Indian Economy News

DPIIT and Thermo Fisher Scientific Sign MoU to Strengthen India’s Biotech Startup Ecosystem

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has signed a Memorandum of Understanding (MoU) with Thermo Fisher Scientific (TFS) to strengthen India’s biotechnology ecosystem and support high-growth startups. The partnership aims to assist over 500 biotech startups in the next three years through strategic advisory, mentorship, technology access, and investor connections. As part of the MoU, under Startup India’s Bharat Startup Grand Challenge (BSGC), TFS will launch the BioVerse Challenge and the BioVerse Mentors Circle. The BioVerse Challenge will identify and provide 100 high-potential startups with intensive mentorship, subsidized R&D access, and investor support. The BioVerse Mentors Circle will train and guide an additional 400 startups, expanding access to advanced biotech techniques and entrepreneurial know-how.
Managing Director, India & South Asia, Thermo Fisher Scientific, Mr. Srinath Venkatesh, highlighted that the collaboration will accelerate the journey of startups from prototype to product, with access to advanced facilities at Genome Valley, Hyderabad. Thermo Fisher Scientific brings extensive expertise in life sciences research, diagnostics, and biotechnology, which, combined with Startup India’s ecosystem, will catalyse India’s emergence as a global hub for biotech innovation. This initiative is expected to foster skill development, strengthen incubation networks, and enhance India’s competitiveness in biotechnology on the international stage, providing startups with the tools, mentorship, and strategic guidance required to thrive in the global market.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.