Marico Innovation Foundation has announces Rs 2.5 crore grant for medtech entrepreneurs, corporates and innovators who can solve the med-tech challenges faced in the on-going COVID-19 crisis and to bridge the gap in ventilators and personal protection equipment that can help the medical community.
In order to speedily augment the supply of ventilators and personal protection equipment (PPE) to combat the spread of coronavirus, the Marico Innovation Foundation (MIF) threw a challenge #Innovate2BeatCOVID for medtech entrepreneurs.
- Grand prizes
For solutions that require minor modifications but will be ready for rapid scaling up and commercialization soon. (To be disbursed basis milestones and Jury discretion is final)
- 3 winners to receive INR 40 lakh each for solutions that are ready to manufacture by April 15, 2020. (To be disbursed when production begins)
Teaming up with ATE Chandra Foundation in his personal capacity, MIF founder and Marico chair Harsh Mariwala announced a grant of Rs 2.5 crore for medtech entrepreneurs and others who come up with an innovative solution to bridge the demand-supply gap in ventilators, PPE like masks, hand sanitisers and others and respiratory solutions that can help the medical community in treating coronavirus positive patients and also prevent the spread of coronavirus.
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MIF founder and Marico chair, Harsh Mariwala said, “The time is right for us to step in and play a catalytic role by enabling India’s best innovative minds to contribute meaningfully towards easing the healthcare community pressure and help save lives.”
MIF Governing Council Chairperson, Raghunath Mashelkar said, “Through this grand challenge initiative, we are igniting the creative instinct of Indian innovators, who, we are confident, will rise to the challenge of providing novel solutions, which will be affordable, simple, safe, scalable and sustainable.”
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Meanwhile, several companies have come forward to help manufacture more ventilators, masks and protective gear.
Maruti Suzuki India has partnered with AgVa Healthcare, an existing approved manufacturer of ventilators to assist in the production of ventilators, masks and other protective equipment. It has also said that Krishna Maruti Limited, a joint venture of MSIL with Ashok Kapur, would be manufacturing 3-ply masks for supply to the Haryana and Central governments. Production is expected to start as soon as all approvals are received. Ashok Kapur will provide 2 million masks free of cost as his own contribution.
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Hyundai, on its part has given an immediate order to import COVID-19 advanced diagnostics testing kits from South Korea which will be shared with hospitals in different states. This is being done through its corporate social responsibility (CSR) arm, Hyundai Motor India Foundation.
*According to MIF, the window for innovations is open for 30 days starting March 20.
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