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Omidyar Network Awards $1.5 Million Grant to CAMTech

Omidyar Network looks to promotes affordable healthcare in India

 
PRLog - Nov. 13, 2012 - REDWOOD CITY, Calif. and MUMBAI, India, (November 12, 2012) -- Omidyar Network has awarded a grant of up to $1.5 million to Massachusetts General Hospital’s Center for Global Health to support the Consortium for Affordable Medical Technologies (CAMTech). CAMTech is a global consortium of academic, clinical, corporate and implementation partners working to accelerate affordable medical technology development and commercialization for low- and middle-income countries (LMICs).

Omidyar Network will provide up to $1.5 million over two years to support the overall mission of the program – to co-create, test and deploy innovative, high-quality and affordable health technologies to improve health outcomes in the poorest regions of the world. CAMTech’s priority areas are maternal, newborn and child health (MNCH).

Funding from Omidyar Network will support:
·         CAMTech’s Innovation Awards program - $100,000 awards to academic, NGO or private sector organizations that are developing cutting-edge and sustainable technology solutions to major public health problems in LMICs;
·         The creation of a global network and ecosystem that connects engineers, clinicians and entrepreneurs working on global health technology development and commercialization;
·         The launch of an Innovation Lab in India to foster co-creation as a central tenet of global health technology development, where end-user and local input is fully incorporated.

“We are particularly excited to have support from Omidyar Network, given their commitment to sustainability and scale in medical technology innovation,” commented Elizabeth Bailey, the director of CAMTech. “There is a tremendous amount of entrepreneurial energy and passion surrounding the potential of technology to solve global health problems, and our goal is to harness that enthusiasm but ground it in sound business principles.”

“Assuring access to affordable healthcare for India’s 835 million base-of-the-pyramid population is a critical task that requires a robust ecosystem and strong collaboration between government, industry and academia,” says Jasjit Mangat, Director Investments, Omidyar Network. “The domestic MedTech industry in India hasn’t reached its potential yet due to various regulatory, delivery and distribution challenges.  As a consequence, today over 80% of all medical devices are imported into India. Through our involvement in CAMTech we are committed to accelerating the development of the domestic Affordable MedTech sector in India to address the significant unmet needs of the BoP.”

In addition to consortium members in Boston (MGH, Harvard Medical School and MIT), CAMTech leverages long-standing partnerships in Uganda and India, with Mbarara University of Science Technology in Uganda and the Lata Medical Research Foundation and Vellore Institute of Technology in India.  While the founding consortium forms a strong core, CAMTech is committed to developing a far-reaching network of institutions and innovators globally that are working to develop technology solutions to major global health problems.

The CAMTech initiative is well underway. Recent and upcoming events include:
-        Symposium in New York City on October 22nd: Driving Global Technological Solutions for Maternal Newborn and Child Health
-        Hack-a-thon at MGH on October 27th/28th focused on medical technologies for resource-poor settings being organized with H@cking Medicine at MIT
-        Request for Proposals for the $100,000 Innovation Awards program (due November 21, 2012)

Link to the RFP for the Innovation Awards: http://www.massgeneralcenterforglobalhealth.org/assets/op...)

ABOUT OMIDYAR NETWORK
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. To date, Omidyar Network has committed more than $550 million to for-profit companies and non-profit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including entrepreneurship, financial inclusion, property rights, government transparency, consumer Internet and mobile. To learn more, visit www.omidyar.com.


For further information contact:

Rashmi Naik
Omidyar Network
Mobile: 91 09820978346
Email: rnaik@omidyar.com

Shweta Angara
The PRactice
Mobile: 91 09379458123
Email: omidyar@the-practice.net

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Source:Omidyar Network
Industry:Non-profit, Investments
Tags:Omidyar Network, CAMTech, grant, investment, india
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