Pfizer and IIT-Delhi announce their Innovation and IP Program for healthcare startups
This story is sponsored by Pfizer
Healthcare is slowly becoming one of India’s largest sectors, both in terms of revenue and employment. The healthcare sector in the country is growing at a brisk pace and is expected to reach $280 billion by 2020, a compound annual growth rate (CAGR) of 22.9 percent.
Given the talent, infrastructure, academic and research capabilities in the country today, this should come as no surprise. With the growing demand for healthcare solutions, cost-effective, easy-to-deploy and scalable innovations are the need of the hour. On the other hand, there has never been a better time to be an entrepreneur in this space, with the Indian Government’s increased focus on innovation, entrepreneurship, and intellectual property rights.
Fostering entrepreneurship
The Pfizer IIT-Delhi Innovation and IP Program is an incubation accelerator co-created by Pfizer and the Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology, Delhi (IIT-Delhi). The programme, supported by the Startup India initiative, aims to fulfil the campaign’s fundamental aim of fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for the growth of startups.
The programme promotes, celebrates, and rewards advancements in healthcare – innovations that take shape in India and can help patients, healthcare professionals, and other targeted beneficiaries in the country. From devices to diagnostics, mobile health to medical informatics – the programme will bring to life innovations that are made in India and made for India. Those selected will receive comprehensive support in the form of funding, resources, expertise and infrastructure, to propel their healthcare innovations from idea to IP.
An independent panel of subject matter experts established by FITT and Pfizer Limited will review and recommend the shortlisted proposals to the FITT Board. The Board will select the final proposals for the programme.
Pfizer will provide an unencumbered grant of upto Rs 50 lakh to each innovator selected by the committee. Patents obtained as a result of the incubation will belong to the innovators, who will be free to commercialise them as they desire.
Programme details
This programme is open to Indian nationals – both individuals and startup companies. For innovators seeking comprehensive support to translate their healthcare ideas into patents, the programme provides two years of residential incubation at IIT Delhi, with funding of upto Rs 50 lakh for each innovator. Participants will get mentoring support from IIT Delhi’s faculty and access to the institute’s top-level infrastructure and prototyping laboratories. They will also get support with IP search and filing services and guidance from Pfizer’s global experts, in addition to access to venture capitalists and other industry connections.
Innovators who already have a ready proof of concept and are seeking to obtain a patent, will gain access to IP attorneys and services (covering the patent fee).
When to apply
The programme accepts applications twice a year, with the first phase being launched in December 2015. Announcements are made across leading newspapers and digital media platforms.
Find out more about how you can apply for the programme here.