(MENAFN- IANS) New Delhi, Oct 1 (IANS) Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Thermo Fisher Scientific (TFS) to accelerate innovation in India's biotechnology sector and nurture a strong pipeline of high-growth startups, the Ministry of Commerce and Industry said on Wednesday.

The partnership aims to support over 500 biotech startups in the next three years through strategic advisory, technology access, mentorship, and investor connect.

As part of the MoU, TFS under Startup India, DPIIT's initiative Bharat Startup Grand Challenge (BSGC) will launch the BioVerse Challenge -- a nationwide platform to identify and nurture India's most promising biotech entrepreneurs, and the BioVerse Mentors Circle to provide skill development and technical training across leading bio-incubators.

Under this partnership, the BioVerse Challenge will identify and support 100 high-potential biotech startups with intensive strategic mentorship, subsidised access to R&D facilities, and investor connections.

The BioVerse Mentors Circle will train and guide an additional 400 startups, expanding access to advanced biotech techniques and entrepreneurial know-how.

A BioVerse Alumni Network will provide long-term mentorship, coaching, and funding opportunities to participating startups.

“The collaboration between Startup India, DPIIT, and Thermo Fisher Scientific marks a significant step towards strengthening India's biotechnology ecosystem. By combining Thermo Fisher's global expertise with Startup India's strong innovation network, we aim to create new opportunities for early-stage biotech entrepreneurs to scale their solutions and contribute to India's bioeconomy,” said Sanjiv, Joint Secretary, DPIIT.

“We are honoured to formalise our collaboration with DPIIT through this MOU, and to partner on the BioVerse Challenge. The BioVerse Challenge reflects our commitment to working closely with early-stage start-ups and bio-incubators across India. Through our upcoming facilities in Genome Valley, Hyderabad, we will give founders access to technologies and guidance that can help them move from prototype to product faster. It will enable them to compete globally,” added Srinath Venkatesh, Managing Director, India and South Asia, Thermo Fisher Scientific.

Together with Startup India, DPIIT, this initiative will catalyse India's position as a global hub for biotech innovation, the Ministry said.

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