The National Institutes of Pharmaceutical Education and Research (NIPERs) need to establish more comprehensive ecosystem that includes mentorship, support for incubation, funding methods, and industrial alliances to promote entrepreneurship in the pharmaceutical sector, which can also substantially help these institutes to foster self-reliance, according to a study.
The study – Bridging academia-industry gap to achieve self-reliance for NIPER institutions in India – conducted by the Entrepreneurship Development Institute of India for the Department of Pharmaceuticals (DoP), indicates that the majority of the students are well aware of entrepreneurship, start-up, and related terms and entrepreneurship has been taught to students in various institutions as a course or delivered through an entrepreneurship awareness programme.
“Despite positive responses and understanding of the subject, the number of start-ups is very low, which can be due to academic engagement, life goals and interest in building a start-up,” it observes.
“… it is crucial to establish a more comprehensive ecosystem that includes mentorship, support for incubation, funding methods, and industrial alliances to facilitate the transition from innovative ideas to commercially viable solutions,” recommends the study.
“Promoting the adoption of entrepreneurial endeavours among students and faculty has the potential to substantially contribute to fostering self-reliance,” it avers.
The report was prepared after conducting research and taking survey responses from 217 students, 69 alumni and 32 faculty members from across seven NIPERs.
The presence of entrepreneurship and the rise of start-ups will enhance the perceived trustworthiness of these institutions within the pharmaceutical sector. Consequently, governments and businesses will prefer establishing long-term collaborations with these institutions.
“Students should be encouraged to take entrepreneurship as a career choice and make elaborate attempts in this line,” recommends the study.
Boot camps, venture programs, awareness programmes, incubation centres, and many other initiatives can help build an ecosystem for students and alumni so that they are encouraged to do the same. Institutions can have a pitching platform for their student start-up ideas, elaborates the study.
While students face much pressure from academics and research, there is a possibility for giving relaxation to students in exceptional cases. Students seeking relaxation to develop ideas and research material should be considered based on their performance in those endeavours, it adds pointing to an example where IIT Delhi allows students to pursue their start-up ideas in the form of PhD thesis. It adds that many foreign universities provide grants to develop student’s research work in a business idea or start-up.
Entrepreneurship can bring new research opportunities and allow students to work on new ideas, it adds.
Incubation centres are modern-day laboratories for start-ups and a proper visit to physical spaces can help students derive benefits from the theoretical knowledge received in varied courses and programmes. Increasing visits and internships can lead to knowledge creation, experience building and idea generation, it recommends.
Students and faculty members can also work together on ideas and prototypes, which can create Intellectual Property Rights (IPRs) and result in revenue generation.
“Institutions need to allow students and faculty to pursue their ideas more often,” recommends the study.
Most students and alumni have confirmed that they can work on their start-up ideas, and they know start-ups in the pharmaceutical space. Institutions can have a collective pitching for their students’ ideas in one institute and help students get funding from various means, it adds.
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- Source: https://auroushealthcare.wordpress.com/2024/07/09/nipers-need-to-establish-comprehensive-ecosystem-for-entrepreneurship-dop-study/