IIT Alumni Council, which is building MegaLab - the world's largest genetic testing lab, has announced a Rs 500-crore incubator to intensify offensive against the pandemic in Mumbai University campus. The University of Mumbai was the first institution to partner the under-construction MegaLab - which will be operational from this month.
Called the MegaIncumbator, it will be the world's first and largest engineered bio-molecule focused incubator to involve startups, other existing incubators and accelerators, and will come up at 2.5 million sq ft space at the Kalina campus of Mumbai University.
It will be a part of the varsity's National Center for Nanoscience and Nanotechnology, the council said in a statement on Friday.
The council has also announced plans to set up a captive 1,00,000 sq ft pilot plant facility for bio-molecule manufacturing in the NCR area. It also has plans to develop as a global hub for biologics manufacturing.
The incubator will support MegaLab and will be part funded by Rs 23,000-crore fund raising announced by the council last month.
"The engineered biomolecule mega incubator initiative will get a Rs 500 crore direct investment in the first phase, and the entire ecosystem will see a fund flow of around Rs 10,000 crores," Ravi Sharma, president of the council, said.
Engineered biomolecules play a key role in molecular diagnostics, genetic testing as well as biotherapeutics, besides in host of applications in sectors varying from water treatment and agriculture to advanced genetics, he said, adding since more than 70 per cent of RT-PCR or NGS test kits are biomolecules, the need and urgency of focusing on this domain is immediate.
Similarly, most advanced biotherapeutic drugs from insulin to interferon to plasma antibodies are biomolecules. With the incubator, we can influence a very substantial cost and price reduction in bio-therapeutics and thus to ensure that every Indian is able to afford genetic tests like COVID-19 and biotherapeutic treatment, Sharma added.
The incubator will use a mobile app to onboard an incubatee very fast thereby accelerating the time to market manifold.
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