India boosting its Med Tech sector to reach USD 50bn market

India is recognized as a sunrise sector in medical technology with a potential to reach US$50 billion by 2025, said Jitendra Singh, Minister of State (Independent Charge) of the Ministry of Science and Technology, while speaking at the virtual inaugural session of the 13th edition of the Global MedTech Summit organized by the Confederation of Indian Industry (CII) on Thursday.

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He added that “India has the technology, expertise and it has a huge potential to be explored internally which will serve the medical fraternity and also be in tune with its goals of becoming Aatmanirbhar.”

“Moving forward, we have to integrate all the ministries and undertake theme-based projects, rather than ministry or department-based projects. This will allow us to pool our resources and help us reach optimum outcomes with the integration of the private sector and start-ups,” Singh further added.

Prof K VijayRaghavan, Principal Scientific Adviser highlighted that the market needed for success is the global market. Today’s cyber-physical world which combines the delivery of personalized medicine with the analysis of telemedicine of data of a patient from anywhere in the country makes the Indian market very attractive.

Smt S Aparna, Secretary, Department of Pharmaceuticals, Ministry of ChemicalsFertilizers said: “The med-tech industry is multi-disciplinary, and the growth of the medical devices sector is incumbent on development in all these streams. The attention to backward integration will prove to be a strong determinant for the global success for the medical device industry.”

“We have to start thinking globally as there is a critical mass to be developed to move up the value chain,” highlighted Naresh Trehan, Chairman, CII National Council on Healthcare and Chairman Managing Director, Medanta – The Medicity.

“There is a need for a well-defined National devices medical policy document and roadmap defining short, medium and long term goals for the sector,” said Himanshu Baid, Chairman, CII NMTF and Managing Director, Poly Medicure Ltd.

“The government of India has commenced various initiatives to strengthen the medical device sector with an emphasis on Research and Development and 100% Foreign Direct Investment for the medical devices to boost the market,” said Sanjay Bhutani, Co-Chairman – CII NMTFManaging Director – India BauschLomb Eyecare.

The Medtech Summit is spread over two days; from 02 September to 03 September and seeks to deliberate on important matters such as demand generation as a means of triggering the growth of the Medtech sector, Diagnostic Testing in India and the need to re-examine current practices, protocols and reimbursements; review of futuristic technologies driving innovative medical technology and exploring our country’s readiness, evidence-based policymaking and its impact and final review of the Regulatory Landscape for Medical Devices and Diagnostics in India.