Medtech Software Park aims for Rs. 10,000 Cr market creation

STPI MedTech launched the Open Challenge Program to encourage startups focused on MediElectronics, HealthInformatics, HealthTech & IoT to showcase their innovation mettle & transform ideas into ground-breaking products.

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The Software Technology Parks of India (STPI) soft-launched MedTech – A Center of Excellence in Lucknow to promote research and startups in the fields of medical electronics and health informatics and also introduced an Open Challenge Program on 14th August’20.

MedTech CoE at Lucknow is being set up by STPI & MeitY in collaboration with Sanjay Gandhi Post Graduate Institute of Medical Sciences (SGPGI), Lucknow, Department of IT & Electronics (Govt. of UP), Association of Indian Medical Device Industry (AiMED) and Andhra Pradesh MedTech Zone (AMTZ). 

Spread over a built-up area of 18,000 sq ft, the Centre of Excellence (CoE) costing Rs. 22 crores (22 million) will nurture 50 startups over five years, stimulating R&D in medical electronics and health informatics while facilitating an entrepreneurial ecosystem to promote young innovators to create affordable, high-quality indigenous medical products, drive employment and contribute to the economy. Medtech Software Park is aiming for Rs. 10,000 Cr market creation. The core objective of the CoE is to catalyse the transformation of the Life sciences & Healthcare industry for accelerated and sustained growth, to capture new business opportunities and markets and building solutions for real-world challenges through co-creation programs. 

Dr. Omkar Rai, DG, STPI said: “This CoE will promote research & innovation and help create innovative products in the medical electronics domain. This CoE will make a lot of difference on the ground and meet the expectations of India at large in the Medical sector. The initiatives taken by STPI will help to nurture start-ups, promoting innovations & entrepreneurship, eventually making India self-reliant.”

Rajiv Nath, Forum Coordinator, AiMED stated: “Aatmanirbhar Bharat is aiming at fostering entrepreneurship, nurturing innovation and creation of an ecosystem for rural-urban symbiotic development. MedTech will build a robust ecosystem to harness emerging technologies, foster R&D and innovation and nurture start-ups. There are also massive opportunities for the healthcare sector in teleconsultation, AI-based diagnostics and remote healthcare management. India has shown its capability of rapid product development during the #COVID19 pandemic and it has a stronghold in the IT domain, we can build sophisticated software products in the healthcare domain.”

Dr. Jitendar Sharma, CEO, AP MedTech Zone & Co-Chief Mentor, STPI MedTech said: “We need to be very agile in developing products & launching in the market & this CoE will play a key role in this segment. This Medtech incubator will play a great role in allowing people to do a business of science in a very ethical manner.”