Agrawal says medical device facilities expanding
A soon-to-be launched Rs.5,000 crore Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) Scheme would result in enhancing Indian MedTech sector’s cost competitiveness and production efficiency, deepening of the domestic value chain and creation of a strong innovation ecosystem.
This was shared by Amit Agrawal, Secretary, Department of Pharmaceuticals, as he highlighted India’s transformation into an emerging hub for medical technology at the 17th CII Global MedTech Summit on 10 Oct.
“Expanding medical device park facilities, targeted policy initiatives like the PLI scheme and the Marginal Investment Scheme for backward integration,” added the Secretary, saying that these will enable India to not only meet its own requirements but also offer affordable innovative healthcare solutions to the global North and South alike.
Agrawal highlighted India’s transformation into an emerging hub for medical technology at the 17th CII Global MedTech Summit, themed “Innovating for a Healthier Future – Advancing MedTech for Global Impact: Make in India, Make for the World”, in New Delhi.
“With India being home to the world’s largest population and a rapidly growing economy, the domestic demand for affordable and innovative healthcare solutions is set to grow sustainably at double-digit rates of growth over the coming decades,” elaborated Agrawal to the medical technology stakeholders at its opening plenary.
He emphasized that the MedTech sector’s core mission must remain centered on patient well-being and on developing high-quality, cost-effective medical devices for both domestic and global markets.
Agrawal noted that, post-COVID, India has successfully crossed a significant milestone in domestic manufacturing of advanced equipment, including MRI and CT scan machines, mammography units, ventilators, stents, heart valves, dialysis machines and a range of implant devices.
He stated, “Products that seemed impossible for local production a decade ago are now manufactured in India, demonstrating the country’s growing capabilities and innovation ecosystem.”
Highlighting Government’s support for the sector, the Secretary referred to the three upcoming dedicated medical device parks expected to be functional in the coming year, support planned for their continued infrastructure upgrade and the Production Linked Incentive (PLI) Scheme for Medical Devices as major policy steps propelling the industry forward.
Agrawal called for deep collaboration among innovators, entrepreneurs and investors to accelerate the journey of new ideas from laboratory to market, thereby strengthening India’s global competitiveness.
“Countries worldwide now look to India not only as a market, but as a leader in healthcare innovation. We must believe in our own capabilities and intensify industry-government partnership to realize the full potential of the MedTech sector,” said Agrawal.
He stated that with ongoing economic reforms and international trade agreements, the sector will generate millions of new jobs while helping ensure accessible, high-quality healthcare for all.
He concluded by inviting all stakeholders to contribute to shaping India’s MedTech vision and called for collaborative and concerted efforts across the value chain — in partnership with all stakeholders — to realize India’s vision of Viksit Bharat 2047. Fiinews.com
