The Indian Institute of Technology (IIT) Bombay has partnered with the ICICI Foundation for Inclusive Growth, the CSR arm of ICICI Bank, to significantly expand its Biomedical Engineering and Technology Innovation Centre (BETIC). As part of this collaboration, the ICICI Foundation has pledged ₹70 crore to construct additional floors and install cutting-edge facilities at the centre.
As per the press release, Prof. Shireesh Kedare, Director of IIT Bombay, and Mr. Sanjay Datta, President of ICICI Foundation, signed the Memorandum of Understanding (MoU) in the presence of Mr. Pradeep Kumar Sinha, Chairman of ICICI Bank.
New ‘IIT-ICICI BETIC Hub’ to Boost Med-Tech Innovation
The expanded facility, titled the ‘IIT-ICICI BETIC Hub’, will increase BETIC’s footprint five-fold—from its current space to 19,700 sq. ft. This state-of-the-art hub will serve as a catalyst for interdisciplinary collaboration among researchers, clinicians, and industry stakeholders to develop affordable and innovative medical devices and diagnostics.
It will house top-tier resources for product development, medical-grade manufacturing, safety testing, inspection, and packaging. Additionally, it will support med-tech startups, provide healthcare innovation training, and generate high-value employment, all while focusing on delivering scalable solutions for millions of patients in need.
Voices of Leadership on the Partnership
Prof. Shireesh Kedare, Director, IIT Bombay, highlighted the strategic importance of the collaboration, stating,
“This partnership exemplifies how industry-academia alliances can drive innovation towards real-world impact. With ICICI Foundation’s generous support, IIT Bombay is poised to revolutionise biomedical research and technology. It also addressing critical healthcare gaps in India. We aim to deliver accessible, affordable, and scalable home-grown solutions.”
Echoing the sentiment, Mr. Pradeep Kumar Sinha, Chairman of ICICI Bank, remarked,
“Healthcare is a core focus of ICICI Foundation’s CSR mission. India’s healthcare challenges—ranging from disease burden to rural inaccessibility and cost barriers—require indigenous biomedical solutions. This partnership with IIT Bombay aligns with our vision of reducing import dependency and fostering cost-effective innovations that can empower health professionals and benefit millions. We are proud to support the IITB-ICICI BETIC Hub in driving meaningful change in India’s healthcare landscape.”
ICICI Foundation’s Broader Impact in Healthcare
To date, ICICI Foundation’s healthcare initiatives have reached over 2.5 million people through 550 hospitals nationwide. These initiatives focus on strengthening curative care across multiple specialisations, including cancer, cardiac, eye care, trauma, and emergency services.
About BETIC: A Proven Leader in Medical Device Innovation
Located at IIT Bombay, BETIC is India’s only academic lab with ISO 13485 certification. It is a globally recognised quality standard for medical devices. The centre has:
- Identified 450 unmet clinical needs through consultations with hundreds of doctors
- Created 240 novel prototypes and filed 70 patents
- Developed 43 medical devices, 23 of which are now commercialised by BETIC-incubated startups, while the remaining 20 have been licensed to Indian companies
- Won 61 national and international awards for innovation
- Positively impacted millions of lives across the country
This strategic partnership will transform the new IIT-ICICI BETIC Hub into a national engine for accessible and indigenous healthcare innovation. It will also help solidify India’s position as a med-tech leader.