DPIIT and Thermo Fisher Sign MoU to increase Biotech Innovation

1. Partnership Overview

• Signatories: Promotion of Industry and Internal Trade (DPIIT) and Thermo Fisher Scientific (TFS).
• Goal: Fast track biotechnology innovation and develop startup pipeline.
• Timeframe: 3 year partnering program.
• Goal: Favor 500 or more biotech startups.

2. Key Initiatives

• BioVerse Challenge: Find and fund 100 potential startups.
  • Mentor and guide.
  • Offer subsidized R&D access
  • Make connections with investors.
• BioVerse Mentors Circle: Mentor and guide 400 startups.
  • Grow biotech technical expertise.
  • Improve entrepreneurial skill.
  • Develop capacity at ecosystem level.
• BioVerse Alumni Network: Be sure of long-term support.
  • Ongoing mentoring and coaching.
  • Continuing funding possibilities.
  • Sustained engagement model

3. Infrastructure Support

• Take advantage of the future plant of Genome Valley, Hyderabad by TFS.
• Offer hi-tech technologies to new businesses.
• Make prototype to product scaling possible.
• Provide state of the art research facilities.

4. Strategic Significance

• Brings together the international experience of TFS, together with the Startup India ecosystem.
• Makes India global bioinnovation centre in the world.
• Solidifies local biotech start ups.
• Improved technology access to start-up businesses.
• Sponsors the Bharat Startup Grand Challenge (BSGC) of the Startup India.