Medtech Industry to multiple 4 X in the next 10 years- USD 50 Billion by 2030
Medical devices companies to focus on Transformative Innovation
Preventive healthcare is national priority
The 15th edition of Global MedTech Summit 2023, organized by Confederation of Indian Industry was held on 6th Oct 2023 with the theme “Paving the Way for a USD50 Billion MedTech Industry by 2030”. The summit holds immense importance in the emerging technology and data driven landscape and is aimed towards deliberating policy and regulatory issues, exploring strategies, collaborations, and innovations that will drive the MedTech industry toward achieving the remarkable $50 billion mark by 2030.
Dr Jitendra Singh, MoS (I/C) of the Ministry of Science and Technology; Earth Sciences; Prime Minister’s Office; Personnel, Public Grievances and Pensions; Department of Atomic Energy and Space in his inaugural address highlighted the importance of partnership between public and private sectors for the MedTech Industry to develop. In order to get India, the global recognition, he emphasized on the need for stakeholders in this space to adopt the robust benchmarks and global best strategies.
Dr VK Paul, Member (Health), NITI Aayog in his address emphasized that India has learnt positive lessons from the Pandemic and the MedTech industry has the potential to drive substantial innovations. To all the stakeholders present, he highlighted the need to develop robust quality standards, mutual trust and investment in Research and Development for the industry to thrive. He also mentioned that the pathway for the R & D in MedTech in Pharmaceutical is different and is to be considered carefully by all stakeholders. He suggested that CII should help the government in sourcing, training, a and skilling the requisite Human Resources to operate the medical devices as the demand cannot be solely filled by the medical personnel. CII should get in dialogue with ICMR to optimize the use of Health technology assessment to create trust and build cost effective equipment’s. Creating trust in devices is very important. He also mentioned that the focus of the future development can be: Point of care diagnostics equipment, Assistive technology, IoTs to track & prevent fire is the health setups, devices to track sick patients in ambulance, Different wearable devices to track and prevent illness.
Ms S Aparna, Secretary, D/o of Pharmaceuticals, Ministry of Chemicals and Fertilizers in her address highlighted that the dependency of India on medical devices imports has been reduced over the last 3 years, signifying the growth potential. She also remarked that the MedTech industry is currently heterogeneous and there is a need for it to become more coordinated and cohesive like the Pharma industry. CII can help MedTech players become more coordinated. She suggested all the stakeholders to go through the National Medical Devices Policy which has recently been approved. She apprised the stakeholders of the PLI scheme, 2021 with an overall outlay of 5000 crores and informed them that a huge fund is still available for smaller companies in this space. CII can help disseminate this information to smaller companies. She also emphasized the need to strengthen the quality standards and testing infrastructure and the role CII can play towards implementation and channelizing the requirements of the industry. She focused upon the need for transformative innovation instead of incremental innovation. Govt is welcoming greenfield projects and segments where we do not have domestic capacity. CII can help raise requirements for the development of infrastructure MedTech parks in four states.
Dr Rajeev Singh Raghuvanshi, Drugs Controller General of India, Central Drugs Standard Control Organization remarked the huge potential for growth in the sector with a supportive policy ecosystem. Skills, intent, and opportunities are present. Quality & patient safety is the key to efficient health care delivery system. There is a need to adopt best practices from the pharma and drug sectors. India with its history in medicine, and strong clinical understanding has the potential to become competent and the next success story.
Dr Naresh Trehan, Chairman, CII National Council on Healthcare & Chairman & MD, Medanta – The Medicity mentioned that the present gap between the users and the manufacturers of the Medical Devices sector is still wide. He advocated the focus on delivering quality, by emphasizing on involvement of clinicians in the innovation, and Research and development from the early stage. Dr. Trehan said India, which is emerging as a global power, large steps, rather than small strides are required to strengthen its healthcare continuum.
Mr Himanshu Baid, CII National Medical Technology Forum, and Managing Director, Poly Medicure Ltd in his opening remarks appreciated the efforts of the government such as the National Device Policy 2023. He also applauded the recent launch of the National Policy on Research & Development and Innovation, whose foundation lies in the synergies of various departments like ICMR, DBT, DST, etc. to deliver innovative MedTech solutions. The Chairman indicated the rise of the medical devices industry post-COVID 19, whereas 25-30 companies have committed investments under the PLI scheme. He indicated that in the next 3-5 years, cost of medical devices is expected to reduce by 10-20%.
06 October 2023
New Delhi