Indian Angel Network (IAN) has announced the signing of a MoU with Biotechnology Industry Research Assistance Council (BIRAC). This partnership brings the biotechnology startups closer to angel investors, who apart from money will provide invaluable mentoring and global market access.
BIRAC a Public Sector Undertaking of Department of Biotechnology (DBT) Government of India, is an Interface Agency to strengthen and empower the emerging Biotech enterprises in India. BIRAC enables enterprises and startups to undertake strategic research and innovation, addressing nationally relevant product development needs.
Commenting on the partnership, Padmaja Ruparel, Co-founder, IAN said, “The Indian Biotechnology industry breeds very 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 startups 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.”
Despite challenges like intense capital and high-end infrastructure requirement for startups, the biotech market has a lot of potentials. 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 percent share of the global biotech industry and is expected to be valued at $ 11.6 billion in 2017.
“BIRAC has catalyzed a significant transition in the Indian bio entrepreneurial ecosystem. We are very pleased with our partnership with IAN. We hope that the 500 startups that BIRAC has supported can leverage this partnership especially IAN’s expansive network to move to the next level & bring cutting edge products & solutions for national & global challenges”, said Dr Renu Swarup, Sr. Adviser, Department of Biotechnology and MD, BIRAC.
Over the last five years, BIRAC has been at the forefront of a mission to transform the innovative index of the country especially in the area of Biotechnology. Through its efforts and along with its partners BIRAC has been able to create a pan-India presence supporting over 700 Biotech companies, SMEs, Research Institutes, which include around 500 startups and entrepreneurs. To provide launchpads for start-ups BIRAC has supported 24 Bioincubators across India.
Not only this, BIRAC has been playing an important role in the implementation and delivery of the flagship programmes of the Indian Government especially ‘Make in India’ and ‘Start-up India’ and has a crucial role in the transformation of the Indian Bioeconomy to US$ 100 billion by 2025.
Established in 2006 to foster entrepreneurship with a prime focus on nurturing and mentoring new generation entrepreneurs, IAN brought the concept of angel investment to India and has been instrumental in bringing India’s startup ecosystem on the global map. With investors from 10 countries, IAN’s presence spans 7 locations, which includes cities in India and UK. The network is sector agnostic and has funded startups across 17 sectors in India and 6 other countries growing global footprint companies. IAN has already invested in several biotech startups like Vitas Pharma, Transcell which are also BIRAC supported companies.