Inexorable growth of Indian MedTech and IVD industry!

MedTech and IVD industry have shown a phenomenal contribution during the Covid-19 pandemic. Many of the contributions made by these industries have now become an accepted and desired way of medical services by patients and caregivers of India and across the globe, e.g., teleconsultation is now universally accepted, both by the doctors and the patients in most cases. The Indian medical equipment market is predicated to grow from approximately USD 10 billion to USD 50 billion by FY 2025 in comparison to FY 2020. Also, the export of medical devices is expected to grow from USD 2.5 billion to USD 10 billion by FY 2025. The Indian government’s Make in India initiative and PLI schemes will be significant contributors to this growth. Hence, the growth of Indian MedTech and IVD industry is inexorable!

Data and digital revolution
The comfort, speed of delivery, and accuracy, by using various types of digital technology in healthcare delivery, have opened the doors for more inventions, both low- and high-end. The use of AI, machine learning, NLP, IOT, digital wearable devices, home monitoring devices, etc., is an excellent example of the same. To elaborate more, a blood pressure manufacturing company does not just stop its care delivery process by having the customer buy the machine, but rather ensures that the same is able to be integrated in the smart watch, or the company is able to directly send data to the care giver from the machine itself. In the IVD industry, the idea of Core Lab, lab information management system with cloud based technology and total lab automation is being adopted by various organizations. So in simple but very powerful way, the way forward is going to be: exist with continuous innovation or just exit the business Government support.

With the Make in India initiative, the government has taken major efforts to bolster the growth of MedTech companies. They are being encouraged and supported to have their manufacturing setups in India. The PLI scheme launched by the government with approximately USD 450 million is a big step toward the growth of this industry. The plan to have medical devices parks in various states of India is already in progress. Many medical devices parks are going to come up in Noida, Himachal Pradesh, Uttar Pradesh, Andhra Pradesh, Gujarat, and Maharashtra. A large number of multinational companies have already proposed to set up their manufacturing plants in India, thereby reducing the cost of medical devices from manufacturing perspective and also savings from import duty perspective. The proposal of setting up Centers of Excellence (CoEs) for Make in India products will help boost the culture of innovation and startups for better products at lower prices, e.g., ICMR-DHR CoE at IIT.

Innovations
A lot of thrust is given on innovations by MedTech and IVD industry for their growth. For the same, the use of technology, development of better SOPs, use of patient profile, etc., is being done by many companies to propel the growth. A large number of companies have already launched better, smaller, automated, portable, and remotely connecting devices, e.g., the AI platform to monitor lung condition, or the pea-sized life-saving devices for children who have hole-in-heart malformation. To support this innovation spirit of the young Indians and to train them with better academic qualifications, a large number of universities are offering undergraduate and post-graduate courses that specialize for medical devices industry only. So efforts that support innovation will contribute toward the growth of the MedTech and IVD industry and are being taken up 360 degrees.

When the entire gamut of verticals in care delivery processes are coming together to deliver better and faster care, it is going to be an inevitably easy path for the MedTech and IVD industry to have a phenomenal growth for the next few years!