Fostering 'Miracles' through Medication: Miraqules Startup and Mass Challenge 2019
Saurav Sahoo | Oct 14, 2019
When it comes to the notion of entrepreneurial development and business incubation, the NITRians have left no stone unturned in setting up benchmarks in an array of fields concerning the public interest. Their startups have been endorsing certain genres of study that have enlightened and broadened the mindset of various socio-economic groups and intellectuals. With an astronomical rise in the concerns for health and medication and owing to the consistent efforts to rescue people from serious traumas and fatal injuries, the sector of Medical Sciences has revolutionized the concept of global health issues by evolving into one of the most impactful and a massive domain of global importance.
A person has an unconditional and unbound freedom to live his life out of pain and disease. That is what is of paramount importance. Moreover, someone being a saviour adds up to the merit of being a subject of respect and appreciation in society. That is what ‘Miraqules MedSolutions PVT. LTD.’ has been doing since the past one year. Miraqules triumphed the conquest of evolving entrepreneurship by emerging successful at Mass Challenge Israel, 2019 and left an indelible imprint of glory in the field of Public Healthcare.
Incorporated in the year 2018, Miraqules is the brain-child of Mr Sabir Hossain, Founder and CEO of the company. Mr Hossain, a Biomedical Engineer by profession, is an NIT, Rourkela alumnus who graduated in the year 2018 with a degree of Master of Technology. He has got a deep focus in the healthcare sector in addition to being a fellow of numerous grants under various Government schemes.
Miraqules is an ambitious initiative by Mr Hossain, who under the guidance of his professor Dr Devendra Verma was able to form a startup, focusing on to develop accessible and affordable medical products to cover all brackets of people. Miraqules aims to be one of the foremost companies in the medical device domain by bringing innovative healthcare devices in our daily life through continuous research and cumulative team effort.
‘Stop Bleed’, a fast-acting haemostatic agent that clots the blood within 30 seconds is their first major breakthrough invention that ultimately paved their road to success. This product opened the doors to Mass Challenge 2019, Jerusalem, Israel where they got the opportunity to prove their mettle and emerge out as one among top 10 startups of the globe.
After a recent telephonic conversation with the guiding Professor cum co-founder of Miraqules MedSolutions PVT. LTD., Dr Devendra Verma, Team MM got to know a very lucid description of the startup evolution, products, and their chronicles of victory at Mass Challenge, Israel. Here is an excerpt from the conversation with Prof. Verma:
MM: Through the perspective of a guiding professor, how do you perceive Mr Sabir Hossain evolve from a meticulous student to a successful entrepreneur?
DV: Sabir was always enthusiastic and passionate to work upon biomedical devices. His knowledge in the field of Electrical Engineering motivated and boosted his morale to work on to develop models and devices that have the potential to heal the wounds. Initially, he was working on the mechanisms of clotting of blood by measuring the impedance of blood and develop biomaterials based on it. But due to lack of adequate resources and budget constraint, we had to switch over to another project on working of Haemostatic agents. The then market scenario enhanced the potential to commercialise our product. The biomaterial ultimately developed had the potential to clot blood within 10 seconds in laboratory condition and within 30-40 secs in the animal body. Sabir was working very diligently day and night on this project which ultimately led us to achieve innumerable fruitful results.
MM: How did the idea of building a startup come into your mind?
DV: Basically, in my lab, we work upon the projects which are mostly product-oriented. Looking up to the current job scenario in the biomedical sector, it was essential to come up with this idea. I always motivated my students to seek for employees rather than jobs. Be a job creator, not a job seeker. Moreover, we were expecting to get the fundings from BIRAC under Department of Biotechnology (DBT), GoI which we had even succeeded to achieve for our earlier projects and research work. This motivated us to carry forward our idea on haemostasis and work upon it by establishing a biomedical venture.
MM: How did the company get its name ‘Miraqules’?
DV: ‘Miraqules’ is a portmanteau formed by the blending of ‘Miracles’ with ‘Molecules’. It was Sabir’s idea of naming the venture with such an innovative name.
MM: Describe how it all started from scratch and how the startup got incorporated ultimately. What were the initial challenges faced during the early days of incorporation?
DV: It was incorporated last year in 2018. Though we had sufficient technology for commercialisation, the main challenge we faced initially was the funding. But that issue got gradually lessened as we applied for various grants under different govt. schemes. Looking from the development perspective, obviously, it took some time to finally come over to the main track as it took around 2-3 years from research initiation. But ultimately we were extremely glad when we received the fundings from BIRAC under DBT, GoI and NIDHI PRAYAS under DST, GoI.
