TEHRAN – Startup accelerators can promote biotechnology achievements in Iran, Mostafa Qanei, secretary of biotech development center (BioDC) at science and technology vice-presidency said, Mehr reported on Monday.

“We should expand biotechnological accelerators in the country in order to save biotechnology,” he said.

Through the development of biotechnology, we can save money and boost the national economy, he said.

In February 2019, Qanei said development of biotechnology can save $200-300 million annually in coming years.

The center plans to support innovative and technological ideas of young generation with venture capital model, he said.

In January 2019, it was announced that BioDC aims to support the production of 30 new biologic drugs in the country.

In July 2018, Qanei announced that Iran has developed 13 methods of pharmaceutical technology in less than one year.

Startup accelerators are fixed-term, cohort-based programs that include seed investment, connections, mentorship, educational components, and culminate in a public pitch event or demo day to accelerate growth.

SB/MQ/MG