CitiusTech, IIT Bombay establish Healthcare innovation fund

Healthcare technology firm CitiusTech has established a Healthcare innovation fund in association with IIT Bombay's Society for Innovation and Entrepreneurship (SINE), statement said on Thursday.

Set up last year as a part of the company's mandated CSR spend, the fund is a five year commitment with an increasing annual contribution which could be extended at the end of the initial five year period.

"There are significant opportunities in enhancing healthcare globally, and we are excited to collaborate with SINE in supporting its initiative in healthcare," said CitiusTech CEO Rizwan Koita, in a statement.

"As alumni of this distinguished institution, we consider this as an opportunity to give back and encourage the bright entrepreneurs at SINE to pursue new frontiers in healthcare," he added.

According to Koita, if the model proves viable, this could be another way for companies to collaborate with institutes like IIT and help set up similar ventures in other sectors as well.

SINE has many companies in the medical technology and healthcare domain.

"This initiative will bring the corporate and organizational experience of CitiusTech to young companies," said SINE Chief Operating Officer Poyni Bhatt.

--IANS

mg/sm/vm