Dr. Ramanathan Vairamani, Chief - Technology and Innovation, Rallis India Ltd., in interaction with Industry Outlook magazine, shares his views on how the agricultural biotechnology market is evolving in India and how it is expected to lay more emphasis on sustainability in farming by offering suitable innovations.
To stay ahead of the curve in today’s competitive agricultural biotechnology market, agricultural heads need to be aware of back-to-back transformations. How do you see the changing role of a CTO in the agricultural biotechnology industry?
Agriculture today is dynamic. It is constantly changing with new environments, new technologies, and producing new results. With countries laying impetus on food security, amidst heightened demand from a burgeoning global population, agricultural biotechnology is expected to play a significant role in enhancing farm productivity and self-sufficiency.
The global
agricultural biotechnology market size is expected to reach $66.2 billion by 2027, at a CAGR of 9.4%. This reflects the scope for competition and growth in this segment.
A major purpose of biotechnology in agriculture is to ferry it into the modern age, while offering scientific tools and solutions to farmers to increase yield and productivity, and ward off potential natural risks.
Accordingly, the role of a Chief Technology Officer at an agricultural biotechnology business is evolving in terms of the changing approaches to agriculture, addressing challenges with solutions, and adding direction and strategy to the path of modernization through innovation.
A CTO must implement new learnings as required, quickly adapting to the changing needs and knowledge of farmers, land-related factors, and market situations. Considering that the sector is surrounded by significant government regulation, coupled with a lack of awareness, a CTO also contributes to the spread of knowledge in the field, while dispelling misinformation.
Science is at the heart of agricultural biotechnology. Hence, to maintain a competitive edge, a CTO must be oriented towards optimally utilizing R&D infused with new and relevant technologies to create products suited to a particular market and involve farmers in their introduction and usage.
One of the major concerns for the CTOs in the agricultural biotechnology industry is the higher costs for the development of Agri biotech products. How do you propose to allay these concerns?
High costs going into the development of Agri biotech products remain a concern. Apart from the costs incurred in research and the development of a product itself, the time spent on its approval also translates into a high cost for a company.
However, where high cost is an impediment, it is also an opportunity for innovating processes, making them more cost-effective, ultimately benefiting farmers. Gene editing is one such innovation that has become an integral part of the toolbox for agribiotech companies. It is affordable and takes less time.
Globally, it is subject to a much lower level of regulation in comparison to transgenic technology. Many of the recent-age innovations in the US have come out of startup companies, demonstrating their affordability. Today, companies are bullish about digitalization, which ensures the timeliness, precision, and accuracy of processes. It is such an intrinsic pressure that has led to novel technologies like gene editing which are more affordable and