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India to become global hub of medical technology-devices by 2050

Utkarsh Classes Last Updated 12-01-2024
India to become global hub of medical technology-devices by 2050 Science and Technology 7 min read

Union Minister Mansukh Mandaviya said in the preview program of 'India MedTech Expo 2023' that India is all set to become a global hub of medical technology and equipment by 2050.

Union Minister for Health and Family Welfare and Chemicals and Fertilizers Dr. Mansukh Mandaviya gave this information while relating the preview program of 'India MedTech Expo 2023'.

  • The event will be organized on the sidelines of the G-20 Health Ministers' Meeting in Gandhinagar, Gujarat from August 17 to 19, 2023.

  • Dr. Mandaviya said that the medical devices sector is one of the emerging sectors of the country. In this context, he expressed hope that with a market share of 1.5 per cent, India's market share would reach 10-12 per cent in the next 25 years.

  • With the effective implementation of the recently launched National Medical Devices Policy 2023, the development of medical devices can be expected to grow from the current $11 billion to $50 billion by 2030.

Production of 43 important APIs:

  • With several new initiatives like the Production Linked Incentive (PLI) scheme launched by the government, 43 critical Active Pharmaceutical Ingredients (APIs) are being produced in the country. Earlier it was imported from abroad. The government is also building bulk drug parks and medical device parks in the country to make India self-reliant in this sector.

  • MedTech Expo 2023 will showcase India's innovations and achievements in medical and surgical procedures, drugs, devices and facilities. This event will also provide information about India's medical devices ecosystem to other countries of the world and establish a brand identity.

Four new industrial parks for manufacturing medical devices:

  • Four new industrial parks are being set up across the country to manufacture medical devices. National Medical Devices Export Promotion Council has also been set up to promote the export of medical devices. The expo will have a future pavilion and a R&D pavilion and will see participation from states, industries, micro, small and medium enterprises, academia and innovators.

  • The Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, Government of India, has arranged the 'India Medtech Expo.' The event aims to harness the sector's vast potential and discuss future strategies. It focuses on making India a leading global hub for medical instruments, diagnostics, and digital health.

The following will participate in the expo:

  • The expo will have various pavilions including Future Pavilion, Research and Development Pavilion, Start-up Pavilion, State Pavilion, Regulatory Pavilion and Make in India Showcase.

  • It is being attended by over 400 participants including over 150 Small, Micro and Medium (MSME) industries and international manufacturers, start-ups, regulatory agencies, state governments and central departments.

  • 7 states – Madhya Pradesh, Tamil Nadu, Uttar Pradesh, Himachal Pradesh, Rajasthan, Andhra Pradesh and Gujarat are setting up pavilions during the expo.

  • There will also be a separate pavilion for start-ups and 75 start-ups are participating in it. In addition, Department of Pharmaceuticals, Government e-Marketplace (GeM), Indian Council of Medical Research (ICMR), Indian Pharmacopoeia Commission (IPC), Central Drugs Standard Control Organization (CDSCO), National Pharmaceutical Pricing Authority (NPPA) and National Standards Organization (NSCO) 7 regulatory agencies for medical device sector including BIS) are participating in it.

  • Thematic conference sessions will be organized during the three-day event, with an aim to explore the immense potential of knowledge, inspire innovations and establish linkages between the talents of different countries in the field of knowledge and research.

The objective of this program is:

  • To bring together professionals, experts and innovators from various fields to discuss the latest advancements, challenges and opportunities in the medical device sector.

  • Renowned industrialists and experts will share their insights and experiences while providing insight into the current trends and prospects in the medical device sector.

  • The latest regulatory guidelines and compliance requirements will be discussed among industry leaders and policy makers to ensure successful product development and market access.

  • Discussion with industry experts, regulators, and health care practitioners about the challenges and opportunities in medical device development, regulation, and implementation.

  • A total of 231 foreign buyers from 50 countries mainly from 5 key regions Africa, ASEAN, Commonwealth of Independent States (CIS), Middle East and Oceania will participate in the International Buyer-Seller Meet.
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