A high-tech new diagnostics facility dedicated to genetic testing and a mobile app that allows patients to directly book ambulances are among new ventures to emerge out of bioConclave2015 – the first ever platform aimed at developing commercial collaborations between UK companies and India’s burgeoning health care sector.
Organized by the consultancy Economic Policy Group (EPG), the event took place in London on 20 – 22 April and attracted some of the biggest names in the healthcare and investment sector in the UK – including the National Health Service, UK Trade and Investment and the Manchester Investment Development Agency – as well as 18 of India’s most innovative health and life science companies.
India represents a major investment opportunity for UK firms, as the government of Narendra Modi has committed to raise health spending from 1.1% to 2.5% of GDP over the next five years, while the private sector spends another 4 per cent of GDP on healthcare.
The country’s biotech market is forecast to top £68 billion in 2025, a stratospheric increase from the current £2.9 billion.
Among the tie-ups to come out of bioConclave 2015 was a partnership between Kolkata-based diagnostics company Advatech and Nationwide Pathology.
Under the estimated £1 million deal, Advatech will open a shiny new diagnostics centre in Leeds specializing in genetic testing as well as regular pathology tests.
Advatech also unveiled plans to launch a new initiative which will allow an ambulance to be booked through a mobile app. The company is reportedly in talks with a London-based ambulance operator with a view to launching the app later this year.
“As a result of the match-making to relevant local businesses that the bioConclave team and the Leeds Local Enterprise Partnership were able to facilitate, we are delighted to announce our first centre in the UK”, said Dr Bala Raju, Advatech’s Medical Director.
“We have been keen to break into the UK market and the new centre will mean bringing diagnostic tests closer to the public, meaning a faster turnaround time which will help save lives. We’re also well set to launch our mobile ambulance app later this year, which will play a huge role in making it easier for patients to book an ambulance direct”, he added.