Govt to increase generic medicines share to 50-60% in local market
India is set to emerge as the global manufacturing hub for medical devices through a holistic development of healthcare, pharmaceuticals and medical devices sectors, with the market size growing to US$50 billion from the US$11 billion.
This broad market projection was made by Dr Mansukh Mandaviya, Minister for Health & Family Welfare, ahead of first MedTech Expo to be held from 17-19 August in Gandhinagar.
In order to make healthcare affordable, the government is targeting to increase the share of generic medicines to 50-60% from current level of 14% alongside localization of medical devices, he said.
“The medical device sector is considered as one of the sunrise sectors in the country,” Dr Mandaviya said while addressing the Curtain Raiser of ‘India MedTech Expo 2023’.
“While earlier, we used to think in silos, India is on the path of being the global hub for manufacturing medical devices and producing innovative medical technologies.”
“The government is working to support the medical devices sector by initiating various reforms and policies including PLI scheme for domestic manufacturing and financial support for R&D,” said S. Aparna, Secretary, Department of Pharmaceuticals. “We are open to ideas and suggestions to help localized production.” Fiinews.com
