In order to close this gap, BIRAC is prioritizing innovation and supporting entrepreneurs with a range of initiatives aimed at turning scholarly research into commercially viable goods.

The biotechnology industry in India is expanding at a remarkable rate; the nation's bioeconomy is currently valued at $150 billion. However, Dr. Jitendra Kumar, Managing Director of the government's Biotechnology Industry Research Assistance Council (BIRAC), noted that there is still a great deal of unrealized potential in terms of innovation and product development, which could further improve India's standing in the industry globally.

The government's Department of Biotechnology (DBT) established BIRAC, a not-for-profit public sector organization that fosters and advances entrepreneurship, innovation, and research in the field.

Kumar emphasized India's noteworthy contributions to global healthcare in an interview with PTI, pointing out that 40% of generic medications sold worldwide are provided by Indian businesses.

Although they are rated 14th internationally in terms of the value of the bioeconomy, Kumar claimed that they have tremendous potential and aptitude. This is due to the fact that patentable, inventive items account for a large portion of value, an area in which India bioeconomy growth still has to make progress. The biotech sector is focusing on promoting new inventions and supporting and nurturing them since the government and BIRAC are genuinely trying to push that, that's the reason they will now be promoting innovations.

In order to close this gap, BIRAC is prioritizing bioeconomy innovation and supporting entrepreneurs with a range of initiatives aimed at turning scholarly research into commercially viable goods.

Additionally, he stated that their objective is to encourage academic conversion to entrepreneurship. They are assisting scientists in bringing their discoveries from labs into the marketplace through programs like the Promoting Academic Conversion to Enterprise (PACE).