Wednesday, January 26, 2022

Special incentive scheme to foster 75 startups in Telemedicine, Digital Health, and AI

A  special incentive scheme will foster 75 startups in the sectors of telemedicine, artificial intelligence, and Digital Health.  Biotechnology Industry Research Assistance Council (BIRAC) will launch the scheme. BIRAC is a public sector enterprise under the Department of Biotechnology (DBT).

A  special incentive scheme will foster 75 startups in the sectors of telemedicine, artificial intelligence, and Digital Health.  Biotechnology Industry Research Assistance Council (BIRAC) will launch the scheme. BIRAC is a public sector enterprise under the Department of Biotechnology (DBT).

Union MOS (IC) Science & Tech. Minister Dr. Jitendra Singh said in a tweet, “ Inspired by PM Modi led Azadi Ka Amrit Mahotsav, BIRAC, affiliated to Deptt of Biotechnology, will offer Special Incentives to support 75 Start-Ups in areas of Telemedicine, Artificial Intelligence, and Digital Health to mark Indian at 75.”

BIRAC has been at the forefront in promoting & supporting new ventures

Several Institutes have collaborated with ‘Startup India’ to promote and provide platforms to the young minds in the nation along with entrepreneurs. This has created a strong ecosystem for nurturing innovation and startups in the country.

On similar lines, BIRAC has been constantly promoting and encouraging new ventures under the startup India and Make in India programs in areas of biotechnology ecosystem growth. Dr. Singh also advised BIRAC to give startup applicants particular themes which will focus on different aspects of tackling COVID-19.

According to available data, BIRAC has funded Rs 2,128 crore to more than 1,500 startups, enterprises, and SMEs. In 2012, it was supporting around 50 biotechnology startups with innovative funding of less than Rs 10 crore but now around 5,000 biotechnology startups are being funded with over  Rs 2,500 crore. Further, the BIRAC has envisioned helping more than 10,000 biotechnology startups by 2024.

The schemes will help the health sector

India is doing its best to tap the entrepreneurial potential of the citizen of India. The nation has come up with various initiatives and platforms like ‘Startup India’ to support the entrepreneurial spirit of the country. 

While interacting with the board of directors of BIRAC, Dr. Singh emphasized on identifying the top 75 innovations in particular sectors in the country. The opportunities to the startups will encourage research and development in different arms of the health sector.  This will not only help in strengthing the health sector of the nation but will also assist in fighting the ongoing corona pandemic that has reshaped the health sector. 

The present Startup schemes and initiatives in the country are supporting the talent of India to dream of ideas, put them in action, and convert them into game-changing ventures.

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