The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, has signed two significant Memoranda of Understanding (MoUs) to strengthen India’s innovation and startup landscape.
These two MoUs comprise one with Pfizer Limited and another with ICICI Bank.
The collaboration with ICICI Bank is to launch a Startup Engagement Programme hosted on the Startup India portal. The programme will provide selected startups with access to ICICI Bank’s Mumbai-based accelerator facility, dedicated workspaces, structured mentorship, and opportunities to run pilot projects with the Bank’s business units.
Startups will also benefit from networking opportunities with investors, venture capitalists, and industry leaders, as well as exposure through workshops and innovation showcases.
In a parallel initiative, DPIIT signed an MoU with Pfizer Limited, seeking to accelerate the lab-to-market journey of healthcare innovations by providing both financial and non-financial support to DPIIT-recognised startups. Under the Pfizer INDovation program, 14 pioneering MedTech startups will be supported with grants of up to ₹60 lakh each and a customised 18-month incubation program delivered by Social Alpha.
The program will offer clinical validation, regulatory guidance, go-to-market strategies, and access to Pfizer’s Research and Development facilities in Chennai. It will focus on solutions in screening, diagnostics, health monitoring, treatment enablers, and priority areas such as non-communicable diseases, oncology, brain health, maternal and child health, and immunisation.