Start-ups in Medical devices & diagnostic sectors to be uplifted by RICH !

The Research and Innovative Circle of Hyderabad (RICH) has come up with an initiative to help the start-ups firms in the medical devices and diagnostic sector, who are working on innovative projects in India.

As part of this initiative, recently the authorities from RICH have announced Accelerated Initiative for Diagnostic (AID) programme, with an aim to give a push to the start-ups in the diagnostic sector to reach to their maximum potential in the market.

In fact, RICH is an initiative of the Telangana government that has been conceived to unlock the national treasure created by the top scientific research institutions in Telangana State, and to actively facilitate the process of taking their research to market.

As part of this initiative, the state government earlier had invited applications from the startups for securing AID for their innovative programmes. Promising start-up and entrepreneurs wishing to fast-track their diagnostic products to the markets can apply for this programme and gain the much needed push up both technologically, knowledge wise and financial aid from the government.

According to Ajit Rangnekar, director general of RICH, the AID programme is a multi-stake holder alliance whose goal is to indent and nurture the best start-ups in the diagnostic space. Selected applicants will get mentoring by expert panel of entrepreneurs, scientists, inventors and innovators. In fact the Centre for Cellular and Molecular Biology (CCMB) has also partnered with RICH to extent its full support to the startups and help them overcome hurdles to realize their full potential.

“In fact, the main objective by the state government to form RICH is that it had recognized wide gaps in the field of innovation-entrepreneurship-investment ecosystem, which has prevented full utilization of the R&D work taking place in these institutions. RICH is the best platform that will link research institutions, academia and industry along with venture capitalists, angel investors and incubators. RICH will initially focus on three sectors, same model of collaboration will later be extended to other priority sectors of the State,” informed the DG.

For aiding the startups in the diagnostic sector, the RICH ahs invited applications from the startups, entrepreneurs, researchers and academic institutions in the in-vitro diagnostic sector. The programme is open to start-ups with a completed proof of concept. The deadline for interesting parties to apply for the AID programme is February 17, 2021.

Reference: Pharmabiz