U.S.-based medical device company Ricovr, Inc. is collaborating with the elite Indian Institute of Technology-Madras (IIT-M) for research on point-of-care medical device development.
The Investigational Product
The New Jersey-based venture Ricovr has inked a collaborative R&D pact with the prestigious IIT-M. The investigational product uses a patent-pending “nanoscale” technology that will ultimately benefit the medical community, businesses, and law enforcement if approved—few details are listed on their website. Their founder and CEO, Himanshu Bhatia, MD, MBA describes the venture as “an innovative company developing cutting edge technology for oral diagnostics.
Ricovr undoubtedly had some connections to this prestigious Indian technical university. The New Jersey-based venture will depend on the collaboration to help them “deliver world-class scientific advancements in an exciting emerging space,” reported CEO Bhatia to the Times of India.
Point of Care Oral Diagnostics Market
The point-of-care diagnostics or near-patient testing represents a medical diagnostic test enabling accurate, real-time, lab-quality diagnostic test results in minutes reports the Times of India. According to some analysts, this $23 billion worldwide market will reach $50.5 billion by 2026.
About IIT-M: An Elite Indian Academic Research Institution
A public engineering institute located in Chennai, Tamil Nadu, is one of the elite Indian Institutes of Technology (IITs) and recognized as a center of education of national importance. The center was founded in 1959 with technical and financial assistance from the former government of West Germany and represented the third IIT established by the Indian government. IIT-M has been nationally ranked as a top engineering institute for four straight years (2016-2019) by the National Institutional Ranking Framework of the Ministry of Human Resource Development.
Call to Action: Health-tech Investors should take note of the point-of-care diagnostics market—it appears to be large and growing.