India is on track to become a significant worldwide provider of technological products as well as a top 20 market in terms of size. The National Medical Policy 2023 aspires to position India as a global leader in medical device manufacture and innovation, with a 10-12% share of the global market over the next 25 years.
The present $11 billion medical gadget market is expected to grow to $50 billion by 2020. To seize this opportunity, India must focus on backward integration, or seizing control of its supply chain, which improves efficiency, quality control, lowers dependence, and increases profitability.
This technique provides high-quality items and easy accessibility, fostering client loyalty and confidence.
India possesses abundant resources, skilled labor, and cost-effective expertise. While China excels in manufacturing, India’s price-sensitive market often leads to subpar Chinese imports becoming the norm. India must develop high-quality, affordable products domestically and focus on backward integration.
Backward integration presents challenges like supply chain disruptions, but benefits like control, quality, and innovation outweigh these. Careful planning and cautious approach can mitigate potential pitfalls.
India’s medical innovations, characterized by affordability and accessibility, are bolstered by the government’s PLI scheme and increased foreign investment during the Covid-19 pandemic.
India’s medical device industry aims for global recognition through accessibility, affordability, and quality. Backward integration is pivotal for its manufacturing ambitions. Challenges, with strategic handling, pave the path to success. Embracing it can position India as a leader in innovative, affordable, and high-quality medical devices. Medlr