The Association of Indian Medical Devices Industry (AiMed) has signed an MoU with the Centre for the Development of Russia-India Strategic Partnership (DRISP) to usher in the bilateral medical device trade. The collaboration will leverage India’s Make in India initiative to be globally recognised as well as facilitate the trade of life-saving and cutting-edge technology and equipment from their Russian counterparts. Bilateral ties between India and Russia for medical device trade will also augment economic growth and facilitate job creation, says Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry (AiMeD) in interaction with Sonali Patranabish
What does the symbiotic collaboration between AiMeD and DRISP mean for the Indian medical device industry as well as the Indian economy?
There are enormous opportunities in the medical device industry for multifaceted bilateral engagements between India and Russia. We are keen to make faster efforts to give a boost to collaborations to make the most of emerging opportunities in the areas of manufacturing and
marketing lifesaving medical equipment and devices. There is a huge scope for partnerships between Indian stakeholders and their Russian counterparts in the field of medical device industry. Centre for the Development of Russia-India Strategic Partnership (DRISP) and AiMeD have joined hands to accelerate the pace of bilateral engagements.
In what way will the Russian medical device industry add value to the Indian market that is already thriving and flourishing and vice versa?
In certain high-end medical electronics and cancer treatment technologies, Russia can provide opportunities for technology transfer technical collaboration and joint ventures (JVs) to Indian manufacturing companies. I strongly feel that Russia’s advanced research in medical
equipment and technology in certain niche areas can contribute to addressing certain gaps of accessibility in India’s healthcare infrastructure. This bilateral trade not only strengthens the strategic partnership between the two countries but will also ensure the exchange of critical healthcare resources and scientific knowledge, ultimately benefiting public health outcomes and fostering a resilient global health landscape.
Is there any specific segment of the medical devices sector that is being targeted both from the import and export point of view?
A specific segment of the medical devices sector that is being actively targeted for trade between India and Russia is diagnostic and imaging equipment. India exports a range of cost-effective diagnostic tools, such as portable ultrasound machines, digital X-ray systems, and other imaging devices, which are crucial for improving diagnostic capabilities in Russian healthcare facilities. Russia, on the other hand, is focusing on exporting electro-diagnostics equipment and surgical instruments to India. These devices support India’s efforts to upgrade its medical infrastructure and meet the growing demand for sophisticated diagnostic services.
This targeted trade-in diagnostic and imaging equipment not only enhances healthcare delivery in both nations but also strengthens their economic and technological ties.
What is the plan of action at AiMeD to enable a new segment of manufacturing and marketing of medical devices to flourish in Russia?
The Memorandum of Understanding (MoU) signed between DRISP and AiMeD assumes significance as the leaders of India and Russia have outlined their aim of achieving a $30 billion mark in mutual trade by 2025, thus continuing with a dynamic and multifaceted economic engagement, guided by shared interests and a commitment to further deepen bilateral cooperation and our two organisations will contribute in our humble manner in line with that objective.
The MoU intends to “foster cooperation and understanding for promoting the development of business relations between India and Russia, promoting bilateral trade, investment in both the countries and the development and exchange of technology” for the development of the medical device industry, which has a seminal role to play in achieving the universal goal of quality and affordable healthcare.
AiMeD will work directly with the Indian Embassy in Russia, DRISP and Business Russia for marketing of Indian Medical Devices in Russia.
How will this bilateral collaboration address the current challenges of the Indian medical devices sector like competitive pricing product quality and safety standards?
Both countries have a strict regulatory framework in place for addressing patient safety and quality standard concerns. These are currently tedious and cumbersome to navigate and need to be streamlined with the help of government-to-government bilateral discussions aided by industry representatives on both sides.
At AiMeD and DRISP, we would exchange information on economic and commercial matters, that is, trade, investment and technology transfer opportunities as well as trends. AiMeD will provide free online access to its web-based services, except for those sectors, which are priced, for all users.
The two organisations will also extend assistance for visiting healthcare delegations, including officials and businessmen, on both sides, to promote their business missions and facilitate business collaborations.
AiMeD and DRIPS Russia would cooperate in supporting workshops, courses, conferences, and trade fairs organised in both countries based on sectors and topics of mutual interest, and facilitate networking among the companies of both countries through their established mechanisms.
Could you throw some light on your operational and sales model to help the export of medical devices from India?
AiMeD operates with a comprehensive model designed to bolster the export of medical devices from India by providing a robust support system for manufacturers. It facilitates international trade through a multifaceted approach that includes data analysis, market research, regulatory assistance, and advocacy. By conducting detailed market analyses, AiMeD identifies key global markets and trends and provides opportunities for Indian manufacturers to tailor their products to meet international standards and demands.
The organisation also offers limited regulatory guidance, ensuring compliance with global quality and safety standards, which is critical for market entry and acceptance.
