The Launch of Mazumdar Shaw Medical Foundation (MSMF) MedTech Innovation Centre - BIRAC BIONEST in Association with Narayana Health
India’s MedTech market is predicted to be valued at USD 50 billion by 2025. With the gasping need for innovation and technology in India’s MedTech arena, a wind of change has been brought about through business incubation. Making this wind of change stronger, Narayana Health in association with Mazumdar Shaw Medical Foundation launched a physical incubator called Mazumdar Shaw Medical Foundation (MSMF) MedTech Innovation Centre – BIRAC BIONEST on December 24, 2020.
A value-add to the healthcare ecosystem, the incubator has dedicated an 8000 sqft of space to guide, mentor and help MedTech entrepreneurs to create effective products and solutions. Making interaction with clinicians and prototyping through labs easier, the innovation centre was launched in the physical and virtual presence of dignitaries like Ms. Kiran Mazumdar-Shaw, (Founder, Mazumdar Shaw Medical Foundation (MSMF) and Chairperson, Biocon), Dr. Devi Prasad Shetty (Founder and Chairman, Narayana Health), Dr. Paul C Salins, (Medical Director & Sr. Vice-President – Mazumdar Shaw Cancer Centre, Narayana Health and Managing Director, MSMF) and Dr. Manish Diwan, (Head of strategy BIRAC).
The Indian MedTech Space: What Lies Ahead?
“One of the key focus areas for Indian MedTech has to be affordable innovation. We need to make sure that anything that comes out of the labs should be accessible to anyone who needs it. Affordability should be at the heart of it. That’s what India should be known for,” said Dr. Kiran Mazumdar Shaw during the innovation centre launch.
Affordable innovations are what India’s MedTech market needs. The COVID-19 pandemic has allowed the MedTech entrepreneurs to innovate and expand. With trends such as at-home diagnostics, virtual reality, natural language processing and IoT paving the way for growth, affordability should be kept in mind. What is also important is customising the solutions for Indians, to ensure that the solution does not fail.
“I think we are moving towards an ideal situation where the medical healthcare technologies can evolve into products, customised, keeping in perspective the unmet needs,” says Dr. Manish Diwan.
How is the Mazumdar Shaw Medical Foundation (MSMF) MedTech Innovation Centre - BIRAC BIONEST, Contributing to the Med Tech Space?
Apart from providing access to physical infrastructure like labs, the MSMF MedTech Innovation Centre – BIRAC BIONEST will also give entrepreneurs access to the clinicians working with Narayana Health. Once a start-up is incubated, the entrepreneur will be paired with a clinician who will co-create the solution for efficacy. As the centre is recognised by the Department of Science and Technology and Department of Biotechnology-BIRAC, start-ups incubated will also get access to grant opportunities.
At the inauguration of the physical incubator, Dr. Paul Salins said, “What we want to do is that we have a large number of doctors and clinicians here who are doing cutting-edge research and clinical work. They will be able to connect with the start-ups, and we are hoping that the start-ups will make use of those facilities. We want to build an environment where the challenges faced by the patients are tackled. We need a shift from old to new thinking, and that’s a vision that will transform the technology’s interface with healthcare.”
Dr. Devi Prasad Shetty, also present at the inauguration shared, “We are hopeful the physical incubator will provide the much-needed facilities that start-up look for to progress with their innovation. We have been able to support over 25 start-ups through our other programs and international collaborations. With this physical infrastructure, we will help us further strengthen our mission as the infrastructure can support 39 start-ups at any given point of time with the total seating capacity of 82. We are looking at nurturing 10 start-ups in 2021.”
The Way Forward
Dr. Kiran Mazumdar Shaw put it beautifully of what India can do and must do as the way forward.
“I think India has to build credibility and research. Products coming out of India must be considered world-class, and I think they can be world-class. For far too long, we have been at the mercy of the perception from the West. That must change,” Dr. Shaw and adds, “We need to come with therapies and solutions that are India-focused… We must show the way to the world about how innovation happens. I am very confident we can change the way we are going about research, innovation and translating ideas from the labs to the clinic.”
Today’s crisis is paving the way for opportunities of the future. The now-growing Indian MedTech space will soon lead the way for the world, meeting unique challenges.
Event launch recording: https://www.youtube.com/watch?v=PKBG7VuxBdo&t=109s