Biotech and medical device start ups can now take maximum advantage of Union government’s ease of doing business initiative and National Intellectual Rights (IPR) policy to pursue a promising technology development programme in the country, said Prof. K VijayRaghavan, secretary, department of biotechnology.
In this regard, the early stage biotech and medical device companies need to take a cue from ancillary manufacturers in the electronics and automobile sectors in the country to make products that are critical components for a larger device or equipment. This would demonstrate the start up companies' sustainability advantage, he added.
The major challenge for small companies and start-ups is in early stage funding. Therefore companies seeking funds like the Biotech Ignition Grant (BIG) should ensure that the proposed process or product innovation is commercially viable. Only proposals presented with a clear technology objective, focused on validating proof-of-concept studies could reduce uncertainties to succeed. The concept should be backed by concrete scientific data needed to demonstrate its scale-up for commercialization, said Prof VijayRaghavan.
The ancillary sector in biotech and medical devices will now need to focus on innovation to develop components for manufacture of vaccines and bio-medical technology for large companies, he said.
“This is where Bengaluru’s allied industry proved its expertise in rapidly building capabilities to demonstrate its outsourcing excellence. Therefore in the area of micro fluids, nanotechnology, chemistry and biology too, startups should maximise their skills and competencies that can be harnessed by large Indian or global companies for outsourcing, stated Prof VijayRaghavan on a video-conference at the two-day BIRAC BIG conclave held at the National Centre for Biological Sciences (NCBS)-TIFR campus. The event hosted by Centre for Cellular and Molecular Platforms (C-CAMP), along with its startups held on June 16 and 17 in Bengaluru.
Now Bengaluru offers a unique opportunity to scale up a promising idea. Other cities like Mumbai, Pune, and NCR region indicate a similar prowess, he said.
Currently every early stage company in the country face two challenges. One is the government regulations where rationalization is slowly happening. This along with the ease of doing business and with the IPR policy can foster innovation. The second issue is the government resources which has now increased significantly over the years. But to access it, life sciences, biotechnology and bioengineering companies will need to have a novel technology idea which is a critical enabler for approval of grants, said Prof VijayRaghavan.