UL join hands with Venture Center to mentor Med tech startups
May 13, 2015, Pune
Organized by: Bioincubator at Venture Center (Bioincubator at Venture Center is supported by BIRAC, Government of India)
Medical devices manufacturing is a $350 billion global industry*, with India accounting for just over $5 billion. It is essential to note the role of third-party testing and notified bodies towards the growth of the MedTech industry, general requirements for basic safety and essential performance of medical electrical equipment, and the way forward to building a best-in-class MedTech Industry in India.
UL in India recently joined hands with the Venture Center a business incubator specializing in technology startups offering products and services in the areas of materials, chemicals and biological sciences & engineering. It was a one- day workshop with Medtech startups on the “Regulatory Pathway for Medical Devices and Diagnostics”. The workshop was followed by a mentoring clinic, where UL interacted with close to 11 Medtech startups and discussed in detail on some of innovative technologies that UL can work with in future.
The budding med tech entrepreneurs discussed about their products and concepts, the target markets for their products, and their current challenges and opportunities. UL’s experts interacted with each of them individually to understand their requirement. The discussion highlighted regulatory pathways, devices standards, quality management, and a phased approach to market access.
UL played the role of a mentor along with Venture Center during this workshop. Currently, Venture Center is funded by Department of Science and Technology, Government of India.
Currently UL is in talks with Venture Center to sign a MoU to mentor new startups and support them in their regulatory/market access journey. This partnership will be yet another UL initiative to nurture some of the budding med tech entrepreneurs who will play a significant role in bringing out some of the path breaking medical startups in the country.
*(As per Medical Device and Diagnostic Industry online – www.mddionline.com)