Medical device a sunrise sector with potential to improve quality of life

“Medical devices is a sunrise sector that is rising in stature. This is a sector that deals with life and has an impact on quality of life and life expectancy in a significant way. The sector is linked with the start-up culture and it is only a matter of time that we will explode in terms of the innovations offered. I’m proud that the sector is going strong on the path of Atma Nirbharta, Make in India and your resolve of ensuring new milestones on that path during Katavya Kaal is something that we can depend on,” said Prof VK Paul, Member, NITI Aayog, at ASSOCHAM’s Medical Devices Conference 2024. Medical Buyer was the media partner for the event.

Highlighting key schemes supporting the sector, he said: “The policy landscape has really changed in the last 5 to 6 years and the government actively supports the sector through initiatives like PLI schemes, policy changes and Make in India. ICMR, CDSCO and NITI Aayog created an interface through Medtech Mitra to facilitate research scientists, innovators and industry to go from proof of concept to product delivery in the market and procurement.”

“We need to do both frugal innovation and cutting edge innovation at the same time. The space is open for us to leapfrog in the direction of new ideas, new solutions and disruptive technologies that should emanate from India. We are in the initial phase of AI and we can catch this genie now. We must build capacity and capability to harness this technology in a controlled and ethical manner. Collaboration between private sector, academia, and government is crucial to address challenges like clinical trial infrastructure and ethical AI implementation. The focus should be on addressing specific needs like affordable diagnostics and affordable point of care. We expect life expectancy to rise to 85 years from current 71 years by 2047. The contribution of medical devices sector will be critical in making this happen,” he added.

Speaking at the conference Dr Purshotam Lal, Padma Vibhushan & Padma Bhushan, Dr B.C. Roy National Awardee & Chairman, recollected how he got into medical devices early in his career. “We need to start manufacturing medical devices in our country as they change the scene of the treatment. Availability of devices that are more affordable will also benefit those coming as medical tourist. The government is working to address hurdles that are in the way such as lack of skilled resources and prohibitive cost of R&D among others and much headway has been made. Once we get over all these difficulties we will not be behind anybody,” he said.

Dr Jitendra Sharma Managing Director and Chief Executive Officer Andhra Pradesh MedTech Zone (AMTZ) said, “For the first time, medical device imports contracted by 4% and export grew 14% in 2023. If this trend continues, India can be import neutral by 2029. The Bureau of Indian Standards has done tremendous work to put Indian medical devices standards harmonized with global standards. The success of AMTZ in emulating best practices from top medical destinations globally is now being replicated across the country. The sector is heterogeneous and some members of the value chain are part of other industries. We can expand the sector by bringing in the members of non-medical technology sector, enable maintenance agencies, build human resource grounds up and accrediting biomedical engineers and technicians.”

Delivering the keynote address, Vineet Gupta, Chairman, ASSOCHAM National Council for Medical Devices and Diagnostics & Head – Government Affairs, Siemens Healthineers said, “India is the fastest growing medical device market amongst emerging markets in the globe with a market size of about $14 billion and is expected to grow up to $25 billion by 2030. The export of medical device has been growing at a CAGR of 9-11% over the last five years and is expected to go up to $10 billion by 2030. Rising household income, increase in life expectancy and growing burden of NCD’s leads to increased need for medical devices. The government has implemented various measures such as PLI, FDI in medical devices and setting up of medical parks. Timelines and ease of doing business has also been streamlined.”

In his vote of thanks, Dinesh Arora, Co-Chair, ASSOCHAM National Council for Medical Devices and Diagnostics and Dy. CEO & Vice President, Purple Microport, urged the industry and stakeholders to commit to investing and draw inspiration from the remarkable strides made by Andhra Pradesh Medtech Zone in manufacturing and innovations, serving as a beacon of modern healthcare and progress for all. He concluded by saying, “Nation First , Dil se Bharat , Dil Me Bharat.”
MB Bureau