Indian med devices sector set to become $50 Bn industry soon: Dr Mansukh Mandaviya
Seven states to set up pavilion at the India MedTech Expo 2023
Underlining the intent of the Central Government under the leadership of Prime Minister Narendra Modi, Dr Mansukh Mandaviya, Union Minister for Health & Family Welfare and Chemicals & Fertilizers, Government of India said that India is set to emerge as the global manufacturing hub for medical devices through a holistic development of healthcare, pharmaceuticals and medical devices sectors. The market size of the Indian medical devices sector is likely to reach $50 billion in the coming years from the current $ 11 billion. He further
emphasised that to make healthcare affordable, the government is targeting to increase the share of generic medicines to 50-60 per cent from the current level of 14 per cent alongside localisation of medical devices.
Addressing the Curtain Raiser of ‘India MedTech Expo 2023’, scheduled to be held in Gandhinagar, Gujarat from August 17 to 19, 2023, Dr Mandaviya said, “The medical device sector is considered as one of the sunrise sectors in the country. While earlier, we used to think in silos, Prime Minister Modi’s holistic thinking has put India on the path of being the global hub for manufacturing medical devices and producing innovative medical technologies. We are also working towards making healthcare affordable and accessible for all by
popularizing and increasing the share of generic medicines to 50-60 per cent.”
Bhagwanth Khuba, Minister of State for Chemicals & Fertilizers and New & Renewable Energy, Govt of India said, “The government is working on mission mode to fulfil PM Modi’s dream of Atmanirbhar Bharat and Indian medical devices sector will play a crucial role in it. The government is committed to supporting the growth of the medical devices sector in the country. India also has a lot of potential in the health tourism sector with immense opportunities and India MedTech Expo 2023 will further add value to this vision.”
S Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India said, “The government is working to support the medical devices sector by initiating various reforms and policies including PLI scheme for domestic manufacturing and financial support for R&D and we are open to ideas and suggestions to help localized production.”
Shailesh K Pathak, Secretary General, FICCI said, “As an industry body with 96 years of legacy, we hope to see a bright future for the medical devices sector to grow many times in the coming years. The upcoming India MedTech Expo 2023 event will help accelerate this change.”
Ravindra Pratap Singh, Joint Secretary (Policy), Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India delivered the vote of thanks.
The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India is hosting the pioneering ‘INDIA MEDTECH EXPO’ with the central theme ‘India: The Next MedTech Global Hub’ Future of Devices, Diagnostics and Digital’, which is being organised alongside the G20 Health Ministers’ Conference.
The expo will have various pavilions, including Future Pavilion, R&D Pavilion, Start-up Pavilion, State Pavilion, Regulators Pavilion and Make in India Showcase. More than 400 exhibitors including 150 plus MSMEs, 150+ Domestic and International Manufacturers, start-ups, regulatory agencies, state governments and central departments will participate in it.
As many as seven states — Madhya Pradesh, Tamil Nadu, Uttar Pradesh, Himachal Pradesh, Rajasthan, Andhra Pradesh and Gujarat are setting up pavilions during the expo.
The expo will have pavilions for Innovations and R&D, wherein more than 30 companies will showcase new research and innovations. A separate pavilion for start-ups will also be there and as many as 75 Start-ups are participating in it. Further, seven regulatory agencies for the medical devices sector including the Department of Pharmaceuticals, GeM, ICMR, IPC, CDSCO, NPPA and BIS are participating in it.
In addition to that, thematic conference sessions will be organised during the three-day event, to explore boundless frontiers of knowledge, inspire innovations, and forge connections that transcend boundaries. The Thematic Conference Sessions are created keeping the aim of achieving Vision 2047, a vision that embodies India’s aspirations for the MedTech sector, not just within India but also as a significant contributor to the global healthcare landscape.
