Innovation and research in healthcare are the essential cornerstones in building a resilient future. In a bid to democratise healthcare, and close the gaps in India's healthcare system, BFI- Blockchain for Impact has created a framework for pooling in resources and skilled talent. Their focus has been to create affordable technology solutions, products and services to address the healthcare deficiencies in the system. Gaurav Singh, CEO, Blockchain for Impact reveals more
By Sonali Patranabish
BFI has done some phenomenal work in recent times towards creating a sound and robust healthcare system that is driven by research and innovations. What has been the catalyst or impetus behind this body of work?
BFI’s drive to build a resilient healthcare system began during the COVID-19 pandemic, initially focusing on emergency support through medical supplies, vaccines and relief kits, setting up ICUs, and conducting long-term genomic surveillance for COVID-19 variants. Observing gaps in India’s healthcare infrastructure, BFI shifted post-pandemic toward a long-term approach rooted in collaboration, innovation, and technology.
Through strategic partnerships, BFI bridges the gap between deep-tech biomedical research and practical applications, particularly for translational research. Further, this focus on research helps enable cost-effective, patient-specific therapies that position India as a global leader in the bio-medical sector.
Collaboration is one of the guiding principles at BFI. Are your strategic partnerships and collaborations focused on research and innovations in any specific domains of healthcare or are there any pressing concerns in the current system that BFI is specifically focused on?
BFI’s partnerships are focused on bridging the gap to address the challenge that research often takes too long to benefit end patients. While India has strong research capabilities, BFI aims to accelerate the journey from 'lab to bedside' through the BFI-Biome Virtual Network, which fosters collaboration among startups, research institutions, medical colleges, and incubators, such as IITs, IISc and AIIMS. This platform accelerates innovation and brings together diverse stakeholders to create practical, impactful healthcare solutions through interdisciplinary research.
The BFI-Biome network has been expanding its horizons by drawing in reputed and elite research institutions to further its goals of addressing unique healthcare challenges. How do you plan to widen your outreach to other institutes to achieve an impact?
Blockchain for Impact (BFI) has a vision to create transformative change within India’s healthcare sector, especially through our BFI-Biome Virtual Network. We’ve initially pledged $15 million to drive critical biomedical research and translational projects in collaboration with prominent institutions like IISc, IIT Bombay, BITS Pilani, CSIR-CDRI, AIIMS, CSIR-CCMB, FNDR, BRIC-THSTI, BIRAC, Venture Centre, C-CAMP, and SIIC IIT Kanpur. By fostering partnerships with these leaders in research and innovation, we’re making strides towards advancing healthcare solutions that can impact patients directly.
Looking ahead, our commitment to expanding BFI-Biome's impact is steadfast. To further strengthen India’s biomedical research capabilities, we plan to pledge an additional $200 million, including $100 million specifically dedicated to establishing a state-of-the-art Biomedical Research Institute in India. This expansion will enable us to connect with more research institutions across the country and support a broader range of health-tech startups and translational research projects.
Our approach combines funding, mentorship, and incubation to ensure that innovations born in the lab are not only ground-breaking but accessible, affordable, and ultimately impactful to end beneficiaries in India and beyond.
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India’s bio-economy sector is valued at $130 billion in 2024 and is poised to reach $300 billion by 2030. By 2025, the vaccination market alone in India is projected to be worth Rs 252 billion ($ 3.04 billion), highlighting the huge potential that the sector exhibits.
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Limited spending, scarce funding, and investments are a few of the issues that healthcare research in India has grappled with for ages. How does BFI intend to pitch in to bring about a transformation in this segment and turn around the narrative around healthcare research?
BFI is dedicated to reshaping healthcare research in India by addressing its core challenges—limited funding, resource scarcity, and fragmented collaborations by creating a network that allows various stakeholders—researchers, medical doctors, biomedical start-ups, and the biomedical industry—to come together and work seamlessly on impactful projects.
We recognised that the real hurdle lies in the disconnect between biomedical research institutions, academia, and industry. This separation has hindered the translation of promising inventive research into viable products that can benefit society. BFI’s approach focuses on creating a collaborative ecosystem where these segments work in synergy.
By building partnerships with research institutions, incubators, and government bodies, BFI is fostering a network that can bridge these gaps, expedite translational research, and ensure that scientific breakthroughs don't remain confined to labs. Through these alliances, BFI aims to facilitate the journey from research to real-world applications, driving a transformative shift in healthcare accessibility and innovation.
BFI intends to set up a research institute dedicated to biomedical research, a first of its kind that will integrate blockchain into healthcare research. Could you shed some light on your plan of action to see the fruition of this state-of-the-art institute? Could you also highlight how will integration of blockchain impact healthcare research?
BFI’s vision for a state-of-the-art biomedical research institute is to transform the healthcare research arena in India and is aligned with the national vision positioning the country as a global leader in biomedical innovation. With a dedicated allocation of $100 million, the research centre aims to accelerate the development and application of high-impact research that addresses critical healthcare challenges at scale.
Under its broader mission, BFI also aims to cultivate a thriving community of researchers, scholars, and healthcare professionals by providing fellowships, research grants, and other support for promising scholars and early-career researchers. Additionally, mentorship and networking events will foster a collaborative environment, connecting fellows with industry and academic experts who can guide their professional growth.
These initiatives complement the institute’s core mission of accelerating translational research, creating a robust pipeline that supports breakthrough discoveries backed by a skilled community of professionals dedicated to bringing change.
The BioE3 policy has been a crucial move for the healthcare innovation ecosystem in India. What positive implications can we expect with this initiative w.r.t biomedical research?
The BioE3 policy is set to significantly boost India’s biomedical research ecosystem by not only doubling financial incentives for drug manufacturers to upgrade facilities but also streamlining regulatory pathways and supporting biotech startups. This dual approach encourages investments in advanced R&D and accelerates the discovery of innovative therapies, diagnostics, and medical devices while bridging the gap between research and market-ready solutions. By fostering infrastructure improvements, technology transfer, and precision therapeutics, BioE3 creates a collaborative environment that enables partnerships and strengthens India’s position as a global leader in biomedicine.
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BioE3 policy is set to significantly boost India’s biomedical research ecosystem by not only doubling financial incentives for drug manufacturers to upgrade facilities but also streamlining regulatory pathways and supporting biotech startups.
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Biomedical research is a field with immense potential. What according to you has impeded the advancement of research and development of key biomolecules and therapeutics in India? What would be the best course of action to ensure the growth of biomedical research which will in turn elevate India as a global biotech powerhouse?
India’s bio-economy sector is valued at $130 billion in 2024 and is poised to reach $300 billion by 2030. By 2025, the vaccination market alone in India is projected to be worth Rs 252 billion ($ 3.04 billion), highlighting the huge potential that the sector exhibits.
And while ongoing challenges like funding gaps, limited infrastructure and limited networking within the biomedical ecosystem are being identified and addressed they have not been able to hinder the giant leaps that the sector is taking, thanks to supportive government policies.
Having said that, we understand the role of strengthening public-private partnerships and how it is crucial to fostering the development of innovative biomedical solutions. Additionally, aligning academic curricula with the needs of the industry will help cultivate a workforce that is well-equipped to meet the demands of the biomedical sector. When combined with streamlined regulatory processes, these strategies can significantly enhance the growth of biomedical research and position India as a global biotech powerhouse.