In India’s dynamic startup landscape, biotech is where matter of purpose trumps all discourse of profitability
The pace of biotechnological advancements has surged to unprecedented levels, leading to frequent disruptions caused by a continuous stream of inventions, discoveries, and breakthroughs. As a result, India is poised to emerge as a prominent global hub for biotechnology research, innovation, and manufacturing in the near future.
Dr Jogin Desai
Biotech startups: In India’s dynamic startup landscape, although there is much talk about profitability, there has also been a growing shift towards creating purpose-driven startups. Biotech is one such sector, where the matter of purpose trumps all discourse of profitability. This is because, unlike the vast majority of startups, whose journeys are heavily entrenched in profit-making, most biotech startups start with a strong motive to solve pressing global challenges and, hence, by definition, are fueled by a sense of purpose.
India’s burgeoning biotechnology industry has set in motion rapid progress and socio-economic transformation while showcasing the boundless potential of its numerous innovators. The pace of biotechnological advancements has surged to unprecedented levels, leading to frequent disruptions caused by a continuous stream of inventions, discoveries, and breakthroughs.
As a result, India is poised to emerge as a prominent global hub for biotechnology research, innovation, and manufacturing in the near future. India’s dynamic and thriving biotech landscape is proof of the nation’s scientific excellence and its potential to drive significant positive change in society and the world at large.
For biotech startups, this growth can never start with a focus on “How can I make money?” Instead, innovators should attempt to embark on their entrepreneurial journey at the intersection of the answers to three key questions: What is the problem that we want to solve? How much will the world appreciate a solution? Will we be able to solve it and create a sustainable and profitable organisation?
The resultant answer infuses the startup with a purpose, a motivation that steers the team to reach new peaks consistently. Thus, during the entrepreneurial journey, the focus of a biotech startup has to be addressing critical issues affecting human health and other neighbouring concerns and simultaneously making money in the process.
Creating value for the world should always be a key consideration for biotech startups. The impact of their solutions is not only measured in financial terms but also by how profoundly they are embraced and appreciated by communities, industries, and societies as a whole.
This need to contribute to the common good inspires the team to push boundaries and make a genuine difference. Ultimately, a sustainable, profitable organisation is created, where the fervent passion to achieve a goal permeates various facets of the company’s operation, strategies, and growth, making it resilient to the vagaries of the entrepreneurial landscape.
The best biotech company is one where everyone from top to bottom understands the startup’s purpose and can define it in ten seconds. This alignment fosters a sense of belonging and unity among team members, propelling them toward a common goal. It mitigates the risk of deviating from the core mission and ensures that all efforts are channelled towards achieving the startup’s overarching goals. All decisions get taken through the lens of the central purpose.
While the purpose is the core driving factor, biotech startups are also mindful of sustainability and profitability. Purpose allows one to sustain, especially during tough times. As Nietzsche said, “He who has a why to live can bear any how.” Likewise, biotech startups can, by driving meaningful change and improving the well-being of individuals and communities, produce capital as against consuming it.
Most biotech companies have a captive market; biotech solutions are few and far between, and this gives rise to the potential of a vast customer base for commercialisation. Thus, if startups persist in enhancing the quality of life and securing a better future for generations to come, profitability will surely come within their reach.
