India set to become global hub of medical technology, devices with the market size estimated to reach USD 50 billion by 2050: Dr Mandaviya
New Delhi: “India is set to become the global hub of medical technology and devices with the market size estimated to reach US$ 50 billion by 2050”. This was stated by Dr Mansukh Mandaviya, Union Minister for Health & Family Welfare and Chemicals & Fertilizers, here during his address at the Curtain Raiser of India’s first medical technology expo, ‘India MedTech Expo 2023’, scheduled to be held in Gandhinagar, Gujarat from 17th to 19th August, 2023 on the sidelines of the G20 Health Ministers’ Meeting. He was also joined by Shri Bhagwant Khuba, Union Minister of State for Chemicals and Fertilizers.
Dr Mandaviya said that “the medical device sector is considered as one of the sunrise sectors in the country and the Government under the Hon’ble Prime Minister is taking every possible step to make India a manufacturing hub for medical devices”. “From a market share of 1.5 per cent, we hope to increase India’s market share to 10-12 per cent share over the next 25 years,” he added.
He further stated that, “with effective implementation of the recently unveiled National Medical Devices Policy 2023, we are confident of fostering the Medical Devices Sector growth from present $11 Bn to $50 Bn by 2030.”
The Union Minister said that “earlier, we looked at different segments of the health sector including Pharmaceuticals, Medical Devices in silos. Under the Modi Government, India is taking a holistic approach to health with a vision to transform the health landscape in the country by 2047”. He stated that “several new initiatives taken by the government such as the PLI scheme has led to 43 critical APIs being produced within the country which were earlier imported from abroad. The govt is also creating bulk drug parks and medical devices parks in the country to make India self-reliant in this sector.
Dr Mandaviya stated that the upcoming MedTech Expo 2023 will showcase India’s innovations and achievements in medical and surgical procedures, drugs, equipment and facilities. He highlighted that the event will enhance visibility of medical devices ecosystem in India and create a brand identity for Indian MedTech sector.
Shri Bhagwant Khuba said that the government under the leadership of Hon’ble Prime Minister is committed to make the country atmanirbhar in the health sector. He urged all stakeholders including industries and media personnel to visit the expo and witness the transformative work being done in this segment.
Smt. S Aparna, Secretary, Department of Pharmaceuticals said, “the medical devices sector is one of the fastest growing segments today. Several interventions have been taken by the govt to provide impetus to the industry for domestic manufacturing of medical devices. These interventions have led to 37 unique products which were earlier imported, now being domestically manufactured.”
The Union Pharma Secretary noted that these “policy interventions are being made to cater to both the manufacturing and demand side of medical devices”. She informed that four new industrial parks are being constructed across the country for medical devices manufacturing. “The National Medical Devices Export Promotion Council has also been set up recently to boost exports of medical devices”, she further stated. She also informed that the Expo will have a future pavilion and an R&D pavilion and will see participation of States, Industries, MSMEs, Academia and Innovators etc.
