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Pharma major Pfizer and IIT Delhi on Tuesday announced the launch of 'The Pfizer IIT-Delhi Innovation and IT program', an incubation accelerator initiative at the institute.
This industry-academia collaboration aims to nurture and support healthcare innovations that are 'made in India'.
The programme, open to Indian individuals and start-ups, will provide two years of residential incubation at IIT Delhi, access to infrastructure and prototyping laboratories, IP search and filing services, and guidance from Pfizer's global experts
"We will select four innovations in a year and provide funding up to Rs 50 lakh for each innovation," S. Sridhar, Executive Director, Pfizer India, said.
The pharma company will not own any stake in the start-up that it funds. The start-up will own all rights to its innovation.
Two rounds of proposals will be invited during 2015-16. Call for proposals for the first round will open on November 27 and will remain open until January 15, 2016.
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