India Aims to Triple Medical Device Exports to Russia in the Next 5 Yrs

According to Rajiv Nath, forum coordinator at AiMeD, India's medical device exports to Russia amounted to INR 625.68 Cr in FY 2022-23.

India's Association of Indian Medical Device Industry (AiMeD) has set ambitious goals to triple the country's exports of medical devices to Russia within the next five years through collaborative efforts between the two nations.

This initiative follows a recent online meeting where representatives from both countries explored opportunities for manufacturing and marketing life-saving medical equipment and devices.

This partnership aims to accelerate bilateral engagements and facilitate faster regulatory processes to bolster collaborations in the manufacturing and marketing of medical devices.

Joint Efforts to Enhance Economic Engagement

The meeting emphasized the importance of dynamic and multifaceted economic engagement between India and Russia, guided by shared interests and a commitment to deepening bilateral cooperation.

AiMeD expressed its dedication to contributing to this objective through collaborative initiatives.

With over 70 Indian manufacturers and exporters, alongside key Russian investors, participating in the online event, there is significant potential for expanding India's medical device exports to Russia.

Currently, India's medical device exports to the US hold the top position at $668.9 million in FY 2022-23, followed by Germany, China, and the Netherlands.

While Russia does not feature among the top five importers of Indian medical devices, there is optimism for growth.

According to Rajiv Nath, forum coordinator at AiMeD, India's medical device exports to Russia amounted to INR 625.68 Cr (approximately $75 million) in FY 2022-23.

"This figure can possibly increase to INR 2,000 Cr (around $239 million) in the next five years if there is a coordinated strategy between both countries and regulatory approvals are fast-tracked," he said.

Rising Importance of the CIS Region

There has been a growing focus on the Commonwealth of Independent States (CIS) region in recent years, with Russia emerging as a key destination for India's medical device exports.

Russia accounts for 60% of India's medical device exports within the CIS region, highlighting the significant opportunities for bilateral collaboration in this sector.

To capitalize on these opportunities, AiMeD and the Centre for the Development of Russia-India Strategic Partnership (DRISP) signed a Memorandum of Understanding (MoU) last year.

Experts from both India and Russia have emphasized the need for faster efforts to enhance collaborations and leverage emerging opportunities in the medical device industry.

By strengthening bilateral relations through collaborative efforts, including regulatory streamlining and forging new partnerships, the two countries aim to maximize the potential of this crucial sector.

As India and Russia embark on a journey of deeper collaboration in the medical device industry, the focus remains on fostering partnerships, streamlining regulatory processes, and leveraging each other's strengths for mutual benefit.

In another recent development in the medical device sector, The Indian Institute of Technology Madras (IIT Madras) has introduced India's first 'medical device calibration facility on wheels.'

This initiative is part of IIT Madras' 'Anaivarukkum IITM' (IITM for all) Initiatives, which aim to revolutionize healthcare accessibility and quality nationwide.