The Hindu Business Line : Piramal institutes award at IIM-A

Importance to healthcare
PiramalPrize is a partnership between the Primal Foundation and Centre for Innovation, Incubation and Entrepreneurship.
The prize consists of Rs 10 lakh in cash for the winning entry, an incubation support at CIIE and possible additional venture capital funding for healthcare.

Our Bureau

Ahmedabad, Dec. 20

The Ajay G. Piramal Foundation announced on Thursday the PiramalPrize for best innovation in health sector, instituted at the Indian Institute of Management-Ahmedabad (IIM-A).

The PiramalPrize “for innovations that democratise healthcare” is a partnership between the Foundation and the Centre for Innovation, Incubation and Entrepreneurship (CIIE) at the IIM-A to encourage and support bold entrepreneurial ideas, which have a profound impact on access to higher standards of health for India’s rural and marginalised urban communities, Mr Anand Piramal, CEO, told a news conference here.

The prize consists of Rs 10 lakh in cash for the winning entry, an incubation support at CIIE and possible additional venture capital funding for healthcare.

The research and development facility of the Piramal Group, a leading healthcare group in India, can be made available to the incubatee, he said.

Encouraging innovation

The IIM-A Director, Mr S.K. Barua, said the prize would encourage brilliant ideas in healthcare innovation evolve into enterprises for service of the society.

Mr Piramal said the prize is aimed to identify cutting-edge ideas and passionate individuals that will bring highest standards of healthcare to all, at a time when only 30 per cent of Indians have access to modern medicine.

The award recognises high-impact, scalable business models that propose innovative solutions, which directly or indirectly address India’s healthcare crisis, wherein nearly 68 per cent of rural population has not even seen a doctor for as long as 10 years, according to recent surveys.

The 2008 PiramalPrize evaluation process involves three stages, culminating in a finalist workshop and selection weekend in May 2008.

Finalists will have a chance to work closely with a mentor, network with potential investors and make a final presentation to the PiramalPrize Selection Committee.

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