Thermo Fisher Scientific, in an unprecedented collaboration with Startup India and the Department for Promotion of Industry and Internal Trade (DPIIT), has set the stage for a groundbreaking initiative – the BioVerse Challenge. This nationwide program aims to propel 500 promising biotech startups throughout India into the fast lane over the next three years. Launched amidst the fervor of the 7th Biopharma Conclave under the Bharat Startup Grand Challenge, this initiative resonates with the Government of India’s ambitious vision to cultivate a robust $300 billion bioeconomy by 2030, solidifying India’s stature as a global technology nucleus. Solidifying their commitment, Thermo Fisher inked a momentous Memorandum of Understanding (MoU) with DPIIT to champion scientific innovation and commercialization.
Tony Acciarito, the President of Asia Pacific & Middle East, Africa at Thermo Fisher Scientific, articulated, “We stand as custodians of India’s dream to forge a formidable bioeconomy by 2030. In tandem with DPIIT, the BioVerse Challenge embodies our mission to equip startups with cutting-edge technologies, unparalleled expertise, and expansive scientific networks. Together, we are igniting breakthroughs, fortifying local capacities, and fostering enduring impacts across communities nationwide.” India currently boasts over 10,075 biotech startups, acting as propellants in catapulting the bioeconomy to $80 billion in 2023, with prognostications hinting at a surge to $150 billion by the close of this year.
Sumeet Kumar Jarangal, the Director at DPIIT, underlined the essence of the partnership with Thermo Fisher Scientific, emphasizing the cultivation of deeper collaborations between startups and industry titans within the biotechnology realm. By merging Thermo Fisher’s global prowess with Start-up India’s burgeoning network of acclaimed biotech startups, the stage is set for a turbocharged innovation pipeline, underscoring the commitment to empower product-centric startups in tackling India’s healthcare and biotech conundrums. The BioVerse Challenge is tailor-made to nurture nascent startups across the biopharma, med-tech, agri-tech, food tech, and other allied bio-based sectors.
Over the span of three years, the crème de la crème of 100 winning startups will bask in the privilege of on-site training at Thermo Fisher’s forthcoming Customer Experience Center (CEC) and Bioprocess Design Center (BDC) nestled in Hyderabad’s Genome Valley, slated for inauguration by the twilight of 2025. A supplementary cohort of 400 startups will partake in off-site mentorship programs, benefitting from workshops hosted at esteemed research institutes and incubators scattered across the nation. Srinath Venkatesh, the Managing Director for India & South Asia at Thermo Fisher Scientific, accentuated the program’s dedication to fostering symbiotic relationships with early-stage startups and bio-incubators countrywide.
The BioVerse Challenge stands as a testament to Thermo Fisher Scientific’s unwavering commitment to nurturing burgeoning startups and bio-incubators throughout India. The imminent launch of state-of-the-art facilities in Genome Valley will furnish founders with access to cutting-edge technologies and invaluable guidance, propelling them swiftly from prototype to product. This dynamic ecosystem will equip startups to vie on a global stage, with additional support stemming from Thermo Fisher’s Centers for Innovation in Bengaluru, Hyderabad, Guwahati, and Bhubaneswar – established in partnership with premier bioincubators in DBT-supported biotech parks.
An illustrious Advisory Board, comprising luminaries from business, policy, research, academia, and the investment sphere, will steer the BioVerse Challenge’s trajectory. Tasked with adjudicating applications, providing continuous counsel, and spearheading the formation of a robust mentor network spanning the length and breadth of the country, this board is poised to maximize the impact for participating startups, heralding a new era in India’s biotech startup landscape.
Key Takeaways:
- The BioVerse Challenge ushers in a new dawn for India’s biotech startup ecosystem, poised to nurture 500 startups over the next three years.
- Thermo Fisher Scientific’s collaboration with DPIIT and Startup India paves the way for accelerated innovation in the biotechnology sector.
- Cutting-edge facilities in Genome Valley will enable startups to transition swiftly from prototype to product, fostering global competitiveness.
- An eminent Advisory Board, comprising industry stalwarts, will guide and mentor startups, catalyzing impactful transformations in the biotech domain.