A study said that National Institute of Pharmaceutical Education and Research (NIPER) needs to establish a more comprehensive ecosystem to promote pharma entrepreneurship, including mentorship, incubation support, funding avenues and industry partnerships, which could go a long way in making these institutions self-reliant.
A survey conducted by the Indian Institute of Entrepreneurship Development for the Department of Pharmaceutical Sciences (DoP), titled “Bridging the Gap between Academia and Industry to Achieve Self-Reliance in NIPER Institutions in India”, found that majority of students have a good understanding of entrepreneurship, startups and related terminology and entrepreneurship is taught to students as a course in various institutions or offered through entrepreneurship awareness programmes.
“Despite the positive response and understanding towards the topic, the number of startups is very low. This may be due to academic commitments, life goals and interest in founding a startup,” the report noted.
“Establishing a more inclusive ecosystem that includes mentorship, incubation support, funding mechanisms and industry partnerships is crucial to facilitate the transition from innovative ideas to commercially viable solutions,” the study recommends.
“Enhancing the adoption of entrepreneurial activities among students and faculty can significantly contribute to fostering a sense of self-reliance,” the report asserts.
The report was prepared based on a survey and questionnaire responses from 217 students, 69 alumni and 32 faculty members of seven NIPERs.
The presence of entrepreneurship and the rise of start-ups will increase the credibility of these institutions in the pharmaceutical industry. As a result, governments and companies will prefer to build long-term collaborations with these institutions.
“Students should be encouraged to consider entrepreneurship as a career option and put in due diligence in this field,” the study recommended.
Bootcamps, venture programs, awareness programs, incubation centers and many other initiatives can help build an ecosystem that will encourage students and alumni to do the same. Educational institutions can have a platform to pitch their students’ entrepreneurial ideas, the study elaborates.
While students are under immense pressure from their academics and research, relaxations may be given to students in exceptional cases. Students seeking relaxations to develop ideas and research materials should be considered based on their performance in those endeavours, it said, pointing to the example of Indian Institute of Technology Delhi allowing students to pursue entrepreneurial ideas in the form of doctoral dissertations. Many foreign universities offer grants to develop students’ research work in business ideas and entrepreneurship, it added.
He adds that entrepreneurship opens up new research opportunities and allows students to work on new ideas.
Incubation centers are modern laboratories for start-ups and a proper visit to their physical space allows students to benefit from the theoretical knowledge they gain in their different courses and programs. It is recommended that more visits and internships will lead to knowledge creation, experience accumulation and idea generation.
Students and faculty can also collaborate on ideas and prototypes, which can generate intellectual property rights (IPR) and potentially generate revenue.
“Institutions need to allow students and faculty to pursue their ideas more frequently,” the study recommends.
Most of the students and graduates agree that they can realise their entrepreneurial ideas and are aware of pharmaceutical entrepreneurship, he said, adding that educational institutions can consolidate and pitch students’ ideas under one roof and help them raise funds through various avenues.
