New Delhi: Minister of State (MoS) for Health Anupriya Patel underscored the immense growth potential of India’s medical device sector at the 21st Health Summit of the Confederation of Indian Industry (CII) on Thursday. The summit, themed “Transforming Healthcare for Viksit Bharat 2047”, focused on the transformative role of technology and innovation in India’s healthcare system.
Key Highlights from the Minister’s Address
Sunrise Sector with Promising Growth
Patel described the medical device sector as a “sunrise sector” driven by growing healthcare needs, technological innovations, government initiatives, and emerging market opportunities. Currently valued at USD 14 billion, the sector is projected to reach USD 30 billion by 2030.
India is now the fourth-largest medical device market in Asia, following Japan, China, and South Korea, and ranks among the top 20 global markets.
MedTech: A Catalyst for Equitable Healthcare
Highlighting the MedTech industry’s unique role, Patel called it a “catalyst” linking patients, payors, providers, and regulators. She emphasized its potential to revolutionize healthcare delivery and outcomes globally.
“MedTech holds the promise of revolutionising healthcare delivery and outcomes, both in India and globally,” she stated.
Role of AI and Innovation
Patel emphasized the significance of AI in addressing healthcare challenges and discovering new opportunities. “AI innovation is crucial to create new methods for facilitating and tackling healthcare challenges,” she remarked.
Government Initiatives to Strengthen the Ecosystem
Patel highlighted several initiatives aimed at boosting the domestic medical device sector:
- FDI Facilitation: Allowing 100% FDI under the automatic route.
- National Medical Device Policy 2023: Focused on regulatory streamlining, infrastructure development, R&D, and human resource advancement.
- Centres of Excellence: Establishing dedicated research and training hubs.
- Education Enhancement: Launching courses at NIPERs to bolster MedTech education.
Infrastructure Development for MedTech Parks
Patel also spoke about the Scheme for Promotion of Medical Devices Parks, with an outlay of Rs 400 crore. Under this scheme, states like Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh will receive Rs 100 crore each for infrastructure development.
Boosting Exports and Collaboration
To enhance global market presence, the government has reconstituted the National Medical Devices Promotion Council (NMDPC) and established the Export Promotion Council for Medical Devices (EPCMD).
Roadmap to 2047
Patel’s address laid out a comprehensive roadmap for India’s MedTech revolution, aimed at making India a global leader in medical device manufacturing and innovation by 2047.
