India needs to expand beyond pharma to become global medtech manufacturing hub: Rajesh Agrawal
Commerce Secretary Rajesh Agrawal has said that India must move beyond its identity as the 'Pharmacy of the World' to establish itself as a global medtech manufacturing hub. Moreover, Agrawal underscored the larger aim of achieving a $30 billion medical devices industry by 2030, while leveraging India's significant domestic market for scaling.
Talking about strengthening India's medical devices export ecosystem, he said the country needs to work towards increasing its global market share in the next decade by prioritizing high-value production, research investments, and streamlined regulations.
India's medical device exports have crossed $4 billion in FY25. Besides, Directorate General of Foreign Trade (DGFT), Lav Aggarwal called for the need to grow faster by addressing structural issues. He noted the significance of strategic trade policies and export promotion initiatives in boosting India's presence in global medical devices markets.