Some great men have said, “Hard work and Success go parallel to each other”. Miraqules absolutely proved it to be correct through its unparalleled research in the field of Medical Science that gave them the illustrious opportunity to showcase their product to the entire world at Mass Challenge Israel, 2019. MassChallenge is a global network of zero-equity startup accelerators. Headquartered in the United States with locations in Boston, Israel, Mexico, Rhode Island, Switzerland, and Texas, MassChallenge is committed to strengthening the global innovation ecosystem by supporting high-potential startups across all industries, from anywhere in the world. To date, 2,344 MassChallenge alumni have raised more than $5 billion in funding, generated more than $2.7 billion in revenue, and created more than 136,000 total jobs. Mass Challenge Israel, the most active accelerator in Israel, supports more than 50 game-changing companies each year. Ultimately it was a great moment of celebration for the entire team of Miraqules Med Solutions as it secured its place among the top 10 startups of the world.
Talking about the journey that Miraqules team had to Israel, Mr Devendra Verma had got this to say;
MM: How did Mass Challenge Israel, Israel happen to you? Describe how Miraqules got into this prestigious competition?
DV: It was completely Sabir’s initiative to apply for this competition. We got to know about this competition through the online medium. Based on the project we were working upon and looking forward to the potential that we had, we got incubated for three and a half months in Israel. Various other young startups from across the globe graced the competition. Their work involved the major sectors concerning public interest such as Healthcare, Technology, Conventional Energy, etc. We were fortunate to have Sabir and Dr Mubeen Midda, the Chief Medical Officer be a part of this mega event at Israel.
More than 300 leaders of the international entrepreneurial community attended the event. In addition to the winners, some 44 startups from Colombia, South Africa, the United Kingdom, India, and Israel that participated in the 2019 accelerator program were also present.
MM: What were the various perks that the company got to achieve from this startup competition?
- The company got the opportunity to be a part of the curated business trip to Boston and NYC. The trip was fully sponsored by the Mass Challenge organisation.
In addition to this we received,
- Up to 500K NIS in cash prizes.
- Four months of free office space in the heart of Jerusalem.
- Introduction to top mentors, corporate partners, and investors.
- Small group peer-to-peer mentorship and relationship-building opportunities with Mass Challenge Israel alumni
Over the course of the four-month program, startups in the Mass Challenge Israel accelerator leveraged expert mentorship, tailored programming, corporate partnerships, and industry resources to accelerate their efforts. More than 20 per cent of the selected startups for this year’s program was in the healthcare sector. The other startups represented the eCommerce, retail and travel sectors (27%); automotive, cyber and fintech sectors (21%); social impact sector (8%); and, energy and cleantech sectors (6%).
It was a moment of rejoicing as the company emerged victorious by bagging the recognition of being among the top 2 startups in Boston Cohort 2019. Moreover, the company was declared as 100K ILS (Israeli Shekel) Platinum winner. The list of the remaining winners of the competition at Boston is mentioned below:
After achieving a great deal of success at the International level, there is no chance to look back. Miraqules MedSolutions PVT. LTD. has got various plans and projects in its bucket list for the upcoming years. Though ‘Stop Bleed’ has got few more years to come to the social mainstream and become available to the common mass, it is expected that this product would add up a major deal to revolutionize the healthcare sector of the nation to a great extent. Talking about the time this product going to be active in the Indian pharmaceutical markets, Prof. Verma has got this to say;
It isn’t presently available in the pharmacies as the biomedical devices have to go through different stages. We have started conducting experiments on animals. Moreover, before it gets released to the markets, it has to be approved by the Central Drugs Standard Control Organisation (CDSCO). It will take less time to get approved for the animal market, so we will be launching it first for that purpose. Then we will be moving forward for human trials.
This year has proved to be an extraordinary year for Miraqules MedSolution PVT. LTD. With a fabulous team behind this marvellous project, the company wishes to keep its name and fame at par with the international companies. It’s also news of immense pride and joy as the company’s CEO, Mr Sabir Hossain has recently bagged the 1st position in ‘Dare To Dream Challenge’ organised by DRDO under the haemostatic category. Owing to that, he will be felicitated by the Hon’ble Defence Minister of India in New Delhi on October 15th, 2019.
Team Monday Morning wishes all the very best to the entire team of Miraqules MedSolutions for their future endeavours.