KEY STORY
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The government will soon launch a Special Incentives scheme to support 75 startups in areas of telemedicine, digital health and artificial intelligence (AI), The scheme will be launched by the Biotechnology Industry Research Assistance Council (BIRAC), a public sector enterprise under the Department of Biotechnology.
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Union Minister Dr Jitendra Singh said that instructions to the effect had been conveyed to the members of BIRAC led by Chairperson Dr Renu Swarup, who is also Secretary, Department of Biotechnology (DBT), Ministry of Science and Technology.
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The minister said the grand challenge to identify the top 75 innovations is the most appropriate task that will promote R&D in the health sector at a time when the humanity the world over is dealing with the challenges posed by the COVID-19 pandemic
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Dr Singh exhorted the senior officers to make efforts to reduce the turnaround time while supporting the startups so as to retain the edge over the private sector. He also called upon the Board of Directors of BIRAC to also give Startup applicants particular themes so as to focus on different aspects of tackling Covid-19.
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BIRAC has been promoting and supporting new ventures under the ‘Startup India’ and ‘Make in India’ programmes in the areas of Biotechnology ecosystem growth.
CONCLUSION
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The BIRAC has lent funding support of over Rs 2,128 crores to more than 1,500 startups, enterprises and SMEs.
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From supporting less than 50 biotechnology startups in 2012 with innovative funding of less than Rs 10 crore, the BIRAC is now funding over 5,000 BT Startups with over 2,500 crore. By the year 2024, the BIRAC targets to support more than 10,000 BT Startups.
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