“XHealth Innovation Labs” will radically transform how future medicines and health services are delivered by tapping into the power of emerging data technologies.
Aster DM Healthcare (“Aster”) and Life Science Vision Capital (“LSV”) alongside Social Alpha (Foundation for Innovation and Social Entrepreneurship) has established India’s first industry-led global incubator and accelerator “XHealth Innovation Labs” with the ambition to radically transform how future medicines and health services are delivered by tapping into the power of emerging data technologies.
The Innovation lab will run its own 12-week incubator program coupled with 2 weeks at Aster’s hospitals in Bangalore, with 10 health tech start-ups graduating in Jan 2021. Applications will open on 20 June 2020 for the first cohort starting in Oct 2020.
“We stand at the forefront of a new age for biology and human health, with the opportunity to transform healthcare through partnerships with pioneering technology and analytics companies,” says Dr. Satish Prasad Rath, Chief Innovation Officer at Aster DM Healthcare. “Combining Aster’s network of hospitals and healthcare expertise with LSV’s investment philosophy and industry-leading capabilities, we aspire to accelerate the discovery of new therapies by leveraging deep tech in the field of healthcare. COVID-19 has pushed the healthcare system to look for disruptive solutions be it newer lab-on-a-chip diagnostics, support system for healthcare workers in form of PPE or remote ICU diagnostics to virtually managing chronic & elderly patients through digital healthcare. We intend to build these newer solutions that can revitalise the healthcare system in a sustainable way and give people more control over their health.”
The global collaboration aims to change how Aster develops and fosters new innovations and will focus on three key objectives: to better understand patients and diseases, to increase Aster’s operational efficiency, and to improve the experience of Aster’s patients and customers.
“Life science and health tech companies are always looking for data-driven digital innovation approach to help fuel the creation of accessible healthcare solutions,” said Shu Joshi, Managing Partner at Life Science Vision Capital Partners, a London based early-stage investment and venture creation firm focused on life sciences and digital healthcare start-ups. “We look forward to collaborating with Aster DM healthcare and other business partners to help accelerate the cycle of healthcare innovation to populations throughout the world.”
The newly formulated innovation labs will run its own incubator “XHealth Innovation labs” and incubate 10 start-ups in each cohort twice a year. The incubated companies will develop both scientific and commercial solutions.
Aster and LSV will leverage deep analytics across the new platform to better understand key diseases and extract related insights. This will enable Aster DM Healthcare to research and develop more personalized approaches to treatment and identify accompanying technologies to improve health outcomes. The incubated companies will apply technology and analytics on Aster’s large real-world network to better understand what works for the patients and the ecosystem via an immersion program at Aster hospitals. This will be the first time an incubator program with a hospital linked immersion week is offered to Indian start-ups. This aims to result in an improved ability to offer personalized treatment advice, thus optimizing patient care and reducing healthcare costs. Start-ups companies selected to participate in the organization’s flagship three-month program will feature leading-edge device, diagnostic, and digital health technologies from around the world.
These best-in-class start-ups will receive unparalleled visibility and access to leading manufacturers, providers, investors, and other industry stakeholders. “We take great pride in bringing the world’s best Digital Healthcare and Med Tech ecosystem and mentor network together with standout entrepreneurs to provide them with the resources and connections needed to bring their transformative technologies to patients,” said Shu Joshi, Managing Partner, Life Science Vision Capital.