INDIA: India’s Independence Day celebrations were marked by a vision of the country emerging as a global hub for medical device manufacturing. At the India MedTech Expo, Union Minister for Health and Family Welfare, Mansukh Mandaviya, shared an ambitious roadmap aimed at propelling India into a league of its own in the realm of medical technology.
Forecasts predict that the Indian medical devices sector will soar from its current valuation of $11 billion (Rs.9,000 Crore) to an impressive $50 billion (Rs.4.5 Trillion) in just seven years. The Indian medical devices sector has been able to provide a significant push to the ‘Make in India, for the World’ agenda, with Indian medical device exports increasing by 17% during the first nine months of FY 2022-23, while imports declined by 8%.
India’s commitment to innovation and a comprehensive approach that spans healthcare and medical devices is poised to achieve remarkable growth. The strategic initiatives unveiled to bolster this sector are a testament to India’s dedication to self-reliance, resilience, and competitiveness.
India has come a long way in terms of indigenously developing technologies for diseases related to the heart and human vasculature, which are at present very high amongst the Indian population. Meril, a leading Indian medical device manufacturer, is an example of this great feat. It has a rich R&D portfolio that drives innovation across diverse business verticals.
As India embraces its journey towards becoming a powerhouse in medical device manufacturing, it not only marks a celebration of independence but also echoes a resounding call for self-reliance and innovation in the healthcare sector. The country is poised to pave the way for a healthier, technologically advanced world.
Photo by Sarb Emanuel: https://www.pexels.com/photo/female-patient-doing-cosmetology-procedure-4207236/