5th BIRAC Innovators Meet kick starts with the theme Biotech Innovation Ecosystem - Strategizing the Next Leap [S&T]
- Biotechnology Industry Research Assistance Council (BIRAC), a Public Sector Undertaking under the aegis of the Department of Biotechnology (DBT), is organizing its 5th Innovators Meet.
- BIRAC Innovators Meet is an industry-academia interface facilitating national and global partners, providing innovators access to risk capital through targeted funding, technology transfer, IP management and handholding schemes.
- This would help in bringing innovation excellence to Indian biotech firms, make them globally competitive and facilitate novel, high quality and cost-effective affordable technologies.
- In the National Biotechnology Development Strategy, 2015-2020, Bio-incubators would be scaled up to 50 and 5 new Bio-clusters would be formed.
- With over 500 Start ups and SMEs, 100 Entrepreneurs being a part of this ecosystem, BIRAC has nearly 50 products in different stages of development and commercialization.
- The target is scaling this 10 times in the next 5 years through initiatives like BIG (Biotechnology Ignition Grant), SITARE (supporting grass root student innovators), eYUVA (creating entrepreneurial culture in universities), BioNEST (nurturing entrepreneurship by establishing Bio Incubation Centres), tax exemptions to biotech startups in Budget 2015-16, inter alia.
- The vision of the Prime Minister Modi is that this government is firmly standing behind each innovator and entrepreneur to support their ideas and through them find solutions to the challenges faced by the society.
- There have been extraordinary achievements in the field of Biotechnology in India like affordable rotavirus vaccine, 2G ethanol from biomass.
- There is a need to look beyond individual profits and losses and concentrate on Network Management to create an ecosystem for need-based research and original innovation in the country.