BIRAC To Launch Incentive Scheme To Support 75 Startups In Digital Health, Telemedicine
Biotechnology Industry Research Assistance Council (BIRAC) will soon launch a special incentive scheme to support 75 startups in areas of telemedicine, digital health and artificial intelligence.
Science and Technology Minister Jitendra Singh said the incentive scheme would promote research and development in the health sector at a time when the world is dealing with the challenges posed by the COVID-19 pandemic.
Jitendra Singh urged senior officers to make efforts to reduce turnaround time while supporting startups to retain the edge over the private sector.
Speaking on the development, Jitendra Singh said,
“The government will soon launch a special incentive scheme to support 75 start-ups in areas of telemedicine, digital health and artificial intelligence to coincide with the ‘Azadi ka Amrit Mahotsav’ being celebrated from August 15 this year.”
BIRAC is a public sector enterprise under the Department of Biotechnology (DBT) that has been promoting and supporting emerging Biotech ventures under the Startup India and Make in India programmes.
According to an official statement, BIRAC has gone from supporting less than 50 biotechnology startups in 2012, with innovative funding of less than Rs 10 crore, to now funding over 5,000 biotechnology startups with over 2,500 crores. BIRAC now targets to support more than 10,000 biotechnology startups by 2024.
Government Initiatives For Startups
With its numerous initiatives, the government of India (GOI) is accelerating the growth of the Indian startup ecosystem.
Recently, MeitY launched the Startup Accelerator for Product Innovation, Development & Growth (SAMRIDH) programme to support 300 Indian startups and provide mentorship, seed funding, and market access. Additionally, GOI also announced that it is committed to scaling up the network of incubators and accelerators massively over the next three years.
Through these initiatives and programmes, GOI would be supporting the entrepreneurs and startups in the initial risk phase, which is the most challenging phase, as angel investors and venture capitalists may not like to risk their time and money.
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