The policy was formulated with an intent to provide fiscal and non-fiscal incentives, support product development by bio-tech start-ups and MSMEs, streamline rules, regulations and legislation to create an innovation-friendly environment, create a vibrant bio-entrepreneurial culture in academia and research institutions.

The government will provide support for development of the sector by forming public-private partnerships (PPPs), bio-incubation centres and bio-tech finishing schools. For this the government will collaborate with international organizations to provide cutting-edge technology in the bio-tech sector.

The policy further envisages implementing a supportive regulatory framework and robust governance structure that enables hassle-free, time-bound statutory clearances and monitoring of the policy. The policy covers all aspects of biotechnology including bio-pharma, bio-services, agri-biotech, industrial bio-tech and systems and synthetic biology.

Besides, the new policy will promote innovation in R&D by encouraging PPPs for sustained growth and international competitiveness; establish regional biotechnology parks, bio-clusters, and thematic biotechnology parks in priority areas like agriculture, animal husbandry, human health and marine bio-tech. Besides, the government will also establish bio-innovation grant, bio-tech bridge grant and immersion fellowships to promote biotechnology.

The Odisha Biotech Park at Andharua, Bhubaneswar, will be operationalised at the earliest. The government will also establish other thematic parks like Marine Biotech park, Agri Biotech Park and Med tech park. IDCO will identify land for these projects and select the developer.