Investments and Recent Developments

India allows 100% FDI under the automatic route (a non-resident or Indian company will not require any approval from the government) for greenfield pharmaceuticals and manufacturing medical devices. Some recent developments/investments in the Indian pharmaceutical sector are as follows:

• In January 2024, Union Minister of State (Independent Charge) Science & Technology, Dr Jitendra Singh inauguration of Biotech Startups Expo on “Emerging Startup Trends in North India at Biotech Park, Kathua.
• In December 2023, the Gujarat Chief Minister also inaugurated the ‘Start-Up Product Launch’ which included innovative products developed by startups such as Bioscan, SynerSense, Iota, and STRUmed Solutions during the 10th Vibrant Gujarat Global Summit. The Pre-Summit also witnessed the signing of a Memorandum of Understanding (MoU) between Indus Setu Global Foundation and Gujarat State Biotechnology Mission.
• In November 2023, Bharat Biotech signs MoU with University of Sydney Infectious Diseases Institute (Sydney ID) to collaborate on vaccine research initiatives and strengthen academic-industry partnerships.
• In October 2023, the Uttarakhand government signed several MoUs worth Rs. 5,450 crore (US$ 653.97 million) with industrial bodies in Dubai.
• In October 2023, the Uttar Pradesh government is planning to establish a Biotech Park in Pilibhit.
• In August 2023, CSIR- National Institute of Science Communication and Policy Research (NIScPR) published a special issue of the Indian Journal of Biochemistry and Biophysics (IJBB) on Biological Electron Microscopy and Nanobiotechnology.
• In August 2023, the Department of Biotechnology (DBT) and the United States-National Science Foundation (US-NSF) announced to build bilateral collaborations between India and the USA through this Implementation Arrangement.
• In August 2023, Technology Development Board (TDB) and the Department of Science & Technology (DST) partnered with Chemlife Innovations for the Innovative Bio-Trace Minerals Project to enhance livestock productivity, optimize feed, and fodder resources and infuse technology into livestock management.
• In July 2023, 15 companies sign MoUs worth Rs. 2,000 crore (US$ 239.99 million) in a day, for investments in biotech sector.
• In July 2023, Aurigene Pharmaceutical Services to set up a US$ 40 million facility in Hyderabad.
• In July 2023, India and Argentina agreed to a bilateral exchange of young researchers and Startups, particularly in the field of Biotechnology and Agriculture.
• In July 2023, Biocon Biologics launched a biosimilar version of AbbVie's top selling biologic Humira (generically called adalimumab) in the US market under the brand name HULIO.

• In May 2023, India and Israel will strengthen their connection in areas such as innovation and start-ups, ushering in a new period of deeper bilateral cooperation.
• Union Minister Dr. Jitendra Singh inaugurates the Northeast's first International Biotech Conclave.
• In February 2023, Serum Institute of India announces centre of excellence in Hyderabad to tackle future pandemics.
• In February 2023, Bristol-Myers Squibb intends to invest Rs. 800 crore (US$ 96.69 million) in establishing a cutting-edge centre in Telegana to boost its global medical development and IT capabilities.
• In February 2022, DBT inked a five-year MoU with the Indian Council of Medical Research (ICMR) and IAVI.
• In January 2023, Yashoda Super Specialty Hospital will invest about Rs. 500 crore (US$ 60.42 million) in establishing a Biotech Park and 300-bedded hospital in Greater Noida, while Yashoda Medicity will invest Rs. 800 crore (US$ 96.67 million) in Ghaziabad to set up a new hi-tech hospital with a capacity of 1200 beds.
• In January 2022, BIRAC made a major contribution to developing the world's first Intranasal vaccine for Covid through Bharat Biotech International Limited (BBIL).
• Investment in India's bioeconomy increased 400%, reaching Rs. 4,200 crore (US$ 507.77 million) in 2022 from Rs. 10 crore (US$ 1.20 million) in 2014.
• On November 10, 2022, Minister of State (Independent Charge) Ministry of Science and Technology; Minister of State (Independent Charge) Ministry of Earth Science; MoS PMO, Personnel, Public Grievances, Pensions, Space and Atomic Energy, Dr. Jitendra Singh, inaugurated India’s first national repository for life science data - ‘Indian Biological Data Centre’ (IBDC) at Faridabad, Haryana.
• In February 2023, CrisprBits, a biotechnology startup and one of the first Indian companies using CRISPR, raised US$ 250,000 in the pre-seed funding from a US-based VJ Group, for product development, team expansion, and for research and development.
• In August 2022, Eyestem, a Bengaluru-based cell therapy company, raised US$ 6.4 million in a Series-A funding round to create cell therapy products.
• In June 2022, Serum Institute of India partnered with US company Novavax to manufacture their Covid vaccine (NVX-CoV2373) for the US market.
• In June 2022, Thrissur-based biotechnology startup Zaara Biotech received an undisclosed amount of investment from US-based Transcend International to set up its Algal seaweed technology facility in the US.
• In FY22, India’s pharmaceutical exports touched Rs. 1.8 trillion (US$ 23.04 billion). Formulations and biologicals account for 73.31% of the country's total exports, followed by bulk drugs and drug intermediates.
• December 2022:
  • Union Health Minister Dr. Mansukh Mandaviya and, Minister of State, Ministry of Science and Technology, Earth Science, Personnel, Public Grievances, Pensions, Space and Atomic Energy Minister, Dr. Jitendra Singh launched the world's first COVID-19 intranasal vaccine, iNCOVACC, which has been developed by Bharat Biotech.
  • Bengaluru-headquartered Centre for Cellular and Molecular Platforms (C-CAMP), an initiative supported by the Department of Biotechnology, announced a next-generation Indo-Dutch bilateral collaboration to address challenges posed by Antimicrobial Resistance (AMR).
• February 2022:
  • ARISTA Biotech announced its plans to set up a cleanroom environment production facility in Hong Kong to manufacture Covid-19 rapid antigen testing kits to serve the rapidly increasing local demand.
  • Gennova Biopharmaceuticals, who were conducting phase 2 and 3 trials of India’s first indigenous mRNA vaccine on humans, have finished those trials. The data is currently being reviewed by the Drug Controller General of India (DCGI).
  • American biotech company Vaxart announced plans to start phase II clinical trials of its oral tablet-based Covid-19 vaccine in India soon.
• In November 2021:
  • Karnataka announced its aim to be a US$ 50 billion bioeconomy by 2026, from the current US$ 22.6 billion.
  • Serum Institute of India restarted deliveries of Covid-19 shots to global vaccine-sharing platform COVAX for the first time since April 2021.
  • INOVIO announced that it has received authorisation from India's Central Drugs Standard Control Organization’s (CDSCO) Drug Controller General of India (DCGI) to proceed with the Phase 3 segment of INNOVATE (INOVIO INO-4800 Vaccine Trial for Efficacy) in India.
  • The World Health Organization (WHO) issued an emergency use listing (EUL) for Bharat Biotech’s Covid-19 vaccine COVAXIN. It was found to have 78% efficacy against Covid-19 virus of any severity.
  • US-based Akston Biosciences announced that it will start clinical trials of its second-generation Covid-19 vaccine ‘AKS-452’ in India.