New Delhi, Jul 29 (IANS): Indian Institute of Technology (IIT) Mandi, on Monday, announced the inauguration of the BioNEST-IIT Mandi Catalyst Centre, a pioneering initiative sponsored by the Biotechnology Industry Research Assistance Council (BIRAC), a funding agency, under the Department of Biotechnology.

With an initial funding of Rupees five crore, the centre aims to drive innovation and entrepreneurship in biotechnology and healthcare sectors, particularly addressing the unique challenges of the Himalayan region.

Its primary focus is on healthcare innovation, including the development of disease detection methods, affordable healthcare solutions, medical devices, prosthetics, tissue engineering, and regenerative medicine.

In addition, the centre will explore biotechnology applications, such as drug discovery, bioactive compounds, supplements, and functional foods, to enhance health and wellness.

"The BioNEST-IIT Mandi Catalyst Centre will support business ventures in the biotechnology and healthcare sectors that can generate significant economic opportunities by creating jobs,” said Dr Satvasheel Ramesh Powar, Faculty-in-charge, IIT Mandi Catalyst.

“The centre will enhance collaboration and knowledge exchange by establishing strong networks among entrepreneurs, investors, industry partners, and academic institutions. In addition, the centre is committed to promoting sustainable development by encouraging startups to pioneer environmentally friendly technologies and solutions," Dr Powar added.

The centre aims to enhance the entrepreneurial ecosystem in the Himalayan region, offering vital incubation support to startups, including funding, mentorship, and access to cutting-edge facilities.