AMTZ signs MoU with IIT Bombay to boost innovation in medical device industry

HomeNewsAMTZ signs MoU with IIT Bombay to boost innovation in medical device industry

AMTZ signs MoU with IIT Bombay to boost innovation in medical device industry

Publish Date : Aug 19, 2017

The Andhra Pradesh MedTech Zone (AMTZ), which is setting up India’s first ultra-modern medical equipment manufacturing park in Visakhapatnam, has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Bombay (IIT-B) for accelerating medical device innovation and commercialization within the country.

Signed between Dr Jitendar Sharma, CEO, AMTZ and Prof. Petety V Balaji, Dean, R&D, IIT Bombay, the MoU will enable manufacturers at AMTZ with access to laboratories, training programs and talent from IIT Bombay. New product development, research, government policy promotion will also receive a boost with this partnership between industry and academia.

Startups in the field of medical technology which are part of the IITB incubator programme will also benefit from the large integrated ecosystem being provided by AMTZ. This partnership will contribute positively towards the development of the overall medical technology ecosystem in the country.

AMTZ would include facilities such as component testing centre, electro-magnetic interference laboratory, medical grade low vacuum molding, cabinet molding, injection molding centres, 3D designing and printing for medical grade products,
sterilization and toxicity testing centre, radiation testing centre, gamma irradiation facility, rapid prototyping centre, warehousing and regulator’s office.

AMTZ which is India’s first Government funded medical device park is today serving as a one-stop- solution for not only reducing cost of manufacturing up to 40% and to simplify end-to- end operations but also reducing import dependency, which is presently around 75%.

AMTZ also has the distinction of becoming the second Indian park to become a full-time member of the International Association of Science Parks and Areas of Innovation (IASP). With AMTZ becoming a member of IASP, new business opportunities for companies and research organisations located within AMTZ and in Andhra Pradesh will be enhanced. This will also be a boost for development and growth of areas of innovation.

IASP is a membership-based global network for science parks and areas of innovation to drive growth, innovation and effectiveness. Headquartered at Málaga, Spain, IASP is headed by Josep Miquel Piqué as its President and Luis Sanz as the Director General.

Incorporated on 30 April 2016 and foundation stone laid on 19 August 2016, AMTZ is an enterprise under the Government of Andhra Pradesh, a 270 acre zone, dedicated for medical device manufacturing.

Dr. Jitendar Sharma, Director, AMTZ said, “AMTZ has become the first scientific park in the state and the second in the country to become a member of IASP which is a unique achievement of its kind.” This membership complements the approval of Kalam Institute of Health Technology, which AMTZ received recently

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