Research and Innovation Circle of Hyderabad (RICH) on Monday announced the Acceleration Initiative for Diagnostics (AID) programme to help diagnostic startups reach maximum potential. RICH, an initiative by the Telangana government, has invited applications for their startup accelerator programme from promising startups 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 startups in the diagnostics space. With 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 startups overcome all hurdles to realize their full potential.
As part of the AID programme, RICH is inviting applications from startups, entrepreneurs, researchers, and academic institutions in the in vitro diagnostics sector. The programme is open to startups with a completed proof of concept, and rewards are priceless, it said. The deadline for applications to the AID programme is February 17.
The applications would be evaluated by a panel constituting thematic experts and industry leaders. The most promising startups 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 test beds for samples, testing and validation; potential investors and industry connects; and seed grants to startups 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 per cent, 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 startups in the medical diagnostic space, the post-COVID-19 world provides a unique opportunity to solve the latent and stated health and well-being needs of millions of people across the world.
Dubbed the 'pharma capital of India', Hyderabad contributes to nearly 35 per cent 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 startups grow.
Backed by the Telangana government and the Office of Principal Scientific Adviser to the Government of India - RICH aims to transform the scientific startup 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.