Are you searching for biotech business ideas? Are you a biotechnology professional and want to start a small business in the industry? Here in this article, we have listed the 10 most profitable biotech business ideas for new entrepreneurs and biotechnology professionals.
The Indian biotechnology industry is one of the fastest-growing knowledge-based sectors in India and is expected to play a key role in shaping India’s rapidly developing economy. With numerous comparative advantages in terms of research and development (R&D) facilities, knowledge, skills, and cost-effectiveness, the biotechnology industry in India has immense potential to emerge as a global key player.
The Indian biotech industry holds about a 2% share of the global biotech industry. The biotechnology industry in India, comprising about 800 companies, is valued at US$ 11 billion and is growing at a Compound Annual Growth Rate (CAGR) of 20%.
The government has to invest US$ 5 billion to develop human capital, infrastructure, and research initiatives if it is to realize the dream of growing the sector into a US$ 100 billion industry by 2025, as per Union Minister for Science and Technology Mr. Harsh Vardhan.
Government Initiatives in the Biotechnology Industry
The Govt. of India has taken several initiatives to promote innovation and entrepreneurship in the agro-industry proposed by the Ministry of Micro, Small & Medium Enterprises (MSME) in a new scheme. Here are some of the following:
- The Government of India has signed a cooperation agreement with the European Molecular Biology Organization (EMBO) to strengthen scientific interaction and collaborative research between India and Europe.
- The Government of India aims to scale-up the number of start-ups in the biotechnology sector to 1,500-2,000 over the next two to three years from 500 currently.
- Additionally, the Government of India is planning to launch a venture capital fund of Rs 1,000 Crore (US$ 146.72 million) under the department of pharmaceuticals, to support start-ups in the research and development in the pharmaceutical and biotech industry.
- The Government of Karnataka plans to raise Rs 50 crore (US$ 7.34 million) for a biotechnology-dedicated fund in addition to the existing Semiconductor Fund of Rs 100 crore (US$ 14.67 million) in order to engage with the emerging technology and biotech space in the state.
- CSIR-Institute of Himalayan Bioresource Technology (CSIR-IHBT) has signed an MoU with Phyto Biotech to formalize the transfer of technology, for the production of the unique autoclavable superoxide dismutase (SOD) enzyme, used in cosmetic, food and pharmaceutical industries for end applications.
- DBT has announced the Indo-Australian Career Boosting Gold Fellowships under which it will support the researchers to undertake a collaborative research project at a leading science institute or university in Australia for a period of up to 24 months.
- DBT has allocated Rs 4.6 crore (US$ 0.68 million) to the University of Agricultural Sciences (UAS) to support a national multi-institutional project titled ‘A value chain on jackfruit and its products’.
List of 10 Lucrative Biotech Business Ideas
A small scale Agri clinics or agribusiness center is one of the best business in the biotechnology industry to start in an agriculture prone area. You can add several services to farmers including soil testing, nutrient deficiency chart, seed testing, post-surveillance, diagnostic and control services.etc. Read More…
#2. Biodiesel Production
Bio-diesel production unit can be established as a small scale basis at any place where the main raw material Jatropha oil is easily available. There is a continuous search for renewable sources of fuels due to the rate of depletion of fossils. The term biofuel is used to define fuels that are obtainable from plants or animals. Read More…
#3. Biofertilizer Manufacturing
This is one of the best-emerging businesses in the biotechnology industry. Biofertilizers are living microorganisms of bacterial, fungal and algal origin. The awareness of using biofertilizer, among the farmers are increasing rapidly. Biofertilizer manufacturing is very popular among profitable biotech business ideas in the agriculture sector.
Apart from this, biofertilizers are essential items for organic farming. Some of the most popular biofertilizers are Rhizobium, Azotobacter, Azospirillum, Blue-green Algae, Phosphate solubilizing microorganisms, etc. Read More…
#4. Biopesticide Manufacturing
Biopesticides are Plant Protection Products which contain Biological Control Agents (BCAs) as microbial, pheromones, and plant extracts.
They are typically used in combination with conventional chemical pesticides in the framework of the Pest Integrated Management (IPM) in order to safeguard the health of the roots, the plant growth, the quality of the crop, to reduce the occurrence of resistance and to lower residue levels.
#5. Compost Fertilizer Production
Basically, you can initiate a compost fertilizer production unit in small towns, rural areas, and urban areas also. You can start this business with crop wastes, vegetable wastes, and kitchen wastes. Additionally, you can start the unit with a small capital investment. Read More…
Biotechnology Business Opportunities
#6. Food Processing
The biotechnology industry has a potential impact on modern food processing. By using naturally occurring micro-organisms – bacteria, yeasts and molds, and enzymes, we can produce better food in a healthier way.
Enzymes perform the role of alternatives to traditional chemical-based technology and can replace synthetic chemicals in many processes. This can allow real advances in the environmental performance of production processes, through lower energy consumption and biodegradability.
#7. Hybrid Seeds
Production of high-yield seeds is one of the most profitable businesses in the biotechnology industry. Good quality vegetable seeds, fruit seeds, and flower seeds are in high demand.
#8. Specialty Medicine Manufacturing
A Medicinal product is defined as any substance or combination of substances presented for treating or preventing disease in human beings.
Any substance or combination of substances which may be administered to human beings with a view to making a medical diagnosis or to restoring, correcting or modifying physiological functions in human beings is likewise considered a medicinal product.
#9. Vaccine Manufacturing
Basically, you can use biotechnology in three different ways in the development of a vaccine. These are the separation of a pure antigen using a specific monoclonal antibody, synthesis of an antigen with the help of a cloned gene and synthesis of peptides to be used as vaccines.
This business demands substantial capital investment even to start on a small scale.
#10. Vermicompost Production
A considerable portion of solid waste consists of “Organic Wastes”. And these are “biodegradable”. In addition, you can convert the waste into a highly “nutritive bio-fertilizer”. And this is 4-5 fold more powerful than conventional composts.
Even, sometimes superior to chemical fertilizers for better crop growth and safe food production. The business is very profitable. You can start with a small capital investment.
Related: Top Aquaculture Business Ideas
India’s biotech sector has attracted a significant amount of attention over the past two decades. Several global companies have aggressively joined hands with Indian companies due to India’s strong generic biotechnology potential.
We hope, this list of 10 profitable biotechnology industry business opportunities will definitely help you to make an informed decision.
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Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.