Russian President Vladimir Putin has officially proposed a new ‘Bioeconomy’ strategy for BRICS to move away from Western technology, at the Future Technologies Forum in Moscow. The move is to secure a global economic lead in the bioeconomy sector, which member countries have in abundance. Putin called it the “new phenomenon” of growth that can redefine industrial sovereignty by 2050.
“Russia is ready to implement joint projects in bioeconomy with partners in BRICS countries,” said Putin. He described the sector as key “from the point of view of the quality of global growth.” Bioeconomy is the “new reality,” he stressed, while urging the alliance members to join in on the bandwagon of the next-generation growth.
What is ‘Bioeconomy’ That BRICS Is Looking to Explore Next?
The bioeconomy mentioned by Putin targets three sectors for BRICS to collaborate and work on. The high-stakes areas are agriculture, medicine, and energy. Agricultural security (resilient crops), Advanced Healthcare (bionic prosthetics and artificial organs), and Clean Energy (biomimetics). It also includes medical patents, with a focus on genetics, synthetic biology, and AI-driven bio-manufacturing.
Putin wants to integrate this technology across the 11-member bloc, including the UAE and Egypt. BRICS seeks to secure a dominant share of the biotech market that is projected to disrupt 15-20% of global output by 2030. The 2050 timeline for the bioeconomy could make the bloc the leader in the segment. The topic will be discussed at the 2026 summit in India.
Coming to energy, biomimetics and biofuels will lower the need for petrodollars for cross-border transactions. In medicine, artificial organs and genetics would play a major part, leading to the growth of ‘medical tourism. BRICS stands to gain more if they approve the next path of the alliance.
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The Biotech Industry Will Be Worth $30 Trillion by 2050
The Global Bioeconomy Market Projections estimates that the sector will be worth $30 trillion by 2050. The market could reach $6.3 trillion by 2035 and will only snowball thereafter due to higher demand. The sector has the disruptive potential over the next decade as the world returns to biotech for survival.
The market value for biotech is immense, and Putin’s pitch to BRICS to capture the bioeconomy reeks of ambition and aspiration. However, whether the 11-member bloc will take the larger pie of the $30 trillion economy, or whether it will be the West, only time will tell. The alliance is throwing its hat much earlier in the ring to stay ahead of the curve.
This would have a major impact on the global markets as BRICS aims to become a medical tourism hub. The medical sector in the US is miffed with several controversies surrounding health insurance. These issues do not reflect in the 11-member alliance, where access to healthcare is much easier and affordable.
BRICS will self-sustain if it dominates the biotech sector and will become immune to US sanctions. The economy of these developing countries could get a boost due to the new direction. Russia is pulling all its cards to come out of the clutches of Western domination. China will most likely support the ideology as the two countries are like-minded in policy-making.
How Will This Affect the US Dollar, Federal Reserve, and Treasuries?
There is a high chance that BRICS would begin settling biotech payments in local currencies and not the US dollar. Prioritizing local currencies for the exchange of bio goods could also lead to a bigger scale of de-dollarization. It would affect the prospects of the US dollar in real-time, dimming its value in the market. Local currencies would get a chance to scale up in the forex markets due to the exchange of goods.
This is a low-risk and high-reward ratio that Putin is proposing that BRICS take. It would put the bloc much ahead compared to its peers, having an advantage in the bioeconomy. So instead of discussing the formation of a new currency and de-dollarization, the 18th summit in New Delhi would be about leveraging the bioeconomy.
Bioeconomy is a financial opportunity that BRICS can leverage for the next two decades. It would lead to a natural form of de-dollarization that puts local currencies first. Of course, the US and the West are already in the race, but the 11-member bloc is becoming more powerful. If Saudi Arabia joins the alliance someday, the alliance could go further in value.
