According to the latest reports, it has been estimated that Healthcare is going to reach $280 billion by 2020, making it one of the largest growing sectors in both India and worldwide.
With increasing talent, modern infrastructure and academic and research capabilities, the healthcare sector in India is growing in terms of both revenue and employment.
Though what the country needs is cost-effective and efficient solutions to the various medical problems. Keeping this in mind, the government is trying to promote startups in the country and that too in the field of health care. One such initiative is taken by IIT Delhi.
IIT Delhi has joined hands with Pfizer and the Foundation for Innovation and Technology Transfer (FITT) in order to start with the Pfizer IIT-Delhi Innovation and IP Program. The programme is also supported by the Startup India initiative and aims to foster entrepreneurship in the country by giving way to research and innovation.
The programme will give a platform to those who can come up with health innovations for the people of India. Ideas and innovations will be given a chance to be turned into reality with the help of funding, resources, expertise and infrastructure. Experts of FITT and Pfizer Limited will review and recommend the shortlisted proposals to the FITT Board, out of which the board will then select final proposals for the programme. If selected by the board, the innovator will be provided with an unencumbered grant of up to Rs 50 lakh by Pfizer.
- Both individuals and start-up companies belonging to India can participate in the same.
- In case innovators require comprehensive support to translate their healthcare ideas into patents they will be provided with two years of residential incubation at IIT Delhi along with funding of up to Rs 50 lakh to each innovator.
- In case innovators are seeking to obtain a patent and already have a ready proof of concept they will be given access to IP attorneys and services.
Applicants can apply for the programme twice in a year. Information regarding the same will be spread via newspapers and digital media platforms.