Startups accelerated development of low-cost scalable and quick solutions for medical devices
India, with technology, expertise and high market growth potential, is set to have a US$50 billion med tech industry by 2025, said Dr Jitendra Singh, Minister of State (Independent Charge) for Science and Technology.
“India has the technology, expertise and it has a huge potential to be explored and serve the medical fraternity,” said Dr Singh at the 13th edition of the Global MedTech Summit organized by the Confederation of Indian Industry (CII) 2-3 Sept 2021.
“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,” he explained.
India has the best of medical management available in the best centres in both private and public sectors which are equally comparable to centres in the West that have started earlier, he pointed out.
Also, India has seen so many start-ups in the medical devices space, rise to the occasion and have helped accelerate the development of low-cost scalable and quick solutions, added Anupriya Patel, Minister of State for Commerce and Industry.
This has contributed to providing an impetus through the expansion of telemedicine and the home-based healthcare market in the country, said Patel.
She elaborated on prospects, “Exports play an important role in boosting our economic growth. The schemes aimed for strengthening the domestic manufacturing potential are not only aimed at import substitution but expanding the exports market.”
Prof K Vijay Raghavan, Principal Scientific Adviser, called for tapping the global market to succeed. “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.
“Indian companies are providing remote services combining MedTech and AI and feeding back into decision making into countries all over the world, therefore linking with med tech today will be truly transformational,” he underlined.
“We have to start thinking globally as there is a critical mass to be developed to move up the value chain,” added Dr Naresh Trehan, Chairman, CII National Council on Healthcare and Chairman & Managing Director, Medanta – The Medicity.
“In our endeavour to move forward, the med tech industry, along with the providers, the interest of the patient, and government, we must have a quadrangular discussion on where to put the money so India can move up to a powerful spot to an international arena of Med Tech,” he stressed.
“There is a massive under-penetration in the medical devices market and there is indeed a growth opportunity for the sector,” added Himanshu Baid, Chairman, CII NMTF and Managing Director, Poly Medicure Ltd.
“There is an urgent need to globally harmonize in terms of regulation and quality standards so that the indigenous industry can match up to global standards and make the country a hub for medical device manufactures for internal consumption and exports. 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,” he said.
Timely and substantive support from the government over the years has been the vital link for the large number of med tech sectoral developments in the recent past, according to Sanjay Bhutani, Managing Director – India Bausch & Lomb Eyecare (I).
The Government has commenced various initiatives to strengthen the medical device sector with emphasis on R&D and 100% FDI for the medical devices to boost the market, he pointed out.
The two-day Medtech Summit held plenary sessions which deliberated on important matters such as Demand Generation as a means of Triggering the Growth of Medtech Sector, Diagnostic Testing in India and the need to re-examine Current Practices, Protocols and Reimbursements. It also reviewed Futuristic Technologies driving innovative Medical Technology and exploring the country’s readiness, evidence-based policy making and its impact and finally review of the Regulatory Landscape for Medical Devices and Diagnostics. #health #technology #investment #manufacturing /fiinews.com
