Cabinet Approves Bio-RIDE Scheme To Promote Biotech Startups

The new scheme consists of three components – Biotechnology Research and Development, Industrial and Entrepreneurship Development, and Biomanufacturing and Biofoundry

Under Bio-RIDE, the government will provide seed funding, incubation support, and mentorship to bio-entrepreneurs and give grants and incentives for R&D

Last year, union minister Jitendra Singh said that the number of biotech startups in the country have soared to nearly 6,000 from 50 in 2014

In a bid to promote biotech startups, the Cabinet approved ‘Biotechnology Research Innovation and Entrepreneurship Development’ (Bio-RIDE) scheme with a budget outlay of INR 9,197 Cr until FY26.

In a statement, the government said that the scheme merges two umbrella schemes of the department of biotechnology, with the addition of a new component ‘Biomanufacturing and Biofoundry’.

The new scheme will consist of three components – Biotechnology Research and Development, Industrial and Entrepreneurship Development (I&ED), and Biomanufacturing and Biofoundry.

Under the scheme, the government will provide seed funding, incubation support, and mentorship to bio-entrepreneurs and give grants and incentives for R&D in areas like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.

The statement said that the scheme is a part of the government’s mission to harness the potential of bio-innovation to tackle national and global challengeges such as healthcare, agriculture, environmental sustainability, and clean energy.

“Bio-RIDE will play a critical role in advancing scientific research, innovation, and technological development across diverse fields of biotechnology by supporting extramural funding to research institutions, universities, and individual researchers,” it added.

This comes days after the Cabinet approved the BioE3 (Biotechnology for Economy, Environment and Employment) policy to foster high performance biomanufacturing.

Under BioE3, the government will support R&D and entrepreneurship across thematic sectors in the field. With this, it plans to establish Biomanufacturing & Bio-AI hubs and Biofoundry.

The biotechnology sector is one of the key focus areas of the government. Last year,Union Minister Jitendra Singh said biotech startups are crucial for shaping India’s future economy.

In July 2023, he said that the number of biotech startups in the country had soared to nearly 6,000 from 50 in 2014.

According to Invest India, the Indian biotechnology ecosystem is forecasted to reach $150 Bn by 2025 and $300 Bn by 2030 from $137 Bn in 2023.