The CII-BCG report seeks to outline an opportunity for the medical technology industry in India. It is brought out that the creation of a supporting eco-system could lead to a $30 billion domestic market opportunity as well as setting up the right manufacturing capabilities could spur an additional $20 billion manufacturing opportunity for the Indian medical technology space.
Towards the same, a roadmap has been developed to address the challenges faced by the industry. At its core, this roadmap focuses on fostering a vibrant ecosystem and streamlining the regulatory process. This will have to be supported by a set of ‘quick wins’ such as supporting innovation, creating manufacturing hubs and building partnerships. A set of ‘longer–term initiatives’ outlined in the roadmap around talent and awareness and engagement will need to be acted upon soon to ensure a vibrant medical technology segment is promoted and focused on in India. The publication was released at the Seventh Medical Technology Conference organized by CII on 20 August, 2014 at New Delhi.