RICH "AID" for healthcare startups

AID is conceived by RICH as a multi-stakeholder alliance whose goal is to identify and nurture the best startups in the diagnostics space. Mentored by an expert panel of entrepreneurs, scientists, inventors, and innovators

Hyderabad: RESEARCH and Innovation Circle of Hyderabad (RICH) is inviting applications for their Acceleration Initiative for Diagnostics (AID) programme to help diagnostic startups reach maximum potential, according to a media release. The last date for submitting applications for the AID program is February 17.

The applications will be evaluated by a panel constituting thematic experts and industry leaders. The most promising startups selected by the panel will get the opportunity to undergo incubation at premier research institutes like CCMB, with access to high quality laboratory facilities and equipment; one-on-one mentorship from the top technical and business experts in the industry; access to hospital test beds for samples, testing, and validation; potential investors and industry connects; and seed grants to startups that successfully graduate from the cohort!

RICH will support these startups with the guidance and mentorship to accelerate their growth and ultimately open doors to the industry.

AID is conceived by RICH as a multi-stakeholder alliance whose goal is to identify and nurture the best startups in the diagnostics space. Mentored by an expert panel of entrepreneurs, scientists, inventors, and innovators; supported by the Centre for Cellular and Molecular Biology (CCMB), Hyderabad – AID is expected to help startups overcome all hurdles – both conceptual and infrastructural - to realize their full potential.

Backed by the Government of Telangana and the office of Principal Scientific Adviser to the Government of India, RICH aims to transform the scientific startups ecosystem, by focusing on enabling inventions and innovations to reach the market.

"Innovation in Science has demonstrated its ability to transform the world. In diagnostics, Indian scientists, engineers, and data experts are rapidly innovating new products that can help humanity to identify and overcome many diseases expeditiously. We will give the best among them, the full complement of support to help them succeed" says Ajit Rangnekar, Director General, RICH.

According to experts, the diagnostics services industry in India is expected to grow at a CAGR of approximately 16 per cent, exceeding Rs 1 lakh crore by 2022. The Covid-19 pandemic has provided a boost to this market, with companies experiencing surging demands for technologies ranging from telemedicine to rapid testing kits and precision medicines for life-threatening diseases. For startups in the medical diagnostic space, the post Covid world provides a unique opportunity to solve the latent and stated health and wellbeing needs of millions of people across the world.