Karnataka to triple its BioEconomy to $100 billion by 2030: Govt report

Karnataka aims to triple its BioEconomy to $100 billion (approximately ₹8.37 trillion) by 2030, with a strategic plan focusing on strengthening BioPharma, expanding the BioAgri sector, and quadrupling growth in BioIndustrial sectors. This ambitious target highlights the state's commitment to becoming a major hub in the global biotechnology landscape.

According to the 'BioEconomy Report 2024', unveiled by Karnataka's IT Minister Priyank Kharge, the state's BioEconomy grew to $31 billion (around Rs 2.59 trillion) in 2023, marking a 10.7 per cent increase from the previous year. Additionally, the state attracted over 30 per cent of national biotech investments in 2023, contributing 21 per cent to the country’s BioEconomy.

 

“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,” said Kharge.

Karnataka further strives to achieve the set target by focusing on BioPharma contributions to $30 billion, expanding BioAgri to $15 billion, and quadrupling BioIndustrial contributions to $30 billion.

The report reveals that the number of startups in the state has surpassed 1,000, with a notable increase in biotech ventures. In 2023, the state saw an average of 17 biotech startups launching each month, culminating in 202 new biotech enterprises for the year.

Moreover, significant contributions to the BioEconomy have been from various regions ‘Beyond Bengaluru’. Notably, Mysuru district accounts for 9.04 per cent of the total BioEconomy, with other districts such as Belagavi, Dakshina Kannada, and Bengaluru Rural each contributing over 4 per cent. These regional power pockets underscore the diverse and widespread nature of BioEconomy development in the state.

Recent advancements in antimicrobial resistance (AMR) research, gene-editing technology, and antibiotic development are driving growth in the biopharma, biomanufacturing, medical devices, and diagnostics sectors. These fields are increasingly focused on global expansion, partnerships, and technological innovations, the report noted.

Karnataka hosts leading contract research organisation (CRO) and contract development and manufacturing organisation (CDMO) companies like Aurigene, Aragen, and Syngene International, significantly contributing to the bioeconomy. Large enterprises generate $50-100 million quarterly, while medium-sized firms contribute $15-25 million. The BioIndustrial Segment's total bioeconomy for 2023 is estimated at $5.1 billion.

“The report has played a crucial role in shaping the new Karnataka Biotechnology Policy, with a strong emphasis on promoting biomanufacturing and prioritizing emerging sectors such as bioagriculture and medical devices. This policy is a testament to our commitment towards fostering innovation and sustainable growth in the biotechnology sector,” said Ekroop Caur, Secretary to the Government, Department of Electronics, IT-Bt, S&T.

The report highlights significant advancements in the BioPharma and BioManufacturing sectors, including Biocon Biologics' global biosimilar expansion, AstraZeneca India's rare disease therapy entry, and strategic moves by Serum Institute of Life Sciences and Laurus Labs. Companies like Molbio Diagnostics and NeoDx Biotech Labs are investing in manufacturing and diagnostic technologies, driving global healthcare innovation.

Karnataka is driving towards a sustainable growth vision by encouraging investments, enhancing skill development, and leveraging biomanufacturing opportunities. The state is exploring biofuel and bioCNG production from waste.