ABCs of Medical Devices and In-vitro Diagnostics (IVDs) Commercialization Journey –
A Month-Long Awareness and Hands-on Session Announced!
ABCs of Medical Devices and In-vitro Diagnostics (IVDs) Commercialization JourneyHyderabad 27th July 2023Research and Innovation Circle of Hyderabad (RICH) launched the month-long awareness and hands-on session for students, aspiring entrepreneurs, researchers, start-ups, MSMEs, and SMEs/industry players on the commercialization of Category A, B, C, and D medical devices and in-vitro diagnostics (IVDs).
RICH at the launch event of ‘ABCs of Medical Devices and In-vitro Diagnostics Commercialization Journey’
Image credits: RICH
The month-long series focuses on creating awareness and providing in-depth support to the participants, so they understand the various stages of scaling up a proof-of-concept validated idea to a marketable product. The series is divided into four tracks: intellectual property, regulatory requirements, industry immersion, and clinical exposure. These are followed by a highlight event, a medical device and IVD start-up showcase.
“The journey of bringing a novel medical device to market is a long, complex, and daunting one. Risks and uncertainties are part of the commercialisation journey, and this magnifies for MedTech innovations. Clarity of process and collaboration with key stakeholders paves the way to success. This series wishes to cultivate and nurture an impactful MedTech innovation culture and ecosystem,” says Rashmi Pimpale, CEO of RICH.
The series is structured to bring in experts from the HealthTech and MedTech intellectual property space and the start-up AvidInvent, who can throw light on ideation and research, patent due diligence, and patent navigation in the pre-patent stage and beyond. Furthermore, since regulatory compliance is imperative and a key stage in bringing MedTech products to market, the expertise from ICICI Knowledge Park’s (IKP) Global Regulatory Forum (IGRF) aims to bring to the sessions an awareness and hands-on understanding of the regulatory process of entering the Indian, European, and US markets.
The participants will also get the opportunity to visit some of the leading industries in Telangana’s Medical Devices Park in Sultanpur, including Asia’s biggest state-of-the-art stent manufacturing facility, Sahajanand Medical Technologies (SMT); the manufacturer of eyewear for Telangana’s famed Kanti Velugu initiative, Akriti Opthalmic; and the cutting-edge COVID-19 RT-PCR testing kit manufacturer, Huwel Life Sciences. They will also get a virtual tour of cancer diagnostics products manufacturer PathnSitu biotechnologies. This is a great opportunity for participants to learn about the latest trends in the MedTech sector and get an industry perspective on how to commercialise their own medical device or IVD innovation. The industrial immersion track will provide an understanding of manufacturing processes and the necessary compliances. The highlight of the series is the finale event where hospitals and start-ups will come together to forge learnings and collaborations. As RICH launches the ‘ABCs of Medical Devices and In-vitro Diagnostics (IVDs) Commercialization Journey’ series, it reaffirms its commitment to driving the growth and transformation of the life sciences sector in Telangana.