– By Kiran Mazumdar-Shaw
India’s biopharmaceutical sector achieved significant milestones in 2024, reinforcing its position as a global leader in affordable healthcare solutions. The industry’s focus on biologics, vaccines, medical devices, and diagnostics has made a difference to the lives of nearly every Indian and millions more globally.
The biopharma sector has emerged as a cornerstone of the nation’s bioeconomy. Valued at over $150 billion in 2024, India has emerged among the Top 5 global bio-economies. The standout achievements during the year reflect India’s growing stature as a key player in addressing health challenges worldwide and underscores its pivotal role as an emerging global innovation hub.
Biocon’s Milestones: A Reflection of India’s Leadership
Against this backdrop of national progress, Biocon and Biocon Biologics have made remarkable strides in 2024, serving as a testament to India’s biotech prowess.
Biocon marked a key milestone when its Generics business secured regulatory approval for generic Liraglutide, a GLP-1 peptide used as a diabetes and weight management treatment, in the UK in March. It was the first approval for a generic version of Liraglutide in a major regulated market. It not only highlighted Biocon’s expertise in developing complex peptide drug-device combinations but also added to the several ‘firsts’ achieved by the Biocon Group in the biopharmaceuticals domain.
Biocon Biologics, which spearheads the Biocon Group’s Biosimilars business, celebrated a transformative year, marking the first anniversary of integrating its partner’s global biosimilars business and surpassing USD 1 billion in annual revenue. It also received U.S. approvals for biosimilarAflibercept, an important treatment for many patients threatened by vision loss, and biosimilarUstekinumab, an effective treatment option for patients suffering from autoimmune diseases.
Transforming Cancer Care in India
Equally noteworthy is Immuneel Therapeutics’ launch of QARTEMI, a globally comparable CAR-T therapy in terms of outcomes for Non-Hodgkins Lymphoma, in India. Immuneel is pioneering CAR-T cell therapies, which use genetically modified human immune cells to fight cancer, in India. By building a robust pipeline of advanced therapies to address critical unmet needs in cancer care and gene therapies, Immuneel aims to make world-class CAR T-cell therapy accessible for patients in India and many other under-served markets.
Indian Innovation Richly Valued at Nasdaq
Biocon’s groundbreaking innovation in immuno-oncology has earned significant recognition in the West, exemplified by the successful IPO of its former U.S.-based subsidiary, Bicara Therapeutics, on the Nasdaq. Biocon had incorporated Bicara Therapeutics in December 2018 in Boston, Massachusetts, to strategically leverage the vibrant U.S. innovation ecosystem. Bicara was set up to anchor a novel immuno-oncology program focused on developing bi-specific antibodies that synergize the power of immunomodulators with the precision of tumor-targeted antibodies. Biocon later ceded control over Bicara to enable the company to operate independently under a U.S.-based leadership and raise funds to advance its development programs. In September 2024, Bicara achieved a major milestone by completing an upsized initial public offering (IPO) that raised ~$362 million.
Robust Indian Biotech Ecosystem
These achievements during 2024 reflect the robustness of India’s biotech ecosystem, which is uniquely positioned to drive global impact while addressing pressing challenges like climate change and health equity.
Amid these developments, the Indian government unveiled the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy, which provides a visionary framework aimed at driving India into a new era of industrialization powered by high-performance biomanufacturing. In the face of critical global challenges such as climate change, resource depletion, and biodiversity loss, the BioE3 Policy positions biomanufacturing as a key enabler of sustainable development and future progress.
This year, the government also introduced the Vigyan Dhara Scheme and Bio-RIDE initiative, backed by significant investments, to further accelerate India’s ascent in the global biotechnology arena. These programs foster innovation, strengthen bio-entrepreneurship, and bridge the gap between academic research and industrial applications.
Shaping a Sustainable Future
India’s biotechnology sector is at the forefront of a global bio-revolution, driving advancements that are both transformative and inclusive. With strong policy support, cutting-edge innovations, and global collaborations, the sector is poised to tackle some of the world’s most pressing challenges while fostering sustainable economic growth.
As we look forward to 2025, let us continue to harness the power of science and innovation to build a healthier, more equitable, and sustainable world. Together, we can lead the way in creating solutions for a better tomorrow.
