Plans to invest into biotechnology start-ups and bring the ecosystem together to promote biotech industry in India
Indian Angel Network (IAN) has signed an MoU with Biotechnology Industry Research Assistance Council (BIRAC). This partnership brings the bio technology startups closer to angel investors, who apart from money will provide invaluable mentoring and global market access.
BIRAC a Public Sector Undertaking of Department of Biotechnology (DBT) Government of India, is an Interface Agency to strengthen and empower the emerging Biotech enterprises in India. BIRAC enables enterprises and startups to undertake strategic research and innovation, addressing nationally relevant product development needs.
“BIRAC has catalysed a significant transition in the Indian bio entrepreneurial ecosystem. We are pleased with our partnership with IAN. We hope that the 500 startups that BIRAC has supported can leverage this partnership especially IAN’s expansive network to move to the next level & bring cutting edge products & solutions for national and global challenges,” noted Dr Renu Swarup, Sr Adviser, Department of Biotechnology and MD, BIRAC
Despite challenges like intense capital and high-end infrastructure requirement for startups, the biotech market has a lot of potential. According to the latest research data brought out by IBEF, India is among the top 12 biotech destinations in the world and ranks third in the Asia-Pacific region. The Indian biotech industry holds about 2 per cent share of the global biotech industry and is expected to be valued at $11.6 billion in 2017.
Commenting on the partnership, Padmaja Ruparel, Co-Founder, IAN said, “The Indian biotechnology industry breeds very innovative technologies with the potential to have a high impact on our citizens. However, these are usually long gestation investments. Over the years, IAN has promoted and nurtured ground-breaking technology startups in India bringing in patient money. We are delighted to partner with BIRAC. Indian biotech companies surely have the potential to go global and IAN could well bring a catalytic effect to these ventures.”