Medical devices sector is an integral constituent of India’s healthcare sector
India’s MedTech industry has the potential to grow to US$50 billion a year by 2030 but there is a need to handholding of young talented innovators in building the sector’s capacity.
“I am confident India will grow to become $50 billion industry by 2030,” said Minister of Health and Family Welfare Dr. Mansukh Mandaviya, while virtually launching ‘MedTech Mitra: A Strategic Initiative to Empower MedTech Innovators and Advance Healthcare Solutions’.
“MedTech Mitra is a platform that will help the young talents of the country by holding their hands and giving them final shape to their research, knowledge, logic etc. and help them in getting regulatory approval,” he said at the launch on 25 Dec 2023.
Dr. Mandaviya stressed, “The medical devices sector is an essential and integral constituent of India’s healthcare sector. Pursuing the vision of Viksit Bharat, India is taking a holistic approach to health with a vision to transform the health landscape in the country by 2047.”
Noting that India’s MedTech sector is highly import dependent, measuring up to 80%, the Minister emphasized, “To ensure that medical devices are supplied within the country, this sector has seen phenomenal progress with the implementation of production linked incentive schemes and investments for medical drug parks, MedTech research policy and MedTech research incentive scheme.”
He further added, “This collaborative initiative will facilitate indigenous development of affordable, quality MedTech devices and diagnostics leading to considerable reduction in the import dependence of this sector.”
Highlighting the fast pace of growth in technology, Dr. Mandaviya elaborated, “Due to the developments taking place in sectors like Robotics, Artificial Intelligence, Big Data, Virtual Reality, Nano Technology, the medical device sector is changing rapidly today.”
Lauding the initiative and efforts of the innovators and youth, Dr. Mandaviya noted the immense power among the innovators, researchers and start-up youth in the country who know how to do Research and Logic Development.
“If one gets help at the approval stage itself, then wonders can be achieved which will take India miles ahead in becoming Atmanirbhar and achieving the vision of Viksit Bharat”
He continued, “backed by growing healthcare needs and government’s commitment to facilitate growth, Indian medical devices industry has the power to emerge as a powerful leader in innovation in the coming years.”
Commending the initiative at the launch, Minister of State for Health and Family Welfare, Prof. S.P Singh Bhagel, pointed out that the MedTech Mitra is a platform for budding entrepreneurs and innovators in India.
“It is more than an ecosystem, a community. It is a harbinger of revolutionary change.”
He further added, “In our country the use of accurate and cost-effective indigenous technologies to bring about a change in the scenario of healthcare is of utmost importance.
“MedTech Mitra is one such initiative that brings together various stakeholders in the field of medical technology to enhance cooperation among various stakeholders and partner with them to promote progress in the health sector.” Fiinews.com
