Hyderabad: Research and Innovation Circle of Hyderabad (RICH) on Monday announced the Acceleration Initiative for Diagnostics (AID) program to help diagnostic start-ups reach maximum potential.
RICH, an initiative by the Telangana government, has invited applications for their start-up accelerator program from promising start-ups and entrepreneurs wishing to fast-track their diagnostic product to market.
AID is a multi-stakeholder alliance whose goal is to identify and nurture the best start-ups in the diagnostics space. Mentoring by an expert panel of entrepreneurs, scientists, inventors, and innovators supported by the Centre for Cellular and Molecular Biology (CCMB), Hyderabad — AID is expected to help start-ups overcome all hurdles to realize their full potential.
As part of the AID program, RICH is inviting applications from start-ups, entrepreneurs, researchers, and academic institutions in the in vitro diagnostics sector. The program is open to start-ups with a completed proof of concept, and rewards are priceless, it said. The deadline for applications to the AID program is February 17.
The applications would be evaluated by a panel constituting thematic experts and industry leaders. The most promising start-ups selected by the panel would get the opportunity to undergo incubation at premier research institutes like CCMB, with access to high-quality laboratory facilities and equipment; one-on-one mentorship from the top technical and business experts in the industry; access to hospital testbeds for samples, testing and validation; potential investors and industry connects; and seed grants to start-ups that successfully graduate from the cohort.
According to experts, the diagnostics service industry in India is expected to grow at a Compound annual growth rate (CAGR) of nearly 16 percent, exceeding Rs 1 lakh crore by 2022.
The Covid-19 pandemic has provided a boost to the diagnostics market with companies experiencing surging demand for technologies ranging from telemedicine to rapid testing kits and precision medicines for life-threatening diseases.
For start-ups in the medical diagnostic space, the post-Covid world provides a unique opportunity to solve the latent and stated health and well-being needs of millions of people across the world.
Hyderabad is a hotspot of innovation, especially in the field of med-tech, and is best suited to take on this initiative.
Dubbed the ‘pharma capital of India’, Hyderabad contributes to nearly 35 percent of the country’s pharmaceutical output.
Hyderabad is also home to India’s largest med-tech park and coronary stent manufacturing facility, a large number of research institutions, and more than 15 life science incubators and other supporting facilities set up by the state. It is expected that this scientific-entrepreneurial ecosystem would help the start-ups grow.
Backed by the Telangana government and the Office of Principal Scientific Adviser to the Government of India – RICH aims to transform the scientific start-up ecosystem, by focusing on enabling inventions and innovations to reach the market.
“Innovation in science has demonstrated its ability to transform the world. In diagnostics, Indian scientists, engineers, and data experts are rapidly innovating new products that could help humanity to identify and overcome many diseases expeditiously. We will give the best among them, the full complement of support to help them succeed,” said Ajit Rangnekar, Director General, RICH.