GeM Portal Opens Direct Sales Channel for 300+ Medical Device Manufacturers

This strategic partnership aims to enable AiMeD's 300+ members to directly sell their medical devices to the government through the GeM portal.

The Health Master

January 12, 2024

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Last Updated on January 19, 2024 by The Health Master

GeM Portal

The Government eMarketplace (GeM Portal), a prominent public procurement portal under the Commerce Ministry, has recently entered into a groundbreaking memorandum of understanding (MoU) with the Association of Indian Manufacturers of Medical Devices (AiMeD).

This strategic partnership aims to enable AiMeD’s 300+ members to directly sell their medical devices to the government through the GeM portal.

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MoU Signing

The signing of the MoU marks a significant milestone in reshaping the dynamics of healthcare procurement in India.

GeM, in its announcement, emphasized that this collaboration seeks to seamlessly integrate more than 300 medical device manufacturers associated with AiMeD into the public procurement portal.

Onboarding 300+ Manufacturers

The onboarding process is poised to create direct market linkages between medical device manufacturers and government buyers across India, eliminating intermediaries.

This move aligns with the broader vision of enhancing transparency and efficiency in government procurement activities.

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Direct Market Linkages

One of the notable advantages of this collaboration is the establishment of direct market linkages.

By connecting manufacturers directly with government buyers, the GeM portal aims to streamline the procurement process, reducing complexities associated with intermediaries.

Capacity-building Initiatives

The MoU emphasizes the importance of capacity-building and outreach initiatives.

Training programs and workshops related to GeM will be conducted to empower all stakeholders associated with AiMeD.

This strategic focus aims to boost their participation in public procurement activities while ensuring the procurement of quality medical devices nationwide.

Focus on Quality of Medical Devices

Quality assurance in medical device procurement is a key focus of this collaboration.

GeM and AiMeD aim to enhance the overall quality of medical devices available through the portal, ensuring that the government procures top-notch products for healthcare institutions across the country.

Indian Medical Devices Market

The Indian medical devices market has witnessed remarkable growth, with an estimated value of $11 billion.

According to Invest India, the sector is expected to reach $50 billion by 2025, showcasing a compound annual growth rate (CAGR) of 15% over the last three years.

Market Segmentation

The medical devices market in India comprises five key segments: consumables & disposables, diagnostic imaging, dental products, orthopaedics & prosthetics, and patient aids.

Each segment plays a crucial role in catering to diverse healthcare needs.

Dominance of Domestic Manufacturers

Government data reveals that 65% of the market is dominated by 750-800 domestic medical device manufacturers.

This underscores the significance of local players in shaping the landscape of medical device manufacturing in India.

National Medical Devices Policy

The government’s approval of the National Medical Devices Policy further solidifies its commitment to making India a global leader in medical device manufacturing.

The policy aims to achieve a 10-12% share in the global market over the next 25 years.

National Policy on Research and Development

In a significant move, Health Minister Dr Mansukh Mandaviya launched the National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India.

This initiative is designed to create a robust ecosystem for skills and capacities, involving academia and the private sector, fostering innovation through start-ups.

Sectoral Growth

The consistent growth of the medical devices sector at a compound annual growth rate of 15% over the last three years reflects the sector’s resilience and potential.

This growth is attributed to increasing healthcare needs and advancements in medical technology.

$50 Billion Market Potential

With the projected growth of the Indian medical devices market to $50 billion by 2025, the future landscape appears promising.

This expansion offers vast opportunities for manufacturers, investors, and stakeholders, fostering economic growth and technological advancements in the healthcare sector.

Government’s Vision

The government’s vision to emerge as a global leader in medical device manufacturing aligns with broader economic goals.

The emphasis on indigenous manufacturing not only promotes self-reliance but also positions India as a hub for high-quality medical devices on the global stage.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.