New Delhi, Oct 1 (NationPress) The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a Memorandum of Understanding (MoU) with Thermo Fisher Scientific (TFS) to enhance innovation within India’s biotechnology sector and cultivate a robust pipeline of high-growth startups, as announced by the Ministry of Commerce and Industry on Wednesday.

This collaboration is set to assist over 500 biotech startups over the next three years through strategic advisory services, access to technology, mentorship, and connections to investors.

As part of the MoU, TFS will introduce the BioVerse Challenge under Startup India and DPIIT’s initiative Bharat Startup Grand Challenge (BSGC) -- a nationwide platform designed to discover and nurture India’s most promising biotech entrepreneurs, alongside the BioVerse Mentors Circle that will offer skill development and technical training across leading bio-incubators.

Through this partnership, the BioVerse Challenge will identify 100 high-potential biotech startups, providing them with intensive mentorship, subsidized access to R&D facilities, and connections to investors.

The BioVerse Mentors Circle will extend its training and guidance to an additional 400 startups, broadening access to advanced biotech techniques and entrepreneurial insights.

A BioVerse Alumni Network will offer long-term mentorship, coaching, and funding opportunities to the startups involved.

“This collaboration between Startup India, DPIIT, and Thermo Fisher Scientific signifies a vital step towards reinforcing India’s biotechnology ecosystem. By merging Thermo Fisher’s global proficiency with Startup India’s robust innovation network, we aim to create fresh opportunities for early-stage biotech entrepreneurs to scale their solutions and contribute significantly to India’s bioeconomy,” remarked Sanjiv, Joint Secretary, DPIIT.

“We are privileged to formalize our partnership with DPIIT through this MoU and collaborate on the BioVerse Challenge. This initiative underscores our dedication to working closely with early-stage startups and bio-incubators throughout India. With our upcoming facilities in Genome Valley, Hyderabad, we will provide founders with the technologies and guidance needed to transition from prototype to product swiftly, enabling them to compete on a global scale,” stated Srinath Venkatesh, Managing Director, India and South Asia, Thermo Fisher Scientific.

Together with Startup India and DPIIT, this initiative will position India as a global hub for biotech innovation, according to the Ministry.