Biotechnology Startups are one of the rapidly growing sectors in India. Even though its gaining success in the modern era, biotechnology has been used for more than 10 thousand years. From the availability of fruits and vegetables to medicine products at a reasonable price, it has dramatically impacted everyday life. India has multiple biotechnology startups all over the country, providing possible and essential products to the public and fulfilling their needs. But what exactly is a biotechnology startup? Keep reading further to gain more knowledge about it.
What are Biotechnology Startups?
Biotechnology is the most knowledgeable industry sector in India at present. And it is playing a very significant role in making rapid growth in the country’s economy and its development. Being a fast-growing sector in biotechnology, India is in 12th position in the world under the top 12 biotechnology destinations and in 2nd position in Asia after China, which is a very significant achievement for India and can be used as an advantage for future needs.
Biotechnology is a very vast area in biology, which includes living systems and organisms of all varieties and kinds to make products. Biotechnology is a fast emerging sector, and due to the increase in demand for products, these sectors are necessary to grow more. Various biotech sectors are functioning at an advanced level in India, such as the pharmaceutical industry, Animal feeds sectors, plantation and feeds sectors, etc. Even in a pandemic, if any industry has made a growing impact on the economy, it’s the biotechnology industry because of the increase in demand for products and goods from every sector. Demand for medicines was on hike due to Covid-19. Other than prescribed medications, people were also trying to build their immunity by taking multivitamins and other nutrients. They also hiked the demand for fruits and vegetables because people wanted to maintain their health and a good lifestyle while staying at home.
The biotech industry is also doing very well in other sectors and helping people in various ways like research and development, knowledge, skills, etc. Due to its emerging role, the government is also interested in this particular sector by investing a massive amount of money. The Indian biotech industry has more than 2% stakes in the global biotech industry if we talk in numbers. And all the industry valued about US$ 11 Billion, which comprise about 800 companies.
Government Initiatives under Biotech Industry-
The government of India never misses an opportunity for growth and development. If a sector has potential, the government of India makes every possible move to help that sector grow. Therefore, GOI has also taken various initiatives to promote the biotech industry in terms of innovation and entrepreneurship. Following are the moves made by the government:
Due to rapid growth and increase in demand, GOI has planned to increase the number of Biotech Startups to 1500-2000 in the coming years.
GOI is also planning to start a venture capital fund of US$ 147 million approx. For the department of pharmaceuticals to improve their research and development (R&D).
GOI has also signed various contracts with other countries to improve the scientific research of both countries.
The government of various states is also investing in Biotech Industry and promoting sectors under Micro, Small, and Medium Enterprises (MSME).
Ideas for Biotech Business
Biodiesel Production- Fuel is one of the essential resources to keep going in the long run. A bio-diesel production unit is a great way to start your business because it can be set up as a small-scale business and is an excellent form of renewable energy source and will help you gain popularity from all over the world.
Biofertilizer Manufacturing-
This sector is one of the fastest-growing sectors under Biotech. These are the living microorganisms like bacteria, fungi, etc. Farmers are getting aware of using biofertilizer, and its manufacturing is trendy, being one of the profitable biotech businesses.
Food processing-
Modern food processing is making a significant impact in Biotech Industry. Microorganisms like bacteria, yeasts, enzymes are helping the industry to make food a healthier way. They will also remove the synthetic chemicals in food production and is a good alternative for traditional chemical technology.
Specialty Medicine Manufacturing-
Medicines demand has never stopped, and it’s also another sector that witnessed high growth and even more since the pandemic. Starting a medicine manufacturing unit in the Biotech Industry can be very beneficial for you and your business if you want to invest in a startup.
Vaccine Production-
Biotech Industry is very useful when it comes to vaccine production. There are three steps in manufacturing vaccines under biotechnology. First, by separating pure antigen with the help of monoclonal antibodies, the synthesis of an antigen and synthesis of peptides can be used as vaccines.
Biopesticides manufacturing
Biopesticides are plant protection products that are having various biological control agents as pheromones, microbial, and plant extracts. These are kind of conventional chemical pesticides that helps to safeguard the health of roots and it helps the plant to go faster and produce quality crop by reducing the occurrence of resistance.
Animal feed manufacturing
Right now humans are pets to a lot of animals for gaining commercial benefits. If you want to get the most benefit out of them then you must provide a balanced diet to them so that they will be able to thrive properly. To meet this demand you can set up an animal feed manufacturing business where you can produce various food for animals to provide a balanced diet to them like you can provide a healthy and balanced diet for chicken, fish, birds, dogs, cattle, and many more.
Conclusion-
If you are looking to invest in some good sector that promises rapid growth, then the biotech industry is the best place to invest. Also, the business mentioned above can be very beneficial and profitable for starting your startup. India’s Biotech Industry has been gaining attention for a very long time, and not even in India. It’s gaining popularity worldwide. Various foreign investors want to invest in this leading sector. In the future, biotechnology startups are going to win the world with new technology and new minds.
