Odisha Cabinet Approves Biotechnology Policy-2024 to Foster Innovation and Growth

Bhubaneswar: The Odisha state Cabinet, led by Chief Minister Naveen Patnaik, granted approval to the Odisha Biotechnology Policy-2024, aiming to harness the potential of biotechnology for sustainable socio-economic development and to bolster the biotechnology ecosystem in the state.

Chief Secretary PK Jena, after the Cabinet meeting, highlighted the key incentives of the Odisha Biotechnology Policy 2024, emphasizing its role as a catalyst for attracting investors and stakeholders to build a thriving biotechnology ecosystem.

The primary objectives of the policy include:

• Promotion of higher education, research, and infrastructure development in promising biotechnology areas.
• Development of a supportive ecosystem for innovation, incubation, investment, income, and impact to foster enterprises and industries.
• Realignment of academic excellence, skilling, and capacity building to meet industry requirements.
• Promotion of product/process development, commercialization, and intellectual property (IP) monetization.
• Leveraging breakthrough biotechnology innovations/knowledge for the socio-economic development of the state.
• Recognizing biotechnology as a thrust sector in IPR-2022, the Odisha Biotechnology Policy 2024 aligns incentives with the sector’s long gestation period and technology-intensive activities. Incentives include support for Biotech parks, capital investment subsidies, soft loan assistance, technology acquisition/upgradation subsidies, employment generation incentives, reimbursement for intellectual property registration, financial assistance for quality certifications, and support for showcasing products or technologies in national or international events.

To ensure effective implementation, monitoring, and evaluation, a dedicated Directorate of Biotechnology will be established. Additionally, the Odisha Biotech Vision Group (OBVG) will serve as a think tank and advisory body, comprising professionals and experts from academia, research, industry, policy, administration, finance, and marketing.

The Odisha Biotechnology Policy 2024 will be in effect for five years or until substituted by another policy, taking effect from the date notified in the official Gazette of the Government of Odisha.