Indian Angel Network (IAN) has signed an MoU with Biotechnology Industry Research Assistance Council (BIRAC) to bring bio-technology startups closer to angel investors, who, apart from money, will provide invaluable mentoring and global market access.
BIRAC, a public sector undertaking of the Department of Biotechnology (DBT), is an interface agency to strengthen and empower emerging biotech enterprises in India. BIRAC enables enterprises and start-ups to undertake strategic research and innovation, addressing nationally relevant product development needs, said IAN in a statement.
"BIRAC has catalysed a significant transition in the Indian bio-entrepreneurial ecosystem. We are pleased with our partnership with IAN. We hope that the 500 start-ups that BIRAC has supported can leverage this partnership, especially IAN's expansive network to move to the next level and bring cutting edge products and solutions for national and global challenges,” said Dr Renu Swarup, Senior Adviser, Department of Biotechnology and MD, BIRAC.
Despite challenges such as intense capital and high-end infrastructure requirements for startups, the biotech market has a lot of potential. According to the latest research data brought out by IBEF, India is among the top 12 biotech destinations in the world and ranks third in the Asia-Pacific region. The Indian biotech industry holds about 2 per cent share of the global biotech industry and is expected to be valued at $11.6 billion in 2017.
Commenting on the partnership, Padmaja Ruparel, co-founder, IAN said, “The Indian biotechnology industry breeds innovative technologies with the potential to have a high impact on our citizens. However, these are usually long gestation investments. Over the years, IAN has promoted and nurtured ground-breaking technology start-ups in India, bringing in patient money. We are delighted to partner with BIRAC. Indian biotech companies surely have the potential to go global and IAN could well bring a catalytic effect to these ventures.”