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RICH shortlists startups under AID programme
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SME Times News Bureau | 15 Apr, 2021
The Research and Innovation Circle of Hyderabad (RICH) on Thursday
announced the shortlist of its first cohort of start-ups, selected under
the Acceleration Initiative for Diagnostics (AID) programme, designed
as a multi-stakeholder alliance to identify and nurture the best
start-ups in the diagnostics space.
RICH-AID is aimed at building
a strong ecosystem of start-ups, innovators, hospitals, clinicians and
mentors to help start-ups get access to facilities, equipment and
expertise, said RICH, an initiative of by the office of Principal
Scientific Adviser (PSA) to the Central government and the Telangana
government.
According to Invest India, the medical diagnostics
market in India is estimated to grow at 20.4 per cent to reach $32
billion. Covid has accelerated the need for more diagnostics across all
health sectors.
The programme has been developed out of a
perceived need to address the challenges faced by start-ups in the
rapidly growing med-tech domain-ranging from the inability to access
equipment, clinical samples, and research expertise to a lack of
mentorship and difficulties in outreach.
It will also help boost
Hyderabad, which contributes roughly 35 per cent of the country's
pharmaceutical output, as the pharma capital of India. RICH-AID will
leverage the existence of India's largest med-tech park, a large number
of research institutions, and over 15 life science incubators and other
supporting facilities set up by Telangana.
"The Covid-19 pandemic
has underlined the need for accelerated research in diagnostics
followed by a rapid go-to-market for such innovations which can help us
deal with such medical emergencies. In Hyderabad, we already have a
fertile ecosystem of industry, hospitals, clinicians and mentors. With
the AID programme, we hope to bring all of these together in a manner
which can best help young innovators convert their ideas into viable
business propositions. This cohort is just the first of many such
start-ups we hope to engage with and help transform the diagnostics
space not just in Hyderabad but across India," said Ajit Rangnekar,
Director General, RICH.
Originally announced on January 28, the
AID programme saw an enthusiastic response from entrepreneurs and
start-ups across the med-tech ecosystem. A total of 76 applications were
received from India, Canada, the US, and South Korea.
Ten of the
startups were selected on the basis of a number of criteria such as
solution USP, technical strength, usability and scalability, readiness,
validation, fit for purpose, commercial roadmap after the entries were
evaluated by a panel constituting thematic experts and industry leaders.
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