Mumbai: Indian Institute of Technology (IIT) Bombay and ICICI Foundation for Inclusive Growth (ICICI Foundation), the CSR arm of ICICI Bank, have joined hands to expand the biomedical innovation hub at the country’s premier technology and engineering institute based out of Mumbai.

Under this partnership, according to a statement from the institute, ICICI Foundation has pledged Rs 70 crore to set up additional floors at the Biomedical Engineering and Technology Innovation Centre (BETIC) at IIT Bombay and equip this area with advanced facilities.

The MoU was signed by Prof. Shireesh Kedare, Director, IIT Bombay and Mr. Sanjay Datta, President, ICICI Foundation in presence of Mr. Pradeep Kumar Sinha, Chairman, ICICI Bank.

The new floors, named ‘IIT-ICICI BETIC Hub’, will significantly expand IIT Bombay’s capabilities in biomedical engineering, increasing its space five-fold to 19,700 sq. ft. The hub will foster collaboration among researchers, clinicians and industry leaders to develop affordable, cutting-edge medical devices and diagnostic solutions. It will be equipped with state-of-the-art resources for product development, medical grade manufacturing, safety testing, inspection and packaging. This enhanced ecosystem will support med-tech startups and companies, train professionals in healthcare innovation, and generate high-value jobs, ultimately benefiting millions of patients.

Speaking on the collaboration, Prof. Shireesh Kedare, Director, IIT Bombay said, “This partnership exemplifies how industry-academia alliances can drive innovation towards real-world impact. With ICICI Foundation’s generous support, IIT Bombay is poised to revolutionise biomedical research and technology, addressing critical healthcare gaps in India, fostering home-grown solutions that are accessible, affordable and scalable”.

Commenting on the partnership, Mr. Pradeep Kumar Sinha, Chairman, ICICI Bank said, “Healthcare is a key focus at ICICI Foundation’s CSR initiatives. India’s unique healthcare challenges – high disease burden, vast rural populations and affordability constraints – demand indigenous innovations in biomedical, tailored to its needs. Homegrown advancement will not only reduce dependency on imports but also foster cost-effective, cutting-edge medical solutions that can empower healthcare professionals and benefit millions across the country. The partnership between ICICI Foundation and IIT Bombay aims to meet this objective. The ‘IITB-ICICI BETIC Hub’ will facilitate the development of indigenous medical innovations ensuring affordable healthcare solutions to patients. We are delighted to collaborate with IIT Bombay to drive a meaningful change in the healthcare ecosystem”.

So far, ICICI Foundation has affected over 2.5 million lives to receive treatment in 550 hospitals across the country through its initiatives in the healthcare sector. This includes building capacity in curative care, including cancer care, cardiac care, eye care, trauma and emergency care.

BETIC is the only lab in an academic setting in India with ISO 13485 certification – an internationally recognised quality management system standard for medical devices. It has identified 450 unmet needs after detailed discussions with hundreds of doctors across various specializations, created 240 novel prototypes and has filed 70 patents. It has developed 43 medical devices, out of which 23 have been taken to market by startups formed at BETIC; while the remaining 20 devices have been licensed to Indian companies. A recipient of 61 prestigious awards, BETIC has impacted several million lives till date. For more details on BETIC’s work, visit Medical Device Innovation – BETIC, Mumbai.