The Indian Institute of Technology (IIT) Roorkee has launched the Bio Incubator in its campus which aims at providing assistance to the students, researchers and entrepreneurs to conduct research and develop commercially viable products. The Bio-Incubator accelerates the life sciences, healthcare and Biotechnology based innovations for commercialisation. Students and entrepreneurs can use its world class labs to conduct research and develop commercially viable products.
According to an official statement by IIT Roorkee, Technology Innovation & Development of Entrepreneurship Support (TIDES) Bio-Incubator has been granted a funding of Rs 3.92 Crore over a span of 3 years under Bio-NEST (Bio-Incubator Nurturing Entrepreneurial for Scaling Technologies) scheme of BIRAC (Biotechnology industry Research Assistance Council, set up by Department of Biotechnology (DBT), Government of India.
"The Bio-Incubator has spent about Rs 2 Crore in order to obtain world class equipment and development of laboratories. The Bio-Incubator plans to spend further allotment of amount to create a wholesome environment to promote entrepreneurship. Bio-Incubator will provide incubation to all deserving entrepreneurs in the region, in and around IIT Roorkee, with a focus on North Zone," mentions IIT Roorkee.
Emphasising the benefit of this facility for students thinking of creating start-ups in life sciences area, professor Ajit K Chaturvedi, Director, IIT Roorkee, said, “Growth in healthcare and biotechnology area is imperative for our country's progress. This Bio-Incubator will enable young entrepreneurs to freely explore and develop viable products and thus give wings to their start-ups and thereby also fuel India's growth”.
Highlighting the significance of healthcare and life sciences start-ups, Mr Azam Ali Khan, CEO, TIDES, IIT Roorkee, Said, “The present decade is identified as the decade for Healthcare & Life science Start-ups. This bio incubation facility is going to promote & support interdisciplinary research converging into commercially viable products for affordable healthcare solutions”.
