India's Medtech Sector Aims For $50 Bn Growth By 2030

In a bid to transform India's burgeoning medtech sector, stakeholders from the government and industry convened at the Meditech Stackathon 2024, held on May 7, organised by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, in collaboration with the Confederation of Indian Industry (CII).

The event aimed to catalyse transformative change within the industry by undertaking a comprehensive value chain analysis of select medical devices, to reduce import dependence from 75 per cent to 50 per cent within five years.

Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, set the tone for the event, emphasising the need for collaborative efforts to lay the foundation for India's MedTech policy for the next ten to 15 years.

Chawla said, “If we do this policy stack exercise well, this will lay the foundation of med tech policy for the next 10-15 years. We have to work towards improving export competitiveness in the Meditech sector through value-added manufacturing and improve the import coverage ratio to 1.0.”

With India's medtech industry poised for exponential growth, projected to reach USD 50 billion by 2030 from the current USD 14 billion, the Stackathon seeks to address critical challenges and foster domestic manufacturing, positioning India as a global leader in medical technology.

Key insights shared during the preparatory session by Chawla included a mission statement for the medtech sector, aiming for self-reliance, reduced import dependence, and enhanced export competitiveness through value-added manufacturing.

The Stackathon's logic model aims to transition from input to impact by understanding the ecosystem, mapping value chains, identifying critical issues, and formulating a robust policy framework.

RP Singh, Joint Secretary of the Department of Pharmaceuticals, echoed Chawla's sentiments, stressing the urgency of reducing import dependence amidst increasing demand for medical devices due to rising communicable, non-communicable, and chronic diseases.

He reiterated the government's commitment to transitioning towards a value-based and innovation-driven industry to unlock its full potential.

Himanshu Baid, Chairman of the CII National Medical Technology Forum, emphasised collaborative excellence as the key to driving tangible outcomes and propelling the MedTech industry towards unparalleled growth.

With India's medtech exports surpassing USD 4 billion, Baid highlighted the industry's potential to capture 10 per cent of the global market share over the next decade.

However, he underscored the need for enhanced data collection mechanisms to address gaps in product consumption and production within India.

India currently ranks as the fourth largest market for medical devices in Asia and stands among the top 20 globally. However, with a net import of USD 4,101 million for 2022-23 and an import coverage ratio of 0.45, there is a pressing need to enhance export competitiveness and reduce import dependence.

The only sector where India's exports exceed imports is consumables and disposables.

The stakeholders emphasised the importance of fostering industry-friendly policies, streamlining regulatory frameworks and extending support to micro, small, and medium enterprises (MSMEs) through targeted incentives and technology funds to realise the sector's full potential.

With a robust ecosystem comprising world-class hospitals, skilled manpower, and cutting-edge resources, India is poised to emerge as a frontrunner in the global Medtech arena. (ANI)