Government launches Meditech Stackathon to give big push to medical devices manufacturing
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
The government on Tuesday launched the Meditech Stackathon 2024 in collaboration with apex business chamber CII to give a big push to the domestic manufacturing of medical devices and reduce dependence on imports.
Addressing the gathering, Dr Arunish Chawla, Secretary, Department of Pharmaceutical, said that India's MedTech industry holds immense potential, with projections estimating a growth rate of 28 per cent annually, reaching a size of USD 50 billion by 2030.
He said that currently, India is the 4th largest market for medical devices in Asia and among the top 20 globally. Net imports for 2022-23 stands at USD 4101 Million with an import coverage ratio of 0.45.
The Secretary said that the sector has witnessed a surge in imports, driven primarily by countries like the US, China, and Germany. However, India's robust policy ecosystem presents opportunities for export boosts and reducing import dependence through domestic manufacturing.
He said that the Stackathon would deliberate in eight focused groups namely Cancer Therapy, Imaging, Critical Care, Assistive Medical Devices, Body Implants, Surgical instruments and Hospital Equipment, Consumables & Disposables, and IVD Instruments and reagents, each tasked with specific objectives including segment-wise identification of important medical devices, assessment of import-export dynamics, examination of duty structures, and their implications across the entire value chain.
Dr Chawla emphasised the importance of policymakers, and industry coming together to draw up a sturdy policy stack for the growth of the medical devices industry in the country.
He highlighted the critical need to focus on quality to ensure that India becomes globally competitive.
Exports overtook imports in consumables and disposables during last year, he said while urging the industry to continue with the momentum in other pillars of medi-tech sector.
Collaboration among stakeholders is essential to address these challenges and enhance both the ease and cost of doing business in the sector. By fostering partnerships, boosting investment in research and innovation, and streamlining value chain processes, we can achieve our shared goal of accessible and affordable healthcare for all, he added.
Through the Stackathon, participants will delve into the complexities of different product segments within the medical devices industry to gain insights into their unique challenges and opportunities, analyse and map value chains across various segments of the medical devices industry to identify key stakeholders, processes, and dependencies, identify critical issues hindering the development of the medical devices industry, such as import dependence, regulatory hurdles, and technological gaps, Dr Chawla said in his address.
Preceding this workshop, group leads and members have undertaken extensive virtual discussions and preparatory work. The challenges persist in the sector, including cost competitiveness, quality assurance, and regulatory hurdles.
Himanshu Baid, Chairman, CII highlighted a shared vision of collaborative excellence, wherein stakeholders unite to drive tangible outcomes and propel the MedTech industry towards unparalleled growth.
He said that with India's MedTech exports surpassing 4 billion dollars, the industry stands poised on a trajectory of remarkable expansion. However, he highlighted the need for enhanced data collation mechanisms to address gaps in product consumption and production within India.
He stated that India's MedTech landscape is brimming with promise, poised to capture 10 per cent of the global market share over the next decade.
