Pfizer, IIT-D launch healthcare innovation and IP programme

New Delhi: Drug firm Pfizer has partnered with IIT Delhi to launch an initiative to provide comprehensive support to Indian nationals for creating healthcare innovations in the country.

The initiative -- Pfizer IIT Delhi innovation and IP Program -- is open to Indian nationals, individuals and startups.

It will provide for an unencumbered grant of up to Rs 50 lakh by Pfizer for each innovator, who will own the patents and will be free to commercialise them.

Commenting on the initiative, Department of Industrial Policy and Promotion (DIPP) Secretary Amitabh Kant said: "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".

Nurturing entrepreneurship and innovation is a priority for India. In a knowledge economy, the country's success will be determined by the place it holds on the global innovation platform, he added.

The incubation accelerator initiative is co-created by Pfizer and the Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology.

The programme has two components. For innovators seeking support to translate healthcare ideas into patents, programme will provide unencumbered grant of Rs 50 lakh, two years of residential incubation at IIT Delhi, mentoring support from IIT Delhi's faculty, access to infrastructure and prototyping laboratories.

The IP search and filing services, guidance from Pfizer's global experts, and access to venture capitalists and other industry linkages will also be provided to them.

"For innovators who already have a ready proof of concept and are seeking to obtain a patent, the programme will provide access to IP attorneys and services and cover the patent fee", Pfizer said.

"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," Pfizer India Executive Director S Sridhar said.

Headquartered in Mumbai, Pfizer has been in India for over 60 years.