Tag: #world bank

World Bank Group and the Consumer Technology Association's Global Women's HealthTech Awards

 NIRAMAI Health AnalytixPvt. Ltd. and InnAccel Technologies Pvt. Ltd., two start-ups supported by DBT-BIRAC), have received the World Bank Group and the Consumer Technology Association’s Global Women’s Health Tech Awards, which recognises innovative startups that leverage tech to improve women’s health and safety in emerging markets.

NIRAMAI Health AnalytixPvt. Ltd, a recipient of BIRAC’s Women in Entrepreneurial ResearchAward 2019, was selected for its novel software-based medical device that detects early-stage breast cancer in a simple and private way on women of all age groups and breast densities, addressing a critical unmet need in cancer screening. The solution developed is a low cost, accurate, automated, portable, contactless, radiation-free, and painless cancer screening tool with no known side effects. The core innovation is a machine learning and AI-based Computer Diagnostic Engine called Thermalytix that uses artificial intelligence algorithms to interpret thermal images and generates a quantitative report for breast health and likely abnormalities. So far, over 45,000 women have been screened through the startup’stie-ups with over 30 hospitals and diagnostic centres across India. The product can help 2 Billion women in the world to regularly screen for cancer and can potentially save 90,000 lives every year in India alone.

InnAccel Technologies Pvt Ltd., a recipient of DBT and BMGF’sGrand Challenges Exploration-India 2019, was adjudged a winner of the Global Women’s Health Tech Awards for Fetal Lite, a next-generation, AI-powered fetal heart rate (FHR) monitor based on fetal ECG signal extraction technology for mothers in labour or post 37 weeks of gestation. Fetal Lite has next-gen ECG signal processing and is more accurate, reliable, and easier to use thanthe conventional Doppler-based devices while being comfortable for the mother. Fetal Lite is European CE Certified and has completed 2 clinical trials of 60+ patients with excellent results and completed the demo in 30+ Hospitals. The device can be used for both active and remote monitoring in the in-hospital and in-home settings. So far, the device has helped doctors to monitor 5000 cases, including in tribal areas, and has the potential to save 1.2 million lives per year across the world.

“We are pleased to receive this recognition from World Bank. It’s a validation of the applicability of our Indian innovationto the world,” said Geeta Manjunath, Founder,NIRAMAI.”The support from BIRAC has been crucial for our journey of idea to benefitting the patients with European regulatory approval. It is not just funding but mentoring and handholding that has helped us mitigate risks,” said Nitesh Jangir, Co-founder, InnAccel.

“I am delighted to hear about this global recognition to two of the startups supported by the Department. As a funding agency, these success stories are a validation about the impact we have created by nurturing a vibrant startup ecosystem for solving the pressing challenges being faced by humanity,” said Dr Rajesh Gokhale, Secretary, DBT

As per a statement by the World Bank, this year, the Awards attracted over 70 companies from 35 countries, which submitted their innovative products and services under three categories: reproductive health and pregnancy, general women’s and adolescent health, and women safety and security.

About Department of Biotechnology:

The Department of Biotechnology (DBT), established in 1986, is an Indian Government department under the Ministry of Science and Technology. DBT is responsible for administrating development and commercialisation in modern biology and biotechnology in India. The Department has made significant achievements in the growth and application of biotechnology in the broad areas of agriculture, health care, animal sciences, environment, and industry. The proven technologies at the laboratory level have been scaled up and demonstrated in the field. For more information, visit, http://dbtindia.gov.in/

About BIRAC:

Biotechnology Industry Research Assistance Council (BIRAC) is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, set up by the Department of Biotechnology (DBT), Government of India as an Interface Agency to strengthen and empower the emerging Biotech enterprise to undertake strategic research and innovation, addressing nationally relevant product development needs. For more information, visit, https://birac.nic.in/

World Bank and India

The World Bank is a lending institution that funds essential infrastructural requirement, globally. Headquartered in Washington D.C., this fiscal institution is banked upon heavily by the governments of the world for timely dispensing of funds to support the development of major facilities and services. World Bank comprises the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). It is also responsible for the working of the International Finance Corporation, Multilateral Investment Guarantee Agency and the International Center for Settlement of Investment Disputes. The primary role is the unbiased distribution of funds for economic upliftment of the international community. It bears the responsibility of ensuring aid to settle investment disputes and facilitate fiscal and infrastructural reconstruction.   

