Indian Angel Network inks pact with BIRAC to nurture biotech startups
Indian Angel Network (IAN), the world’s largest angel network, signed an agreement with Biotechnology Industry Research Assistance Council (BIRAC) on 8th August 2017, with the objective of investing in biotech startups and promoting the industry in India. The partnership is believed to bring biotech startups closer to angel investors, who will not only provide funding access, but also mentoring support and global market access. BIRAC, a PSU of the Department of Biotechnology, provides funding to emerging startups to undertake strategic research and innovation which address nationally relevant product development needs.
India rising in the global biotech space
According to the latest IBEF data, India is among the top 12 biotech destinations globally and ranks 3rd in the Asia Pacific region. Currently holding a 2 % share in the global biotech space, the Indian biotech industry is expected to be valued at $ 11.6 billion in 2017. However, India still has challenges to overcome such as intense capital and high-end infrastructure requirement for startups.
IAN to provide a fillip to biotech entrepreneurship
Over the years, IAN has promoted and nurtured ground-breaking tech startups in India. It has networks with around 450 angel investors across the globe and ties with over 130 companies from 17 different sectors in 7 countries. The 500-odd startups supported by BIRAC will hope to leverage the partnership and tap into IANS`s expansive network to move into the next level and develop innovative products and solutions for national and domestic challenges. IAN has already invested in several BIRAC supported biotech startups like Vitas Pharma and Transcell.