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)