All about Global Bio-India 2021: Significance, Purpose, Benefits and other details

Global Bio India 2021 has been inaugurated by Union Ministry of Health and Family Welfare in New Delhi through virtual mode. Know what is Global Bio India 2021, it's significance, objectives here
Created On: Mar 4, 2021 13:50 IST
Modified On: Mar 4, 2021 15:32 IST
Biotech India
Biotech India

Global Bio-India 2021- Why In News?

The Union Ministry of Health and Family Welfare inaugurated the second edition of Global Bio India 2021 in New Delhi through virtual mode.  It demonstrates the strength and opportunities of India's biotechnology sector at national and international level.  The National Biotech Strategy was also inaugurated and the Virtual Exhibition of Global Bio India on the occasion. Take a look at the tweet below:

What is Global Bio India?

  1. It is an international congregation of biotechnology. The stakeholders include international bodies, regulatory bodies, Central and State Ministries, SME's, research institutes, startups etc. 
  2. The congregation would help India be recognized as an emerging Innovation Hub globally. 
  3. The organizers for Bio India 2021 were 
  1. Department of Biotechnology, 
  2. Ministry of Science & Technology
  3. Biotechnology Industry Research Assistance Council (BIRAC) 
  4. Confederation of Indian Industry (CII) 
  5. Association of Biotechnology Led Enterprises (ABLE)
  6. Invest India

Significance:

  1. The sector of Biotechnology is recognized as one of the major contributing drivers to India's USD 5 Trillion economy target by 2024.
  2. Global Bio-India 2021 is the largest Bio event. It would help in showcasing opportunities of the Indian Biotechnology sector internationally.

Objectives of Global Bio India 2021:

  1. To enhance biopartnering and conduct various discussions on policies 
  2. Identification of key biotechnological innovations, products, services, technologies from various national and international organizations.
  3. Collaboration opportunities for R&D.
  4. Giving a peek into licensing options. 
  5. Opportunities for Indian Government to attract foreign investment
  6. Discussion on various modules of Biotech- bio-pharma, bio-agriculture, bio-industrial, bio-energy, bio-manufacturing, bio-services etc.
  7. Bringing Indian Biotech ecosystem at par with the international ecosystem.

Global Bio India 2021: Purpose

  1. It is recognizing the biotechnology sector of India. 
  2. It talks about the opportunities in the areas of bio-manufacturing, capacity-building, regulation & policies creating global supply chains
  3. It works to identify funding and collaboration opportunities for research and development

Indian Bio Technology Sector:

  1. Indian Biotechnology industry's economy is valued at $70 billion in 2020 is expected to grow to 2 USD 150 Bn by 2025
  2. India is among the top-12 destinations for biotechnology in the world
  3. India has almost 3% share in the global Biotechnology industry
  4. As per the World Bank's Doing Business Report 2020, India is now ranked 1st among South-Asian countries

Static GK and Current Events Questions and Answers: 4th March 2021

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