India has been borrowing from World Bank through IBRD and IDA for various development projects in the country particularly related to infrastructure development, poverty alleviation, rural development etc. In 1958, World Bank played an important role in establishing India Aid Club for providing economic assistance to India.   Later in was renamed as India Development Forum. So far India has borrowed around $68billion from the World Bank. IDA funds are one of the most concessional loans given by the Bank and in India, they largely used for social sector projects that contribute towards attaining the Millennium Development Goals (MDG).  

The World Bank’s Country Strategy (CAS) for India for 2009-2012 focuses on helping the country to fast-track the development of much-needed infrastructure and to support the seven poorest states achieve higher standards of living for their people. The strategy envisages a total proposed lending program of US$14 billion, in three years, of which US$9.6 billion is from the International Bank for Reconstruction and Development (IBRD) and US$4.4 billion (SDR 2.982 billion equivalent at the current exchange rate) from the International Development Association (IDA).   

The cooperation between the World Bank and India goes back to the foundation of the International Bank of Reconstruction and Development in 1944. As one of 44 countries, India prepared the agenda for the Bretton Woods Conference in June 1944. The Indian delegation was led by Jeremy Raisman, who was a finance member of the Indian government and proposed the name “International Bank for Reconstruction and Development”. India received its first bank loan of US$34million from the International Bank of Reconstruction and Development in November 1948 for railway rehabilitation. Since then, India has become the country with the largest country program and its lending portfolio of the World Bank group inheres of 104 operations with a total volume of $27.1 billion.

The strategy is closely aligned with the Government of India’s own development priorities expressed in the Eleventh Five Year Plan. It was arrived at after a series of consultations with a broad range of stakeholders including the government and civil society. Under the strategy, the Bank used lending, dialogue, analytical work, engagement with the private sector, and capacity building to help India achieve its goals.  

In March 2012, World Bank announced $ 4.3 billion financial aid to India through a new innovative and flexible financing arrangement to help the country fight poverty. This arrangement, while facilitating a $ 4.3 billion increase in support to India, is designed to maintain International Bank for Reconstruction and Development’s (IBRD) – which is its lending arm – net exposure within the limit of $ 17.5 billion established by it. Bank statement said that this will enable India to continue accessing long-term, low-interest IBRD finance for development projects aimed at improving the lives of its people, one third of whom are yet to make their way out of poverty.   

On 5 November 2012, World Bank signed an agreement with the central and Assam governments to provide $320 million, around Rs 1,760 crore, for improving secondary road network in the north-eastern state. The project will support improvement of priority sections of secondary roads, implementation of Assam’s ‘Road Sector Modernization Programme’ and development of a multi-sector road safety strategy, a statement said. As per the agreement, the project will be implemented over a period of six years.  

This is the second big financial allocation, though from an external agency, for Assam after the road transport and highways ministry gave around Rs 6,000 crore to improve the national highways across the state. Assam has the maximum share of a special road development programme designed for the north-eastern states. The objective of the World Bank project is to enhance road connectivity in Assam by assisting the public works department to improve and effectively manage its road network.   

The World Bank will continue to assist the central government by providing comprehensive analytical work to underpin policy and institutional reform and to improve the implementation of central government projects on the ground. Under the Sarva Siksha Abhiyan (SSA) for example, while schools are now more accessible and gender parity has been reached, the focus will now be on improving the quality of education provided. In the power sector, the Bank will continue to support Powergrid, India’s national electricity transmission agency, which it has helped to grow into a world-class institution.  

Though World Bank had dedicated ample funds for the economic development of the developing countries, still it is criticized for its organizational structure where developed countries had maximum say while the developing countries has little or no say. There is no doubt about its contribution in making the lives in developing countries better, now there is a need for it to make its organisation more democratic, and representative.