India's MedTech Revolution: Bridging Health and Innovation

At the 21st Health Summit of the Confederation of Indian Industry, India's Health MoS Anupriya Patel emphasized MedTech's pivotal role in transforming healthcare through innovation, policy support, and market expansion. The sector, expected to grow to USD 30 billion by 2030, is vital for India's healthcare goals and global competitiveness.

In a significant address at the Confederation of Indian Industry's 21st Health Summit, Health Minister of State Anupriya Patel highlighted the transformative potential of the MedTech industry in both India and globally. As a catalyst in the healthcare system, MedTech is uniting patients, payors, providers, and regulators, promising a more robust and equitable healthcare infrastructure.

Focusing on the plenary session titled 'Charting India's MedTech Revolution: MedTech Expansion Roadmap to 2047', Patel underscored the industry's unique positioning and substantial growth prospects. The Indian medical devices market, currently valued at USD 14 billion, is projected to expand to USD 30 billion by 2030, making India Asia's fourth-largest market in this sector and placing it among the top 20 globally.

Patel also emphasized the increasing role of artificial intelligence in healthcare, highlighting AI's importance in addressing challenges and seizing new opportunities within the sector. The minister noted the Indian government's proactive approach in enhancing the ecosystem for medical devices, including policy measures such as 100 percent FDI under the automatic route and the National Medical Device Policy, 2023.

This comprehensive policy, Patel stated, focuses on regulatory streamlining, infrastructure enhancement, research and development, investment attraction, and skill development. The government is actively working on strengthening domestic manufacturing, evident from initiatives such as the Scheme for Promotion of Medical Devices Parks, which allocates Rs 400 crore for key states to foster infrastructure development.

Moreover, new funding schemes, including the Promotion of Research in Pharma-Medtech Sector (PRIP) and a Rs 500 crore investment aim, are set to bolster innovation, manufacturing capabilities, and skill development within the MedTech industry. These efforts align with the Atmanirbhar Bharat vision, propelling India toward self-reliance, innovation, and increased competitiveness on a global scale.

(With inputs from agencies.)