Navigating the future

India’s MedTech and in vitro diagnostics sector is on a trajectory of unprecedented growth, transitioning from a valuation of USD 10 billion in 2014 to an anticipated USD 50 billion by 2025. This robust expansion is driven by a combination of factors, including rising income levels, increased private sector investment in healthcare, an aging population, a thriving medical tourism industry, and strategic government interventions. A closer examination reveals how government policies and regulatory dynamics, encompassing traditional MedTech, IVD, and the judicious integration of Artificial Intelligence, are shaping this multifaceted journey.

Government initiatives and Make in India drive
Central to this transformative journey is the Make in India initiative. This initiative aligns with the broader goal of reducing dependency on imports, especially since over 75 percent of the current MedTech market comprises imported products. The government’s proactive stance in promoting indigenous manufacturing and innovation is fostering an environment conducive to growth, encompassing traditional devices, IVD solutions.

Regulatory landscape and streamlined approvals
As the MedTech and IVD sector, expands globally, regulatory landscapes are adapting to accommodate the need for swift technology adoption while maintaining rigorous safety and efficacy standards. Regulatory bodies worldwide are streamlining approval processes, fostering collaboration with industry stakeholders. This shift also ensures that the integration of AI technologies into MedTech and IVD products can navigate the regulatory pathway efficiently, contributing to a more agile and responsive industry.

Import policy and global collaboration
India’s MedTech and IVD sector, at the intersection of traditional devices and cutting-edge AI applications, has historically relied on imports. The government is revisiting import policies not only to encourage a more balanced approach but also to facilitate global collaborations in AI and IVD.

Government spending and healthcare investments
Globally, the allocation of government funds to healthcare, is pivotal in determining the trajectory of MedTech sectors. With evolving healthcare priorities on a global scale, there is an anticipated increase in government spending on technology and diagnostics. Industry players worldwide are strategically positioning themselves to align with national healthcare strategies, contributing to the development of cost-effective, outcome-driven solutions that leverage traditional MedTech, AI, and IVD innovations. As it is very well said that data is the new oil so everyone wants to grab this opportunity. Considering this, Government of India is also strategically advancing its Ayushman Bharat Digital Mission (ABDM) and motivating healthcare system to adopt digitalization of health records by incentivizing providers and hospitals.

Standards and harmonization efforts
Standardization is a cornerstone for ensuring the interoperability and quality of both traditional MedTech, IVD. In the pursuit of global competitiveness, there is a concerted effort towards harmonizing international standards. Industry leaders from around the world are actively engaging with standard-setting bodies, contributing to the development of robust frameworks that balance innovation with adherence to high standards of quality and safety in MedTech and IVD.

Outlook
India’s MedTech and IVD sector, spanning traditional devices, diagnostic solutions, and the integration of AI technologies, is witnessing a transformative phase. This evolution is underscored by the collaborative efforts of the government and industry stakeholders, both nationally and globally. The Make in India initiative, streamlined regulatory processes, evolving import policies, increased government spending, and efforts towards international standardization collectively position India as a global player in the MedTech, IVD, and AI arena. The challenges are being addressed, paving the way for a future where India not only meets its healthcare needs but also contributes significantly to the global landscape of MedTech, IVD, and AI. As the sector navigates this transformative journey, the synergy between government policies and industry dynamics, spanning traditional MedTech, IVD, and AI, is shaping a future that holds immense promise for stakeholders around the world.