Last Updated on December 31, 2023 by The Health Master
Global Hub for Medical Devices
Dr. Mansukh Mandaviya, the Union Minister for Health & Family Welfare and Chemicals & Fertilizers of the Government of India, has articulated India’s trajectory towards becoming a prominent global manufacturing hub for medical devices.
This paradigm shift in the healthcare, pharmaceutical, and medical device sectors is a testament to the government’s commitment to holistic development.
The Indian medical devices sector, currently valued at $11 billion, is projected to surge to an impressive $50 billion in the near future.
A key emphasis is also placed on enhancing the affordability of healthcare by augmenting the share of generic medicines from the existing 14% to 50–60% and promoting domestic production of medical devices.
Empowering India as a Global Medical Device Manufacturing Powerhouse
Addressing the prelude to the ‘India MedTech Expo 2023,’ slated to occur in Gandhinagar, Gujarat, from August 17th to 19th, Dr. Mandaviya expressed how the medical device sector has emerged as a burgeoning domain within the nation.
The conventional compartmentalized thinking has been replaced by Prime Minister Modi’s comprehensive approach, propelling India onto the global stage as a premier hub for manufacturing medical devices and pioneering innovative medical technologies.
The concerted efforts extend towards rendering healthcare accessible and affordable to all, with the goal of elevating the share of generic medicines to 50–60%.
A Vision of Self-Reliance and Medical Device Sector’s Role
Bhagwanth Khuba, Minister of State for Chemicals & Fertilizers and New & Renewable Energy, reiterated the government’s determination to actualize Prime Minister Modi’s vision of ‘Atmanirbhar Bharat’ (self-reliant India), with the medical devices sector assuming a pivotal role.
The government’s commitment to nurturing the sector’s growth is unwavering. Additionally, he highlighted India’s substantial potential in health tourism, where India MedTech Expo 2023 is poised to amplify this potential further.
Government’s Support and Reforms for Medical Devices Sector
S. Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, underscored the government’s proactive stance in bolstering the medical devices sector.
Initiatives encompassing policy reforms and the Production Linked Incentive (PLI) scheme to invigorate domestic manufacturing are already in motion.
The government welcomes innovative ideas and suggestions to foster localized production, propelling the sector’s growth.
Industry’s Optimistic Outlook and Expectations
Representing the industry’s perspective, Shailesh K Pathak, Secretary General of FICCI, conveyed optimism for the medical devices sector’s exponential growth in the impending years.
With nearly a century of legacy, FICCI envisions a promising trajectory for the sector, with the India MedTech Expo 2023 acting as a catalyst for accelerated progress.
India MedTech Expo 2023: A Confluence of Innovation and Collaboration
The upcoming India MedTech Expo 2023 will feature diverse pavilions, including the Future Pavilion, R&D Pavilion, Start-up Pavilion, State Pavilion, Regulators Pavilion, and Make in India Showcase.
An impressive participation of over 400 exhibitors, encompassing more than 150 MSMEs, 150+ domestic and international manufacturers, start-ups, regulatory bodies, state governments, and central departments, is expected.
Global Participation and International Networking
The Expo will host 231 foreign buyers from 50 countries, primarily hailing from five major regions: Africa, ASEAN, CIS, Middle East, and Oceania.
This international buyer-seller meet is set to foster networking and collaboration on a global scale, contributing to the sector’s expansion and impact.
In conclusion, India’s trajectory towards becoming a global hub for medical device manufacturing, along with its pursuit of affordable and accessible healthcare, underscores the government’s strategic vision.
With India MedTech Expo 2023 on the horizon, the convergence of stakeholders, innovation, and collaboration is poised to reshape the medical device landscape.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model, to rewrite and present the news / article in a unique format.
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