Indian medical device sector has potential to help India become a $5T economy

Indian medical device sector has huge potential to become a 5 trillion-dollar economy if we all work together. We must focus on producing hi-end technical equipment in India through increased innovation, research and development, said Union Minister of State for Chemicals & Fertilizers, Bhagwanth Khuba at the 7th edition of international conference on Pharma and Medical Devices sector 2022 held here on Wednesday.

During the conference, four sessions were conducted on topics like–transforming healthcare through innovation and integrated services; establishing patient-centered outcomes of care for promoting value-based procurement; manufacturing, demand & global supply chain of medical devices; and research and development and innovation in MedTech.

“The pharmaceuticals and medical devices sector is a key sector of the global as well as Indian economy. We will become a 5 trillion-dollar economy if we all work together,” Khuba said.

“Indian pharma and medical device sector has huge growth potential. We can not only cater to the needs of the domestic market but also manufacture for the world. India has the capability of producing at low cost. We currently produce only 20 percent of these equipment in India and are import dependent. The government is committed to extend all support to the industry,”said the union minister.

Meanwhile, Amitabh Kant, CEO, NITI Aayog said: “Indian healthcare industry has been growing at a fast pace since 2016 and it is expected to reach close to $380 billion this year. We are inviting foreign investors to produce medical devices in India,” Kant said.

S. Aparna, secretary, department of pharmaceuticals noted that the medical device sector is a fast-growing sector and has rightly been identified as a sunrise sector.

“We have been able to extend support for this sector through a number of initiatives including the PLI scheme, 4 medical devices parks in Tamil Nadu, MP, Himachal Pradesh and Uttar Pradesh,” she said.

The Central government medical device policy is in the final stages of approval and it includes inputs from various stakeholders. LiveMint