May 19th, 2020, Mumbai: Aster DM Healthcare, a leading integrated healthcare provider and Social Alpha, an initiative supported by the Tata Trusts and Government of India have collaborated to support entrepreneurs and innovators working in the areas of digital health and medical technologies and launch Aster – Social Alpha Co-Innovation and Clinical Practice Integration Initiative.
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 to a 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 project Aster – Social Alpha Co-Innovation and Clinical Practice Integration Initiative aims to provide vast infrastructural support to start-ups which will include:
- Incubation support including access to specialized co-working space within 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 host Aster Social Alpha – Innovation Lounge with Clinical Investigators who will work closely with innovators to co-create disruptive MedTech innovations.
- Creation of Digital 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 Platform to 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 innovations for COVID-19 related solutions, as a part of our organisation’s efforts to continue providing easily accessible quality care”
The partnership has already shortlisted three technologies 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 supply.
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.
About Social Alpha
Social Alpha promotes innovations and entrepreneurship with a mission to create large scale social, economic and environmental impact. Social Alpha nurtures start-ups through their lab to market journey, helping them create high quality, commercially viable, accessible and affordable solutions. Foundation for Innovation and Social Entrepreneurship (FISE) forms the core of the Social Alpha architecture, and operates through a nationwide network of technology and business incubation infrastructure sponsored and enabled by Tata Trusts, Government of India and several academic, philanthropic and corporate partnerships. Social Alpha is focused on catalysing entrepreneurship for impact and provides critical technology and business incubation support to the mission driven start-ups. For more information, please visit www.socialalpha.org
LinkedIn: SocialAlpha Twitter: @SocialAlphaIN Facebook: SocialAlpha Instagram: social_alpha_in
About Aster DM Healthcare
Aster DM Healthcare Limited is one of the largest private healthcare service providers operating in multiple GCC states and is an emerging healthcare player in India. With an inherent emphasis on clinical excellence, we are one of the few entities in the world with a strong presence across primary, secondary, tertiary and quaternary healthcare through our hospitals, and clinics. We have over 20,000 plus dedicated employees across the geographies that we are present in, delivering a simple yet strong promise to our different stakeholders: “We’ll treat you well.” We reach out to all economic segments in the GCC states through our differentiated healthcare services across the “Aster”, “Medcare” and “Access” brands.