New Delhi [India], December 19 : The MedTech (medical technology) industry is not just a component of healthcare but is acting as a catalyst to link patients, payors, providers, and regulators to create a stronger and more equitable healthcare system, stated MoS (Health) Smt Anupriya Patel at the 21st Health Summit of the Confederation of Indian Industry (CII) on Thursday.
Addressing the plenary session on "Charting India's MedTech Revolution: MedTech Expansion roadmap to 2047", the Minister said, "It is this unique positioning of MedTech that holds the promise of revolutionizing healthcare delivery and outcomes, both in India and globally."
Patel said that the medical device sector in India is recognized as a sunrise sector because of its immense growth potential driven by the country's increasing healthcare needs, technological innovations, government support, and emerging market opportunities.
The size of the Indian medical devices sector is estimated to be around USD 14 billion and it is expected to grow to USD 30 Billion by 2030.
India is the fourth largest medical devices market in Asia after Japan, China, and South Korea and among the top 20 global medical devices markets in the world.
Highlighting the promise of AI in healthcare, Patel said that "AI innovation is crucial within healthcare to create new methods for facilitating and tackling healthcare challenges and discovering new opportunities."
Patel highlighted the Union Government's efforts in strengthening the medical device ecosystem, focusing on boosting domestic manufacturing, promoting research, enhancing skill development, and increasing India's share in the global market.
She stated that "key policy decisions include allowing 100 per cent FDI under the automatic route and the approval of the National Medical Device Policy, 2023, which addresses regulatory streamlining, infrastructure development, R&D, investment attraction, and human resource development.
This includes the establishment of Centres of Excellence, courses at NIPERs, and initiatives to strengthen MedTech education."
She also mentioned the launch of the Scheme for Promotion of Medical Devices Parks in union budget with a Rs 400 crore outlay, providing Rs 100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh for infrastructure development.
"Additionally, the Promotion of Research in Pharma-Medtech Sector (PRIP) and the "Scheme for Strengthening the Medical Device Industry" with Rs 500 crore funding aim to foster innovation, enhance manufacturing capabilities, support skill development, and promote industry growth".
These efforts align with the vision of Atmanirbhar Bharat, focusing on self-reliance, innovation, and global competitiveness in the MedTech industry, she said.
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