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Navigating India’s MedTech future – A 2030 vision

Himanshu Baid
Managing Director,
Poly Medicure

The medical technology (MedTech) sector in India is undergoing a transformative journey, set against the backdrop of a burgeoning healthcare landscape and increasing government focus on fostering innovation. The vision for MedTech in India by 2030 envisions a robust, self-reliant ecosystem that not only addresses domestic healthcare needs but also establishes the country as a global hub for MedTech manufacturing and innovation. By introducing various schemes and policies, the government is creating a conducive environment for domestic manufacturing, research, and development.

Currently, India lags behind other developed nations in terms of MedTech innovation due to a lack of significant investment in R&D, infrastructure, and collaboration between academia and industry. To achieve this, increased investment in R&D, both from the private sector and through public-private partnerships (PPPs), is crucial.

To reduce import dependency, there is a need for increased investment in MedTech manufacturing for developing specialized manufacturing clusters across the country, equipped with world-class infrastructure and supported by government incentives.

The new regulatory bill, the 2023 Drugs, Medical Devices and Cosmetics Bill, has received acclaim for its forward-thinking regulation, offering benefits such as enhanced patient safety, innovation in in-vitro diagnostic medical devices, and economic growth. However, to unlock India’s potential as a global medical devices hub, streamlined, robust, and transparent regulations are crucial to simplify and harmonize processes, reduce regulatory burdens, foster innovation, attract foreign investment, strengthen domestic manufacturing, and enhance global competitiveness.

Increased government funding for MedTech R&D and innovation, as well as tax incentives for companies that invest in MedTech research, is essential. Additionally, public-private partnerships can play a crucial role in advancing the MedTech sector. PPPs must be created to facilitate the development of medical devices parks, research institutes, and training centers.

India’s MedTech Roadmap 2030 presents an exciting opportunity for the country to emerge as a global leader in medical technology. By focusing on innovation, manufacturing, regulatory reform, and talent development, India can build a self-reliant MedTech ecosystem that not only addresses the healthcare needs of its population but also positions the country as a major player in the global MedTech industry.