support, the country is set to have almost 10,000 biotech startups by 2025. As per a survey, this industry is estimated to reach a valuation of USD 300 billion by 2030.
The Indian bio-manufacturing industry can be subdivided into several segments. Some of them are as follows:
Depleting soil fertility, rising population, and increasing demand for organic food are factors that fuel the bio-agriculture sector. It includes the development and manufacture of agricultural biologicals like biofertilizers, bio stimulants, biopesticides, etc.
BT-Cotton, a pest-resistant variant of the cotton plant, is a very popular example of a bio-agriculture product, of which India is a leading producer.
India’s biopharmaceuticals segment consists of three divisions – diagnostics, vaccines, and therapeutics. The increasing aging population, rising instances of critical diseases, and growing health awareness of individuals are key drivers in this regard.
India is one of the largest developers of biosimilars in the world, along with being the biggest supplier of affordable vaccines and medication.
The Indian bio-industrial sector mainly focuses on revolutionizing waste management and manufacturing processes. It consists of two subsegments – biofuels and industrial enzymes.
Biofuels solve the dual problems of organic waste management and depleting non-renewable energy resources. Bio enzymes are mainly used as cleaning products that do not contain harmful chemicals that can affect the environment or human life.
Bioinformatics is the culmination of technology and bioscience, which helps to extract and utilize biomedical data. Its applications are in gene sequencing, protein structure prediction, etc. which can assist in medical breakthroughs and the development of life-saving drugs.
Opportunities for Foreign Businesses in Indian Bio-Manufacturing Industry
Below are the opportunities which foreign companies can get in India’s bio-manufacturing industry:
- Growth Favouring Government Policies
The Indian Government has issued several growth favorable policies that will make it easier for foreign organizations to establish a manufacturing company in India. They include 100% FDI in the automatic route for greenfield pharmaceutical projects and manufacturing of medical equipment.
Now, when it comes to brownfield projects, up to 74% is allowable under the automatic route. Additionally, under the government route, up to 100% is permissible. In the 2023 Union Budget, the authorities have announced an allocation of USD 162.7 million to the Department of Biotechnology (DBT) for promoting research and development.
Furthermore, additional infrastructure is being created for the development of this sector. It includes 60 bio incubators by the Biotechnology Industry Research Assistance Council (BIRAC) and 9 biotech parks by the DBT.
- Vast Pool of Skilled Personnel
India has a growing population among which almost 50% are aged under 25. Additionally, most of them have engineering and science-based backgrounds. This makes available a large pool of young, talented, and skilled individuals who can contribute to the bio-manufacturing sector’s growth.
With the rising population and rampant lifestyle changes, predictions are that within the next 10 years, India’s patient pool may cross 20%. This will create an increasing demand for new drugs and medical devices, which can provide growth opportunities to the bio-manufacturing sector.
For instance, India’s fragmented legal system can make it difficult for organizations to open a company. Moreover, the existing competition in the market can make it difficult for them to sustainably implement entry and expansion plans.
Keeping these factors in mind, the only viable solution is to opt for the services of an Indian manufacturing consulting firm.
How Indian Management Consultants Can Help Foreign Companies?
Establishing a factory in India demands more than just adhering to the country’s legal and regulatory compliances. Foreign companies also need to search for an appropriate location to set up their operations and conduct thorough market research. India Management Consultant firms like Tecnova offer services that can take care of all these hassles. They have professionals who have in-depth knowledge of the market, its current players, ongoing trends, and the best ways to execute entry and expansion strategies.
Tecnova also offers site selection and company regulation and compliance services, which can help businesses set up their operations with ease.
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Pharmaceutical and Healthcare Consulting Services India
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