Connect with us

News

First medical technology incubator created in India

Medical technology is slated to be a $40 billion market in India by 2025. But it’s largely ignored, says Siraj Dhanani, founder of InnAccel, India’s first medical technology incubator.

Medical technology is slated to be a $40 billion market in India by 2025. But it’s largely ignored, says Siraj Dhanani, founder of InnAccel, India’s first medical technology incubator.


India is a country known for its rich culture and amazing food, but for a country of more than 1.2 billion individuals, medical technologies are largely neglected. That is what makes InnAccel such a unique startup. It’s the first and currently only medical technology incubator in India.

What Is a Technology Incubator?

A technology or startup incubator is a term and practice that has been emerging in recent years. Startup companies have become so popular and prevalent that well-established individuals have been setting up incubators. Just like an incubator on a farm helps eggs to grow and thrive, these startup incubators are designed to help fledgling companies come into their own.

Medicine in India

The public health system in India is often overwhelmed, underfunded and in places, falling apart completely. People who can afford privately funded treatment often do, but that leaves a large portion of the population being cared for by a public health system that is stretched too thin.

It has made great strides in the last 10 years, with accomplishments such as eliminating polio in India, but there are still some sectors of the medical community that could use vast improvement.

InnAccel

InnAccel is the first technology incubator of its type in India, designed to help create a functional and thriving medical technology industry.

The first step in bringing medical technology to India is to raise money to fund startups that will help establish a good foundation. InnAccel is working to raise capital to get this whole thing off the ground by reaching out to wealthy supporters and some business partners to raise between $10 and $12 million.

The goal is to help support at least 12 new startups each year that will bring advances in medical technology to India and eventually to the global market. Right now, there are 97 startups in India that are working in the health care market. Currently, though, less than 20 of them are actually working toward fixing the most vital problems in the medical market.

One of the first startups that this fantastic enterprise has already begun to support is called Coeo Labs. With the help of InnAccel, Coeo Labs has created a device to help stop one of the most preventable causes of death in India – ventilator associated pneumonia. Right now, this ailment causes the death of nearly 40 percent of all patients in the country that rely on some kind of breathing support.

Even medical transcription technology is advancing, creating new ways for doctors and other medical professionals to digitize and store all of their patient information.

Long-Term Goals

This is not a company designed to make money or feed into the money-hungry medical market. Instead InnAccel is designed to help bolster a founding medical industry in a country where it is needed most.

By 2020, InnAccel wants to help these startup companies develop up to 50 new medical devices, and launch at least 25 of these to local markets by 2025.

While India will feel the most immediate benefits of these new startups, the final goal is to bring these fantastic innovations to global markets.

Companies like InnAccel are improving medical technology and local economies at the same time. These startup companies will create new jobs in addition to medical technologies that can save lives and prevent unnecessary and otherwise avoidable deaths. InnAccel and other companies that will no doubt follow will change the world, one new medical innovation at a time.

More in News