Pfizer and IIT Delhi announced the launch of - Pfizer IIT-Delhi Innovation and IP Programme, an incubation accelerator initiative to help innovators in scientific development of healthcare sector. The programme is intended to fund projects for the various subsectors within healthcare sector like therapeutics, diagnostics or biotechnology, etc.
The programme co-created by Pfizer and the Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology, Delhi (IIT-Delhi) will be open to Indian nationals - individuals and startup companies. It comprises two components for innovators, for those seeking comprehensive support to translate their healthcare ideas into patents, the programme will provide two years of residential incubation at IIT Delhi, funding of up to Rs.50 lacs for each innovator, mentoring support from IIT Delhi’s faculty, access to infrastructure and prototyping laboratories, IP search and filing services, guidance from Pfizer’s global experts, and access to venture capitalists and other industry linkages. For innovators who already have a ready proof of concept and are seeking to obtain a patent, the Programme will provide access to IP attorneys and services and cover the patent fee.
The Foundation for Innovation and Technology Transfer is a well-established and recognized technology incubator that has been IIT Delhi’s industrial interface organization since 1992. FITT operates the incubation facilities on the campus through which a large number of successful innovations have been created and commercialized. FITT will implement all stages of the Pfizer IIT Delhi Innovation and IP Programme – from inviting proposals, to reviewing, shortlisting and selecting innovators and awarding appropriate grants.
S. Sridhar, executive director, Pfizer India said, “Pfizer promotes a culture of innovation and encourages this creative endeavour globally. Our Innovation and IP Programme with IIT Delhi will promote, celebrate and reward innovations and advancements in healthcare that are born and brought up in India for the benefit of our people. In doing so, our effort aligns with the Government’s stated priority of creating a vibrant innovation ecosystem in the country and enhances the creation of intellectual property. I invite innovators in India to take advantage of this programme and bring their healthcare inventions to life.”
He adds, Pfizer’s funding through this programme will be unencumbered. All rights on the innovations will be owned entirely by the innovators and they will be free to commercialize their patents as they desire. Further this is the first of its kind project and the company would like to take it to other institution but for the time, they would like to focus on this.
Present on the occasion, Amitabh Kant, secretary, Department of Industrial Policy and Promotion (DIPP), said, “The government is working towards nurturing entrepreneurship and innovation. For this the government is working for a zero pendency of patent. We’re ensuring speedy disposal of the patent application and in a year’s time or so we expect to achieve that”.
He added that Pfizer and IIT Delhi forging this partnership will fuel indigenous innovations in the country while a task force has been created for the New IPR policy.
On the partnership Dr. Anil Wali, managing director, Foundation of Innovation and Technology Transfer, IIT Delhi said, “We will provide access to resources and knowledge that would significantly increase the innovators’ chances of creating novel healthcare solutions and successful commercial enterprises.”
The Programme will invite two rounds of proposals during the year 2015-2016. Call for proposals for the first round will open from November 27, 2015 until January 15, 2016. Applicants can submit their proposals on the FITT website. An independent panel of subject matter experts established by FITT will review and shortlist the potential incubatees. The Technology Business Incubator Unit board at IIT Delhi will make the final selection of individuals and start-ups that that shall receive the grants and be incubated at IIT Delhi.