24 Feb 2010 00:00:00.000
Scientists have a new chance to win funding to build healthcare or pharmaceutical businesses from their ideas in a new international business plan competition. It aims to create real businesses which bring fresh ideas and innovation into the pharmaceutical and healthcare sector.
The ‘BioPharm 2020: UK-India Biotechnology Business Challenge’ is now open for entries from all UK and Indian scientists working in universities, research institutes and industry. The contest promotes international entrepreneurship in healthcare and pharmaceutical sciences within the UK and India.
Led by The University of Nottingham in partnership with the Indian Institute of Technology Kanpur, and the Indian Institute of Management Bangalore, the competition provides support to help the brightest and the best of scientists with promising scientific advances underpinning a business idea to progress their concept towards commercial reality.
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The winner of the Best UK Entrant Award will receive a package of benefits worth over £40,000 to assist them in starting up a new company, including a £20,000 cash award for early start-up costs, 12 months’ business start-up facilities at BioCity in Nottingham, mentoring, business advice and more.
During the first round, teams are required to complete a short business plan executive summary. The deadline for submissions is May 14 2010.
The successful shortlisted finalist teams will receive team mentoring and support from professional business advisors who can help them in the development of a full business plan. They will then be invited to showcase their business idea at the Inaugural Science Conference of the Academy of Pharmaceutical Sciences (a non-disclosing poster exhibition session).
Finally, they will pitch their business ideas to an influential panel of judges chaired by Stefano Pessina, Executive Chairman of Alliance Boots on Friday September 3 2010 at East Midlands Conference Centre, Nottingham, UK.
Professor Kulwant Pawar, Head of Operations Management at Nottingham University Business School, said: “Any type of competition always brings out the best in people. This competition is unique since it will bring together young scientists and business researchers from two entirely different fields, and different cultures and backgrounds.
“In this respect it will prove to be an exciting and challenging opportunity for everyone involved. I am really looking forward to the range of submissions and entries from Britain and from India.”
Professor Kevin Shakesheff, Head of the School of Pharmacy and Professor of Drug Delivery & Tissue Engineering in the Centre for Biomolecular Sciences at The University of Nottingham, said: “The future of the pharmaceutical industry is dependent on world leading scientists and entrepreneurs working across national boundaries to tackle major healthcare problems.
“The UK-India Biotechnology Business Challenge will stimulate the launch of new companies and technologies in both countries by helping scientists with groundbreaking ideas work with the business and intellectual property experts required to translate ideas into products.”
The Indian pharmaceutical and biosciences sectors are growing fast and giving rise to considerable innovation. The Best India Entrant Award will provide a package of benefits worth over Rs 15 lakhs to assist in starting up a new company, including Rs 5 lakhs cash award for early start-up costs, two years’ incubation facilities at SIDBI-Innovation & Innovation Centre (SIIC) at the Indian Institute of Technology Kanpur, providing room space, accommodation and support with IPR protection costs, lab testing and prototyping costs and more.
Pradip Bhatnagar, Senior Vice-President of Drug Discovery Research at Ranbaxy Laboratories Ltd in India, said: “This Competition will help to unlock the vast potential of India’s pharmaceutical and healthcare research.
“Across India’s world-class research institutions there are many examples of brilliant scientific breakthroughs. The Competition will encourage scientists to develop these breakthroughs that can generate future pharmaceutical products for the worldwide market.”
Once registered, entrants will have access to tools to assist them in developing their business plan summary, including online master classes from a range of experts. For more information and advice visit the website at www.biopharm2020.org/competition
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Notes to editors: The University of Nottingham is ranked in the UK's Top 10 and the World's Top 100 universities by the Shanghai Jiao Tong (SJTU) and Times Higher Education (THE) World University Rankings.
More than 90 per cent of research at The University of Nottingham is of international quality, according to RAE 2008, with almost 60 per cent of all research defined as ‘world-leading’ or ‘internationally excellent’. Research Fortnight analysis of RAE 2008 ranks the University 7th in the UK by research power. In 27 subject areas, the University features in the UK Top Ten, with 14 of those in the Top Five.
The University provides innovative and top quality teaching, undertakes world-changing research, and attracts talented staff and students from 150 nations. Described by The Times as Britain's “only truly global university”, it has invested continuously in award-winning campuses in the United Kingdom, China and Malaysia. Twice since 2003 its research and teaching academics have won Nobel Prizes. The University has won the Queen’s Award for Enterprise in both 2006 (International Trade) and 2007 (Innovation — School of Pharmacy).
Nottingham University Business School is one of the UK’s leading centres for management education. It ranked among the world’s leading business schools in the 2009 Financial Times Global Top 100 MBA and Global Masters in Management ranking, and The Economist Top 100 MBA 2009.
The School also ranks 1st in the UK, 3rd in Europe and 23rd globally in the Aspen Institute’s ‘Beyond Grey Pinstripes’ ranking of the world’s most innovative MBA programmes that lead the way in integrating social, environmental, and ethical issues into management education and research. The Business School has pioneered entrepreneurship teaching and research at Nottingham and The University won the 2008 Times Higher Education Entrepreneurial University of the Year award.
Nottingham was designated as a Science City in 2005 in recognition of its rich scientific heritage, industrial base and role as a leading research centre. Nottingham has since embarked on a wide range of business, property, knowledge transfer and educational initiatives (www.science-city.co.uk) in order to build on its growing reputation as an international centre of scientific excellence. The University of Nottingham is a partner in Nottingham: the Science City.