Rethinking Treatment Timelines 

Setting the context, Paul noted, “Eyestem is among a handful of companies globally working on therapies that could potentially reverse blindness caused by dry age-related macular degeneration (AMD). If successful, this would not just be a scientific milestone, but also a life-changing breakthrough for millions.”

Building on this, Dr Desai pointed to a broader shift underway in biotechnology: “Our goal is to bring a new therapy for an incurable disease every two to three years once we reach commercialisation. Historically, new treatments have taken decades, but that cycle is now compressing dramatically.” 

Apart from dry AMD, Eyestem is expanding its product pipeline across multiple incurable conditions. As Dr Desai explained, “One is retinitis pigmentosa, which primarily affects younger populations, with animal studies expected to begin next year. The second is idiopathic pulmonary fibrosis, where studies are set to commence next month in collaboration with partners in Singapore. The third is Parkinson’s disease, for which we are currently in the process of identifying the most suitable cell-based approach.” 

He emphasised that the shift is not just about speed, but also about fundamentally redefining treatment outcomes. “We are not in the business of slowing diseases; we are working towards reversing them. There is credible science, along with active trials and a clear pathway emerging,” he said. 

India’s Window of Opportunity

The conversation comes at a time when India’s biotech sector is witnessing strong policy backing. Union Budget 2026–27 introduced the Biopharma SHAKTI programme, a ₹10,000 crore initiative focused on strengthening biologics manufacturing, expanding clinical research infrastructure, and enhancing regulatory capacity.

Dr Desai noted that this momentum coincides with a unique global shift. “India is investing at a time when parts of the West are pulling back on research funding, creating a rare window of opportunity to build long-term leadership in deeptech and biotechnology,” he said. 

However, he cautioned that India’s ability to capitalise on this moment will depend on structural changes in how innovation is funded. “In developed economies, private capital plays a far larger role in driving innovation. In India, the structure is still heavily government-led, and that limits the pace at which breakthrough science can scale,” he explained. At present, nearly 60–70 per cent of R&D in developed markets is driven by private capital, while in India, close to 70 per cent continues to be government-led.

Paul reinforced this concern, pointing out that India’s overall R&D expenditure, at approximately 0.6–0.7 per cent of the gross domestic product (GDP), remains significantly lower than that in countries such as the US, China, and Israel. “This gap raises important questions about long-term competitiveness, especially in sectors like biotechnology that rely heavily on sustained research investment,” she noted.  

Dr Desai also pointed to growing deep science innovation across India, supported by institutions like C-CAMP, as a sign that globally relevant breakthroughs are beginning to emerge.

Translating Capability into Real-World Impact

Paul highlighted the broader challenge of translating scientific capability into actual impact. “We’ve built strong scientific capability over the years, but the real question is how much of that is translating into scalable, real-world solutions?” she asked.  

Dr Desai pointed to regulatory delays as a key bottleneck. “If you raise capital for 18 months and spend six to nine months waiting for approvals, that is a significant portion of time lost. In markets like the US and China, decisions are often made in close to 30 days. Greater predictability in India would significantly improve innovation velocity and investor confidence,” he said.

With India’s bio-economy projected to reach $300 billion by 2030, Dr Desai emphasised that global leadership will require more than growth alone: “At a minimum, India should aim to create multiple blockbuster drugs for the world over the next decade. That is the level of ambition required if we want to move from being a manufacturing hub to an innovation leader.”  

From Cost Arbitrage to Innovation Leadership

Eyestem’s work reflects the breakthrough innovation the sector is aiming for. The company is developing regenerative therapies for dry AMD, a leading cause of blindness globally. “If successful, this will be among 2-3  therapies in the world that reverses vision loss rather than just slowing it,” Dr Desai said.

“Globally, similar therapies are priced anywhere from $500,000 to over $2 million. Our goal is to bring this down to below $15,000, and potentially even lower, so that it is accessible at scale,” he added. 

Paul noted that such breakthroughs could reshape not just healthcare outcomes, but also global perceptions of India’s innovation capabilities. “Some of the most exciting work today is happening in deeptech and biotech, but it often goes underreported because it is complex and long-gestation. That narrative needs to change,” she said.

Looking ahead, Dr Desai highlighted the convergence of artificial intelligence (AI) and biology as a key driver of transformation. “The combination of AI and biology can unlock new pathways in this sector, and at the same time, it will bring new risks, requiring strong guardrails from both companies and governments,” he said.

Watch Link: 

YouTube: https://youtu.be/Pw1dX6TU0gM 

Spotify: https://open.spotify.com/episode/6lpqa8IebrTLg6kMVWcFYv?si=xIq4VW3aSqyYNtFoP9XnXQ

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