Initiative to fast track adoption, ease access and market entry to enable universal healthcare
- The platform will lead to successful adoption of at least 100 Indian innovations in 5 years; leading to the creation of new market opportunities worth $500 million for India’s MedTech start-ups
- Create a Market Shaping accelerator and multilateral mechanism to identify and promote contextual, “Made-in-India” health innovations.
A unique program for health innovations has been announced by the United Nations’ Health Innovation Exchange (UNHIE), Biotechnology Industry Research Assistance Council (BIRAC) and Social Alpha. Conceived as the India Accelerator Platform, it aspires to unlock the potential of the Indian Medical Technologies (MedTech) and Digital Health innovations through the successful adoption of 100 Indian innovations in the next five years.
The accelerator is estimated to result in the opening of market access and procurement of Medical Devices and Diagnostics and Digital Health solutions worth $500 million from Indian Start-Ups during the same period. These efforts are in line with the Government of India’s vision to provide Deep Technology Innovations that are ideated, conceptualized and manufactured in India. This accelerator will be an Open Platform and key stakeholders from the public and private sector, multilateral agencies and foundations will be invited to join the platform.
India Accelerator Platform
Pradeep Kakkattil, Director of Innovations, UNAIDS, and Head – UNHIE said, “Leveraging innovation is essential to fast-tracking progress to Universal Health Coverage and SDG3 targets. India’s innovation ecosystem has the potential to transform access to health – from pharma to diagnostics to digital health. The UNAIDS Health Innovation Exchange (UNHIE) was set up by the UN to facilitate the acceleration and adoption of technologies and innovation for health and to make them available across countries. We are very excited to partner with BIRAC and Social Alpha to establish the UNHIE-BIRAC India Accelerator platform and I am confident that it will be transformative in the global journey to UHC.”
UNHIE is a platform to identify challenges faced by implementers and connect them with innovations that have a high potential for impact. The platform links with investors to scale up the efforts and develop sustainable solutions to bridge the disconnect that exists between innovators and implementers to fast-track progress to reach Universal Health Coverage (UHC) and other health-related Sustainable Development Goals (SDG).
Dr. Renu Swarup, Secretary DBT & Chairperson, BIRAC said, “India, with its rapidly growing start-up ecosystem, technology strength and government’s commitment to universal health coverage, is the best testbed and offers the right ecosystem for scaling disruptive healthcare innovations. BIRAC has significantly enhanced the capabilities of the Indian startup ecosystem by supporting a number of healthcare innovations and UNHIE-BIRAC India Accelerator will further enhance the adoption potential of health innovations. We congratulate UNAIDS and Social Alpha for joining hands with BIRAC in this ambitious initiative.”
Curating Investment Opportunities
The platform will also create and curate investment opportunities for capital providers, prepare innovators for regulatory approvals, assist in market access and leverage all partners and their network for global advocacy. The platform will help Indian Innovators to use multilateral and UN mechanisms to fund and scale their innovation globally. Social Alpha will manage the accelerator program.
Manoj Kumar, Co-Founder and CEO , Social Alpha said, “India can take a leadership role in creating multilateral “market shaping” mechanisms to promote innovative solutions globally and help drive down the cost of healthcare while improving both access and adoption. Moreover, homegrown technologies in India are an excellent market fit for several developing countries since they all share similar healthcare challenges. Innovations developed in India also have significant potential for translation and adoption in developed economies. We are very excited to partner with UNHIE and BIRAC to design and execute the India Accelerator Platform.”