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Pfizer joins hands with IIT to back healthcare innovations in India

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New Delhi: Aiming to back start-ups and individuals for developing healthcare innovations in India, drug giant Pfizer has collaborated with Indian Institute of Technology (IIT) Delhi to launch “Pfizer IIT Delhi innovation and IP Program”.

Under the program, each innovator will get a grant of Rs 50 lakh who will own the patents and would be free to market them as well.

Besides, providing the financial assistance, the program will allow a two-year stay at IIT Delhi and access to all facilities of the institute’s laboratories.

The candidates will also get guidance from Pfizer’s global experts, access to venture capitalists and industrial exposures.

Department of Industrial Policy and Promotion (DIPP) Secretary Amitabh Kant, speaking on the project, said, “the government is taking decisive steps to further enhance the innovation ecosystem in India and we welcome the participation of all stakeholders in this effort”.

“Nurturing entrepreneurship and innovation is a priority for India. In a knowledge economy, the country’s success will be determined by the place it holds on the global innovation platform”, he added.

The high-profile project has been developed jointly by Pfizer and the Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology.

“Our Innovation and IP Program with IIT Delhi will celebrate, promote, and reward innovations and advancements in healthcare that are born and brought up in India for the benefit of our people,” Pfizer India Executive Director S Sridhar said.

In the 2015-16 fiscal, the program will invite two rounds of proposals. Submission of the first round of proposal begins on November 27 this year.

(With inputs from agencies)

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Rs 2,000 Crore credit Guarantee Fund for Start-ups likely to start in India

With Rs. 2000 crore credit guarantee fund, start-ups will receive financial assistance for their ventures

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Picture of a man and a wall with a bulb. Wikimedia

New Delhi, Oct 15, 2016: The government will soon set up a credit guarantee fund for start-ups with a corpus of Rs 2,000 crore with the aim to provide them with easy funding options, a top official said here on Saturday.

“With this corpus of Rs 2,000 crore in place, the start-ups would receive financial support for their ventures, which will further motivate entrepreneurship,” Ramesh Abhishek, Secretary, Department Of Industrial Policy and Promotion (DIPP), said while addressing a conference on “Start-Up India, Challenges and Sustainability”, organised by the PHD Chamber of Commerce and Industry (PHDCCI).

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Without prescribing any time limit for the fund to come up, Abhishek said with the fund becoming operational in the near future, start-ups can look forward to financial assistance for their ventures that would be available easily.

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Responding to a suggestion mooted by PHD Chamber President Mahesh Gupta, seeking relaxations in existing taxes for start-ups, Abhishek said that the issue is being pursued by the government with various stakeholders.

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Speaking on the occasion, Minister of State for Human Resource Development Mahendra Nath Pandey said the sufficient incentives should be given to those who wish to set up their venture, to promote the spirit of innovation. (IANS)