Can the Indian govt. innovate on biotech strategy? Birac is the test

 Can the Indian govt. innovate on biotech strategy? Birac is the test
If you’re in India, chances are you misread “Birac” in the subject as “Bira”. The latter is a craft beer brand, the former is Biotechnology Industry Research Assistance Council - a quasi-govt. non-profit entity set up in 2012. Its mandate was to provide funding support to young biotech startups.
 
In six years, it has already disbursed $135M to over 750 startups, and convinced the biotech industry to match it nearly rupee-for-rupee with another $133M. 
 
Birac is an interesting story of a bunch of well-meaning bureaucrats and academics who tried to spur early-stage innovation in a country where few VCs are willing to take chances with biotech. But it is also an all-too-familiar tale of how India’s notoriously rule-bound bureaucracy can still stymie any efforts to break out.
 
For instance, in its early years, Birac hired over 90% women in an effort to avoid the trap of corruption that plagues many govt. initiatives. But the same Birac also offers an insulting Rs 2000 (less than $30) for 8.00 a.m to 8.00 p.m of the time of academics and industry executives it uses to review the applications it gets for funding.
 
Nonetheless, it must now grow up. Because under the new Biopharma Mission, a new $300M fund will be handing out grants worth $8-10M. That’s larger than many VC Series A rounds in India. Some want Birac to progress from handing out grants to making investments in return for equity.
 
One of the things the Indian govt. under PM Modi has been trying to is to increase the funding support it provides to startups. Birac’s transition will be a lead case-study of how well that pans out.

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