Under the Startup India and Make in India programs, BIRAC has been promoting and supporting new ventures in the field of biotechnology ecosystem growth.
To support 75 startups in the field of telemedicine, digital health, and artificial intelligence, a special incentive scheme will be launched by the government on Wednesday to coincide with the 'Azadi ka Amrit Mahotsav' which was started on August 15. According to a release, the scheme will be launched by the Biotechnology Industry Research Assistance Council (BIRAC), a public sector enterprise under the Department of Biotechnology, the government of India.
Jitendra Singh, Union Minister of State for Science and Technology, said that the instructions have been provided to the members of BIRAC led by its chairperson Renu Swarup. Talking with the board of directors of BIRAC, the minister said that it will be challenging to recognize the top 75 innovations which will be the most appropriate task in the 75th year of India's Independence which will also help in promoting R&D in the health sector at a time, especially when the country is facing challenges by the Covid-19 pandemic.
Under the Startup India and Make in India programs, BIRAC has been promoting and supporting new ventures in the field of biotechnology ecosystem growth. In addition, the BIRAC has also funded support of over Rs. 2,128 crore to 1,500 startups, enterprises, and SMEs.
Earlier in 2012, less than 50 biotechnology startups were supported with innovative funding of less than Rs 10 crore, but now BIRAC is funding over 5,000 such startups with over Rs 2,500 crore funding. By 2024, BIRAC's target is to support more than 10,000 biotechnology startups.
The Brief. Sign up to receive the top stories you need to know right now.