India Set to Become Global Hub for Medical Technology Devices By 2050: Mansukh Mandaviya

Union Health Minister Mansukh Mandaviya highlighted that India's growing medical device sector is like a rising sun in the industry. This shows the government's determination to make the country a key place for making medical equipment.

Health Minister Mansukh Mandaviya, in his address at the curtain-raiser event for India MedTech Expo 2023, affirmed India's trajectory towards emerging as a global epicenter for medical technology and devices. This transformative endeavor, backed by a promising market projection, envisions the sector surging to an astounding $50 billion by 2050.

Minister Mandaviya spotlighted India's burgeoning medical device sector as a sunrise industry, underscoring the government's resolve to position the country as a prominent manufacturing nucleus for medical apparatus.

Mandaviya said, 'œWith the recently unveiled National Medical Devices Policy 2023, we are poised to elevate India's market share from 1.5% to a robust 10-12% within the next quarter-century." He expressed confidence that effective policy implementation would propel the sector's growth from the existing $11 billion to a remarkable $50 billion by 2030.

The government's commitment to bolster self-reliance in healthcare is exemplified through initiatives such as the Production Linked Incentive (PLI) scheme. This scheme has catalysed the production of 43 critical Active Pharmaceutical Ingredients (APIs) within the country, formerly imported.

India's journey towards self-sufficiency in the medical technology sector also involves the establishment of bulk drug parks and medical device parks across the country. These strategic initiatives aim to bolster India's capabilities in producing essential medical supplies domestically.

Mandaviya highlighted that the forthcoming India MedTech Expo 2023 will serve as a platform to showcase the nation's strides in medical and surgical procedures, pharmaceuticals, equipment, and healthcare facilities. This event seeks to spotlight India's innovations. It aims to augment the visibility of the medical devices ecosystem within the country while simultaneously fostering a distinctive brand identity for the Indian MedTech sector.

Union Minister of State for Chemicals and Fertilizers, Bhagwant Khuba, echoed Mandaviya's sentiments, reaffirming the government's unwavering commitment to enhancing self-reliance in the healthcare sector.

With policies including the National Medical Devices Policy 2023 and the Production Linked Incentive scheme, the nation aims to boost domestic manufacturing and reduce import dependence. Collaboration between academia and industry drives AI, robotics, and virtual reality integration for enhanced patient care. Establishing bulk drug and medical device parks further underscores India's commitment. These efforts are reshaping healthcare paradigms nationally and globally, showcased through different government introduced schemes and policies including the PLI scheme.