As of 2018, there were a total of 4,892 start-ups in the Indian MedTech space and the Indian healthcare market is estimated to be valued at $372 Billion by 2022. The unprecedented outbreak of COVID-19 has created a global healthcare emergency and an urgent need for investment in science and technology innovations across the healthcare ecosystem. The partnership will support selected start-ups to take their solutions and technologies to market via Aster and Social Alpha’s platform and ecosystem, provide access toa shared pool of mentor network, expert connects and market access opportunities.Aster and Social Alpha will work together on co-creation of technologies and support start-ups with a vast network of pharmacies, primary care clinics and hospital expertise in India and Middle East for easy clinical adoption.
A one-of-its-kind projectAster – Social Alpha Co-Innovation and Clinical Practice Integration Initiative aims toprovide vast infrastructural support to start-ups which will include:
* Incubation support including access to specialized co-working spacewithin Aster and Social Alpha premises in Bengaluru, Cochin and Delhi
* Creation of Healthcare Technology Experience Centre at Aster CMI Hospital in Bengaluru. The Centre will hostAster Social Alpha – Innovation Lounge with Clinical Investigators who will work closely with innovators to co-create disruptive MedTech innovations.
* Creation ofDigital Health Incubation Core Group that will provide specific research support to help start-ups with relevant resource material and substantially reduce their R&D costs
* Social Alpha will host an Open Innovation Platformto systematically curate problem statements and manage the ‘lab to market’ journey of innovative solutions that solve a set of validated problem statements. It will allow multiple stakeholders to work together and create as well as build on an existing solution. Aster DM will co-host and participate in the curation, validation & prioritization of problem statements, innovations and enterprises.
* Year-round nationwide scouting of start-ups, innovators and entrepreneurs as per the curated problem statements
Speaking about the partnership, Manoj Kumar, Founder& Chairperson, Social Alpha, says,“The need for accelerated adoption of tech innovations in healthcare delivery cannot be overstated. The ability of the MedTech start-up ecosystem to pivot their technologies to respond to the immediate needs of the COVID-19 demonstrates the innovation agility and creativity of our entrepreneurs. The appetite for new technologies that can strengthen our healthcare delivery system is palpable but engaging clinicians and healthcare professionals throughout the lab to market progression is necessary to drive user acceptance and adoption at scale. Our partnership with Aster DM Healthcare is a step forward in that direction."
Speaking about the partnership, Dr. Satish Prasad Rath, Chief of Innovation and Research, Aster DM Healthcare says,“Healthcare systems of today’s age need more and more innovations to move from hospital centric sick care to patient centric healthcare. This will bring in efficiency and sustainability. In the COVID-19, non contact healthcare delivery era, importance of this has increased manyfold. We are extremely glad to have partnered with social alpha. The start ups need real testing environment, real data, real insights, which Aster with its comprehensive network; from pharmacy, primary care to tertiary and quaternary care can help in acceleration. We are also quiet eager to use this platform to bring forth newer innvotions for COVID-19 related solutions, as a part of our organisation’s efforts to continue providing easily accessable quality care”
The partnership has already shortlistedthreetechnologies for the first batch of Aster – Social Alpha Clinical Practice Integration Initiative. These technologies have been carefully identified based on the gaps in different stages of the existing Covid-19 management. These technologies include: a digital therapeutics app to manage anxiety, stress, depression and PTSD; AI driven teleICU that can reduce exposure to intensivists and care assistants and can also be used in low resource settings; and peptide based antiviral therapies targeting ACE2 and adsorption cartridges capable of removing cytokines from blood and preventing lethal complications of ARDS and viral sepsis.
O2Matic is a MedTech start-up currently being incubated by Social Alpha under the program.They have intelligently designed infrastructure independent, affordable, easy to use oxygen generator for emergency oxygen sypply.
The collaboration will also include, but not be limited to, co-hosting innovation events, co-participation in grand challenges, technology and innovation evaluations, end user feedback and knowledge sharing and providing crucial mentorship support to the start-ups.