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Narayana Health and MSMF team up with BIRAC to set up advanced Med Tech Innovation Centre

The Narayana Health and Mazumdar Shaw Medical Foundation (MSMF) have set up an advanced Med Tech Innovation Centre (MTIC) in collaboration with Biotechnology Industry Research Assistance Council (BIRAC)’s BIONEST. This centre is India's first corporate hospital-based technology business incubator (TBI) for MedTech entrepreneurs working on innovations to address affordability, access and innovation for healthcare challenges.

TBI, with a dedicated space of around 8,000 sq ft, will help MedTech entrepreneurs who are looking to address affordability, access and innovation challenges in the healthcare eco-system. It will also augment further the initiatives undertaken by MSMF and Narayana Health towards identifying, mentoring and handholding entrepreneurs and innovators. The space will facilitate close interaction and prototyping facility too for startups.

According to Kiran Mazumdar-Shaw, founder, MSMF, “India has the potential to become the next global R&D hub for biomedical devices and health technologies, and the MSMF will help explore this potential. It will provide health tech entrepreneurs a well-equipped incubation space and a collaborative ecosystem. We aim to fill the gap in healthcare innovation to have a single platform for entrepreneurs to co-create and identify clinical challenges in conjunction with doctors, scientists and technology enthusiasts. The wealth of research and medical data generated at Narayana Health will provide a translational science model, accelerating the lab to market innovative and promising solutions discovered and developed at MSMF”.

Dr Devi Prasad Shetty, founder and chairman, Narayana Health said, “Innovation is key to solve the healthcare concerns that we are currently facing. MSMF is here to fill the gap in healthcare innovation by creating a single platform for entrepreneurs to co-create solutions in conjunction with doctors, scientists and technology enthusiasts. We are hopeful the physical incubator will provide the much needed facilities that startup look for to progress with their innovation. While we have been able to support over 25 startups through our other programs like Clinical Immersion Programme (CIP) and our partnership with VC firms like, Villgro and Axilor. We also have international collaborations too with Japanese and Korean startups through JETRO and GAIN respectively. The physical infrastructure will help us to 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 startups in 2021.”

Dr. Paul C Salins, medical director & senior vice-president, Mazumdar Shaw Cancer Centre, Narayana Health and managing director, MSMF, said, “COVID-19 stress to healthcare has exposed its weaknesses as never before. Engineering science must now play an increasingly powerful role, reducing dependence on doctors for healthcare and empowering individuals and communities to take ownership on health. The future of healthcare will be exciting, because we will see diagnostic and treatment possibilities never before imagined within a purely medical sciences hospital paradigm”.

According to Dr Manish Diwan, head of strategy BIRAC, each of the startups incubated in the centre will be paired with a clinician with whom they can co-create the innovation, device the right clinical validation pathway to prove the product in a hospital setup. The centre is also recognised by both DST and DBT and hence the startups get access to multiple grant opportunities. The Centre also has a prototyping lab comprising mechanical, electronics and AI labs giving the startups to build and iterate medical devices or healthcare AI platforms and test it within Narayana Health.

Poly Medicure to enhance R&D capabilities to deliver high quality medical devices

Poly Medicure, a leading Indian manufacturer and exporter of medical devices, is planning to invest in newer technologies and is enhancing its R&D capabilities to deliver high quality medical devices at affordable prices.

The company is also planning to collaborate and work closely with all stakeholders such as the government, private sector as well as the medical research fraternity to develop new products.

"Our business would include releasing new products in the field of renal, respiratory care and diagnostics business. We are also breaking the old boundaries and redefining our model which is clinical focused as even Medtech players need to be more focused on value-based and patient-focused care. To achieve this, we will ensure that user-centered design should begin early and continue throughout device development. The priorities of the clinical users were identified, as well as a number of factors that would act to the safe and effective adoption of the device," stated Himanshu Baid, managing director, Poly Medicure Ltd.

The company will be focusing on the growth prospects in the fast-growing segments, while maintaining position in the slow-growing segments.

"As the COVID-19 pandemic disrupts nearly every aspect of life, Polymed has turned to digital technology and analytics to help us prepare for new ways of empowering the team and serving customers once we reach the other side. We had initiated internal training programmes to upskill our workforce with clinical and product knowledge. This situation also gave us an opportunity to engage digitally with the healthcare community by means of webinars bringing veterans from the industry. These virtual programs enabled us to build online learning events aimed at imparting knowledge and skills to different set of healthcare professionals,” Baid said.

“We have already started investing in digital transformation and have found it easier to cope with global lockdowns that have forced entire workforces into telecommuting. It has helped us rival with rapid supply chain changes and workplace together with unpredictable business needs that the pandemic has raised,” he added.

With focus on innovation, safety & quality, the company exports its products to more than 110 countries. The company has 9 ultra-modern manufacturing facilities out of which 6 facilities are in India and one each in Italy, Egypt (Joint Venture) and China. Polymed owns more than 215 patents and continues to file new patents for new technologies and devices they are developing with the help of its R&D team.

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