"Karnataka Aims to Triple BioEconomy to $100 Billion by 2030"

Karnataka has unveiled an ambitious plan to triple its BioEconomy to $100 billion (approximately ₹8.37 trillion) by 2030, positioning itself as a major player in the global biotechnology sector. The strategic blueprint focuses on bolstering BioPharma, expanding BioAgri, and quadrupling growth in BioIndustrial sectors.

The 'BioEconomy Report 2024', presented by Karnataka's IT Minister Priyank Kharge, highlights that the state's BioEconomy reached $31 billion (around ₹2.59 trillion) in 2023, reflecting a 10.7% increase from the previous year. Karnataka attracted over 30% of national biotech investments in 2023, contributing 21% to India's overall BioEconomy.

Kharge emphasized the critical role of startups in this growth. "The bioeconomy in Karnataka has experienced extraordinary growth, driven in large part by the innovative and entrepreneurial spirit of our startups. Their contribution has been significant in shaping the future of our state's bioeconomy, and we are proud to support and nurture their efforts,” he said.

The state's target includes growing BioPharma contributions to $30 billion, expanding BioAgri to $15 billion, and increasing BioIndustrial contributions to $30 billion. The number of biotech startups has surged, with over 1,000 now operating in the state. In 2023 alone, Karnataka saw the launch of 202 new biotech ventures.

Significant contributions are coming from regions beyond Bengaluru. Mysuru, Belagavi, Dakshina Kannada, and Bengaluru Rural are all playing key roles, underscoring the widespread development of the BioEconomy across the state.

The report also highlights recent advancements in antimicrobial resistance (AMR) research, gene-editing technology, and antibiotic development. These areas are driving growth in biopharma, biomanufacturing, medical devices, and diagnostics, with a focus on global expansion and innovation.

Karnataka hosts major contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs) such as Aurigene, Aragen, and Syngene International, which significantly contribute to the BioEconomy. Large enterprises are generating $50-100 million quarterly, while medium-sized firms contribute $15-25 million, with the BioIndustrial segment totaling $5.1 billion in 2023.

Ekroop Caur, Secretary to the Government, Department of Electronics, IT-Bt, S&T, noted that the report has been pivotal in shaping the new Karnataka Biotechnology Policy. This policy emphasizes promoting biomanufacturing and prioritizing emerging sectors like bioagriculture and medical devices.

Advancements in sectors such as Biopharma, with global expansions by Biocon Biologics and AstraZeneca India, and investments in diagnostic technologies by companies like Molbio Diagnostics and NeoDx Biotech Labs, are driving global healthcare innovation.

Karnataka is committed to sustainable growth, encouraging investments, enhancing skill development, and exploring biofuel and bioCNG production from waste as part of its broader vision for the biotechnology sector.

BS