Pfizer, the New York headquartered pharma behemoth, along with IIT Delhi, has announced the launch of ‘The Pfizer IIT-Delhi Innovation and IP Program’, an incubation accelerator initiative co-created by Pfizer and the Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology, Delhi.
The Program will be open to Indian nationals – individuals and startup companies – and comprises two components. For innovators seeking comprehensive support to translate their healthcare ideas into patents, the program will provide two years of residential incubation at IIT Delhi.
Not just that, it will also provide funding of up to Rs. 50 lacs for each innovator, mentoring support, access to infrastructure and prototyping labs, IP search and filing services, and access to venture capitalists and other industry linkages.
For innovators who already have proof of concept ready and are just seeking to obtain a patent, the Program will provide access to IP attorneys and services and cover the patent fee.
Talking about this and more about its global programs, S. Sridhar, Executive Director at Pfizer India says,
Pfizer promotes a culture of innovation and encourages this creative endeavour globally. Our Innovation and IP Program with IIT Delhi will promote, celebrate and reward innovations and advancements in healthcare that are born and brought up in India for the benefit of our people.
In doing so, our effort aligns with the Government’s stated priority of creating a vibrant innovation ecosystem in the country and enhances the creation of intellectual property. I invite innovators in India to take advantage of this program and bring their healthcare inventions to life.
Mr. Amitabh Kant, Secretary, Department of Industrial Policy and Promotion (DIPP), talked about Indian Government’s increased interest in entrepreneurship, and said,
Nurturing entrepreneurship and innovation is a priority for India. In a knowledge economy, our success will be determined by the place we hold on the global innovation platform. I congratulate Pfizer and IIT Delhi on forging this partnership that will fuel indigenous innovations in the country.
The Government is taking decisive steps to further enhance the innovation ecosystem in India and we welcome the participation of all stakeholders in this effort.
Pfizer’s funding will be unencumbered and all rights on the innovations will be owned entirely by the innovators. They will also be free to commercialize their patents as they desire.
FITT operates the incubation facilities on the IIT Delhi campus and has seen a large number of successful innovations created and commercialized since 1992. The Program will invite two rounds of proposals during the year 2015-2016.
Call for proposals for the first round will open from November 27, 2015 until January 15, 2016. Applicants can submit their proposals on the FITT website.