Department of Biotechnology, Ministry of Science & Technology, Govt. of India made a policy statement in October, 2007 that PPP would be promoted and a separate organization would be set up to nurture and promote industry R&D innovation. On 20^th November, 2011, Govt. of India took a landmark decision to create a unique organisation Biotechnology Industry Research Assistance Council (BIRAC)the first of the kind which would work with a focussed mandate of strengthening and empowering the innovation research capacities of the biotech entrepreneur and providing an enabling ecosystem.

BIRAC was incorporated on 20^th March 2012 as a Section 25, Not for Profit Company. BIRAC is a new industry-academia interface and implements its mandate through a wide range of impact initiatives, be it providing access to risk capital through targeted funding, technology transfer, IP management and handholding schemes that help bring innovation excellence to the biotech firms and make them globally competitive. In its 1^st year of existence, BIRAC has initiated several schemes, networks and platforms that help to bridge the existing gaps in the industry-academia Innovation research and facilitate novel, high quality affordable products development through cutting edge technologies. BIRAC has initiated partnerships with several national and global partners to collaborate and deliver the salient features of its mandate.