Odisha Cabinet Approves 2024 Biotechnology Policy to Foster Growth

The policy, conceptualised with various key incentives, aims to harness the potential of biotechnology for sustainable development.

In a significant move towards fostering a robust biotechnology ecosystem, the Odisha State Cabinet has approved the Odisha Biotechnology Policy-2024 during a meeting chaired by Chief Minister Naveen Patnaik at Lok Seva Bhawan in Bhubaneswar.

The policy is poised to create a conducive environment for the biotechnology industry, aligning with the state's vision for sustainable socio-economic development.

The Odisha Biotechnology Policy-2024 conceptualised with various key incentives, aims to harness the potential of biotechnology for sustainable development. After the meeting, chief secretary Pradeep Kumar Jena highlighted the policy's objectives and its role in boosting the state's biotechnology ecosystem.

What the Biotechnology Policy Entails

The Biotechnology Policy outlines several key objectives. First, it aims to advance higher education, research, and infrastructure development in promising biotechnology areas.

This includes fostering an environment conducive to innovation, incubation, investment, and impact on the growth of enterprises and industries.

Additionally, the policy emphasises aligning academic excellence, skill development, and capacity building with industry needs. It strives to promote product/process development, commercialisation, and intellectual property (IP) monetisation.

Furthermore, the policy seeks to leverage breakthrough biotechnology innovations and knowledge for the socio-economic development of the state.

Incentives Offered under Odisha Biotechnology Policy-2024

The policy acknowledges biotechnology as a sunrise sector and aligns with IPR-2022, recognising the long gestation period and technology-intensive nature of biotechnology activities. The incentives include:

1. Biotech Park Development: Support for the development of biotech parks by state agencies or private sectors.

2. Capital Investment Subsidy: Biotechnology units will receive a subsidy on actual investment in plant and machinery.

3. Soft Loan Assistance: Large and mega biotechnology units will get soft loan assistance for setting up production units using high-end technologies.

4. Technology Acquisition and Upgradation Subsidy: Eligible biotechnology units will receive subsidies for acquiring and upgrading sophisticated technologies.

5. Employment Generation Incentive: Benefit for eligible units in terms of employment generation incentive, applicable to employees engaged in biotechnology-based technical work.

6. Registration Cost Reimbursement: Reimbursement for the registration of patents, geographical indications (GI), trademarks, and designs for biotechnology units.

7. Quality Certification Assistance: Financial assistance for obtaining quality certifications from recognised institutions.

8. Financial Support for Showcasing: Financial assistance for showcasing products or technologies in national or international events for eligible biotechnology units/start-ups.

Institutional Mechanisms for Policy Implementation

To ensure the effective implementation, monitoring, and evaluation of the outlined functions, the policy establishes a dedicated Directorate of Biotechnology.

This entity will oversee the various aspects of the policy's execution. Additionally, the government will establish the Odisha Biotech Vision Group (OBVG), serving as a think tank and advisory body on diverse policy-related issues.

Comprising professionals and experts from academia, research, industry, policy, administration, finance, and marketing, the OBVG will play a crucial role in providing valuable insights and guidance.

The Odisha Biotechnology Policy-2024 will come into effect from the date notified in the official Gazette of the Government of Odisha. It will remain in force for a period of five years or until it is substituted by another policy, whichever is later.

The approval of the Odisha Biotechnology Policy-2024 signifies a strategic step by the state government towards fostering innovation, research, and development in the biotechnology sector. The comprehensive set of incentives aims to attract investments, promote entrepreneurship, and position Odisha as a prominent player in India's evolving biotechnology landscape.

In a parallel development, the Karnataka government launched revamped versions of the biotechnology policy aiming to position Karnataka as the next global hub for clinical trials and a leader in genomics. Notably, the policy highlights an advanced genome editing technique called "crack-in-creation," garnering international attention for its biological breakthrough.