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The Triple Helix model of innovation has emerged as the key driver for innovative activities in today's world. The interactions among university, research and development (R&D) sector, government and the industry have come to occupy a pivotal position in such a framework. However, theoretical considerations apart, there has been a lack of analytical work in this area. The work presented in this article is an effort to bridge this gap. Further, the discourse on institutions and their asset formation and distribution have important implications in the context of Triple Helix. The spatial distribution of biomedical knowledge assets across different Indian cities, big and small, has been analysed over a period of ten years (1991–2001) with this perspective. The implications of the results have been discussed.