News:The Global Bio-India summit is going to be held for the first time in India between November 21 and November 23, 2019.
About the summit:
- The summit is being organized by Biotechnology Industry Research Assistance Council (BIRAC) and Department of Biotechnology(DBT) of the Ministry of Science and Technology.
- The purpose of the summit is to attract investments, showcase the country’s indigenous strengths and aspirations in the biotechnology sector.
Significance of Biotechnology sector:
- Biotechnology is an industry that focuses on novel drug development and clinical research aimed at treating diseases and medical conditions.
- India is among the first countries to set up a department of biotechnology under the Ministry of Science and Technology for the development of research and human resources in the biotechnology sector in 1986.
- The sector is also recognized as the key driver for contributing to India’s USD 5 Trillion economy target by 2024.
- Biotechnology Industry Research Assistance Council(BIRAC) is a not-for-profit Public Sector Enterprise.
- It was set up by Department of Biotechnology (DBT),Ministry of Science and Technology Government of India
- It aims to empower the emerging biotech industry to undertake strategic research and innovation.