startup series
to envisage the whole product
portfolio using bioabsorbable
polymers and their composites.
By year 2012, the team identified
other products using similar
polymers. At that time, there
were no Indian manufacturers of
biomedical grade PLA and this was
a real setback for Indian medical
device manufacturer and surgeons
to rely on foreign players. Team saw
this as an opportunity and decided
to use their expertise to develop
the bioabsorbable materials and
products using same for India.
This was the moment when the
idea was taking firm roots to be
considered as platform to create
new venture. Over next two years
team was building its knowhow in
chemistry of medical grade PLA and
was waiting for appropriate funding
opportunity.
The opportunity striked when
BIRAC announced a grant funding
scheme titled as “Biotechnology
Ignition Grant.” Team realized that
this will be an excellent opportunity
to bring their efforts to fruition.
Team participated in the funding
scheme. On receipt of approval
from BIRAC team established a
start-up, Orthocrafts Innovations
on 5th June 2014.
32
BioVoiceNews | July 2017
It was never an easy route…..
Path was never simple at
the beginning. Lack of ready
infrastructure, non-existent
dialogue between product users
and product developers, access to
crucial raw materials were the most
common hurdles. One of the great
challenges faced by Orthocrafts
was to identify and execute suitable
technology transfer model from
NCL.
In its initial days Orthocrafts
faced issues with putting required
resources at one place such as
skilled man power, equipment and
funds etc. However, the company
faced major challenge in terms of
taking business idea from ideation
stage to prototype stage through
existing ecosystem. There were
hurdles in terms of setting up right
mechanisms to transfer technology
to start-up, possibility of scientist
participating in start-up, scarcity
of scale-up funding for ideation
stage to first prototype. Today
Orthocrafts has overcome all these
hurdles and accelerated their efforts
to take innovation to market.
The founders thank NCL’s
innovation team for their
prodigious efforts and continued