The central government along with the Biotechnology Industry and Research Assistance Council (BIRAC), will soon launch a special incentive-based scheme to support 75 startups in the areas of digital health, telemedicine and artificial intelligence.BIRAC has been supporting new ventures under the Startup India program in the areas of biotechnology.

The Union Minister of State for Science and Technology, Jitendra Singh, said that the main focus is to identify the top 75 innovations in the 75th year of India’s Independence that will promote R&D in the health sector at the time of Covid-19 pandemic. The minister also said that the instructions have been tranferred to the members of BIRAC led by its chairperson Renu Swarup.

BIRAC wasset up by the Department of Biotechnology (DBT), Government of India in New Delhi. Its goal is to empower the emerging Biotech enterprise to undertake innovation and strategic research. In its eight years of existence, BIRAC has initiated several schemes, platforms and networks to facilitate novel and high-quality affordable products development through cutting edge technologies.

The vision of BIRAC is “To stimulate, foster and enhance the strategic research and innovation capabilities of the Indian biotech industry, particularly start-ups and SME’s, for creation of affordable products addressing the needs of the largest section of society.”

“The BIRAC has lent funding support of over Rs 2,128 crore to more than 1,500 startups, enterprises and SME’s. From supporting less than 50 biotechnology startups in 2012 with innovative funding of less than 10 crore the BIRAC is now funding over 5,000 such startups with over Rs 2,500 crore funding. By 2024, BIRAC targets to support more than 10,000 biotechnology startups,” the official release said.

BIRAC’s motive is to play an encouraging and transformative role in building a $ 100 billion Indian bioeconomy. Their main focus is to raise the capabilities of biotech startups and SMEs to build the Indian bioeconomy.