Biomedical policy a gamechanger for fueling innovation among doctors

The policy aims to create an innovation-led entrepreneurial ecosystem in India with the ultimate goal of positively impacting human health and well-being. The expected outcomes of the policy are upgradation in national and international institutional rankings of medical colleges, satisfactory career path for medical professionals and active contribution of medical professionals in startup India, Make in India, and Atmanirbhar Bharat government initiatives

To encourage medical colleges to create enabling policies and ecosystems for innovation and entrepreneurship development by its faculty, students and staff, the Indian Council for Medical Research (ICMR) has recently launched the 'Policy on Biomedical Innovation and Entrepreneurship'. Widely intended for all medical professionals, scientists and technologists at medical, dental and para-medical institutes, the policy aims to promote biomedical innovation and entrepreneurship by medical professionals to foster development of unmet need driven, socially impactful technologies and products for societal benefit. The policy aims to create an innovation-led entrepreneurial ecosystem in India with the ultimate goal of positively impacting human health and well-being. The expected outcomes of the policy are upgradation in national and international institutional rankings of medical colleges, satisfactory career path for medical professionals and active contribution of medical professionals in startup India, Make in India, and Atmanirbhar Bharat government initiatives.

As the title suggests, the 'Policy on Biomedical Innovation and Entrepreneurship' has set its mission to formulate an overarching policy for creating nationwide innovation and entrepreneurial framework at medical colleges, hospitals, and institutes for societal impact. It will ensure multi-disciplinary collaboration, promote startup culture and develop an innovation-led ecosystem at medical institutes across the country by promoting Make in India, Start-Up India and Atmanirbhar Bharat initiatives. Obviously, the policy will motivate, incentivise and give a fillip to all the stakeholders as it will disseminate the policy at pan-India level to spur the culture of innovation and entrepreneurship in the country for a wider societal impact. The scope of the policy covers medical, paramedical colleges and institutes, biomedical research institutes, academic institutions as well as medical professionals and doctors, scientists, paramedical staff, research and academic staff, and technicians.

The launch of this policy is of considerable significance as, at present, there is no intellectual property (IP) and entrepreneurship policy in most of the medical colleges as compared to engineering colleges in the country. There are 605 medical colleges and 23 IITs in the country. More than one lakh medical professionals graduate every year. Only 15 per cent medical colleges have laid down IP policy as against 85 per cent of engineering colleges. Medical institutes have contributed only 5 per cent patent filings from 2010 to 2020. Rest was filed by engineering institutes. With the launch of this policy by the Union Health Ministry, medical institutes will be able to come out with IP management policy. It will enable medical professionals to launch their startups. Besides this, it will also encourage inter-institutional and industry collaborations through PPP mode. With this, medical colleges have been asked to set up an office of licensing of innovation ventureship and enterprise (OLIVE) to encourage medical professionals to learn, involve and take up entrepreneurship. OLIVE will provide hand-holding to innovators for IP management, startup company formation/ incubation facility, business development and techno-legal support. OLIVEs will also provide innovators led startups with services of chartered accountant/company secretary, patent attorneys who in turn can avail 2-10 per cent equity in incubated startups. They will also help startups in royalty management. Startups established at OLIVE will be permitted for three years to enable time bound exit. Of course, the policy will prove to be a game changer as it will enable medical institutions to actively support their personnel in contributing towards the innovation and entrepreneurial ventures with the ultimate goal of positively impacting human health and well-being. Without any doubt, the policy will bring about a paradigm shift in the innovation and entrepreneurship culture in the country and will have far reaching impact on all the medical colleges and institutes across the country.

Of course, this policy will ensure multi-disciplinary collaboration, promote startup culture and develop an innovation led ecosystem at medical institutes across the country by promoting Make-in India, Start-Up India and Atmanirbhar Bharat initiatives. This policy resonates with the motto of Prime Minister to 'innovate, patent, produce and prosper.' Surely, this policy on 'Biomedical Innovation and Entrepreneurship for Medical Professionals' will, in the long run, prove to be a game changer. It will enable medical institutions to actively support their personnel in contributing towards the innovation and entrepreneurial ventures with the ultimate goal of positively impacting human-health and well-being. Definitely, this policy will bring about a paradigm shift in the innovation and entrepreneurship culture in the country and will have far reaching impact on all the medical colleges and institutes across the country.

(The author is freelance journalist with varied experience in different fields)