Business

India should raise R&D spend significantly: Honeywell

India has to raise its investments significantly in research and development (R&D) in order to find effective solutions for many of its societal problems and environmental issues, said Akshay Bellare, president, Honeywell India.

“The country’s current spend on R&D is less than 0.7% of our GDP when it is 4.3% in South Korea, 3.4% in Japan, 2.7% in the U.S. and 2% in China. Our R&D ecosystem should get a boost and then only we can unleash our full potential in technology,’’ he said.

Honeywell on Tuesday entered into a partnership with the Society for Innovation and Development (SID) at the Indian Institute of Science (IISc) to support deep science and deep technology start-ups with societal impact.

Honeywell’s partnership with SID would open up opportunities to support start-up ventures working on science and technology projects not related to the company’s core areas of work, but intended to address large, societal problems, Bellare said.

Under the initiative, the CSR funds (undisclosed) offered by Honeywell, have been deployed to support six start-ups including Azooka Labs, which recently received the National Start-up Awards 2020 in the category of women-led start-ups. Co-founded by Dr. Fathima Benazir and Alex Paul, Azooka is in the process of developing a new class of safe fluorescent dyes and consumables for genomics research and molecular diagnostics, amongst many other innovations.

Commenting on the huge disparity between India’s tech potential and spend in innovation, B. Gurumoorthy, chief executive, SID, said, “India now is punching below its weight when it comes to investing in deep technologies, deep science, and innovation. At SID we are well-positioned to nurture and grow start-ups by providing access to the right technology, lab infrastructure, seed funding, mentoring and human capital.’’

Other start-ups are Siamaf Healthcare that is developing magnetic nanotechnology for radiation-free and affordable cancer diagnosis and therapy, a protein biotechnology firm Protein Design that has developed a unique yeast expression technology that produces glycoproteins like human-like glycan moieties, which are useful for producing cancer immunotherapeutic treatments. Mimyk Medical Simulations is building an augmented reality/virtual reality-based laparoscopy simulation platform to train surgeons, HealthSeq Precision Medicine is working towards developing solutions in precision medicine to enable targeted therapy, reduce risks, and increase efficiencies in the healthcare system while PathShodh Healthcare is re-purposing its technology for rapid and accurate COVID-19 diagnostics.

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Printable version | Jan 20, 2021 6:25:50 AM | https://www.thehindu.com/business/india-should-raise-rd-spend-significantly-honeywell/article33224267.ece

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