Getting the bioeconomy governance right

This is from The Intersection column that appears every other Monday in Mint. Biotechnology has become a currency of geopolitical power. Its convergence with artificial intelligence (AI) is transforming the global bio-economy. If India reforms its governance structures, it will open a window of opportunity to becoming a major technological power. If not, our politics, economy and society will have to suffer coercion by countries that have leverage over us. Reforming the biotech sector is no longer only about healthcare, agriculture and economic growth. It has been turned by China and the US into an area of geopolitical contestation. This creates a new salience and urgency. Last week, the US announced that even generic pharmaceuticals will attract 100% tariff in 2028 and 200% a year after. Patented drugs are already tariffed at 100%. Washington is enacting legislation that could prevent drugs containing Chinese-made ingredients from being imported into the US. Beijing, for its part,…