Dr Paul highlights the need to develop robust quality standards
A huge fund is available for smaller MedTech companies as the industry has been allotted Rs.5,000 crore PLI scheme, says S Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers.
She apprised MedTech industry stakeholders of the PLI scheme and urged them to go through the recently approved policy on National Medical Devices.
She called on CII to help disseminate information about PLI scheme and funding opportunities to smaller companies in the industry.
The secretary gave this update at the 15th edition of Global MedTech Summit 2023, organized by Confederation of Indian Industry on 6 Oct 2023 with the theme “Paving the Way for a US$50 billion MedTech Industry by 2030”.
Aparna 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 calls for a focus on the need for transformative innovation instead of incremental innovation.
“The Government is welcoming greenfield projects and segments where we do not have domestic capacity,” she said.
The secretary called on CII to help raise requirements for the development of infrastructure in planned MedTech parks.
She also pointed out 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.”
Speaking at the summit, Dr V K Paul, Member (Health), NITI Aayog, has highlighted the need to develop robust quality standards, mutual trust and investment in Research and Development for the industry to thrive.
He also called on industry stakeholders to consider carefully R & D in MedTech in Pharmaceutical which is different.
CII, he said, 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.
Dr Paul says focus of the future development can be: Point of care diagnostics equipment, Assistive technology, IoTs, devices to track sick patients in ambulance, different wearable devices to track and prevent illness.
Also addressing the summit, Himanshu Baid, CII National Medical Technology Forum expects 10%-20% reduction in cost of medical devices in the country over the next 3-5 years, given that 25-30 companies have committed investments under the PLI scheme.
But there is a need to adopt best practices from the pharma and drug sectors, added Dr Rajeev Singh Raghuvanshi, Drugs Controller General of India, Central Drugs Standard Control Organization.
“India with its history in medicine, and strong clinical understanding has the potential to become competent and the next success story.”
The present gap between the users and the manufacturers of the Medical Devices sector is still wide, according to Dr Naresh Trehan, Chairman, CII National Council on Healthcare.
India, which is emerging as a global power, large steps, rather than small strides are required to strengthen its healthcare continuum, Dr Trehan, also Chairman & MD, Medanta – The Medicity, pointed out. Fiinews.com
