IIT Bombay & ICICI Foundation partner for expansion of Biomedical Innovation Hub

Partnership will expand capabilities of Biomedical Centre at IIT Bombay, ICICI Foundation has pledged ₹70 crores for expansion of the Centre

Indian Institute of Technology (IIT) Bombay and ICICI Foundation for Inclusive Growth (ICICI Foundation), the CSR arm of ICICI Bank, have forged a partnership to expand the biomedical innovation hub at the country's premier technology and engineering institute. Under this partnership, ICICI Foundation has pledged ₹70 crores to set up additional floors at the Biomedical Engineering and Technology Innovation Centre (BETIC) at IIT Bombay.

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. 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.

Commenting on the partnership, 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”.