India's MEDTECH industry holds potential with projections estimating growth rate of 28% annually: Dr Arunish Chawla

Pharma Secretary Shri Arunish Chawla emphasized on the importance of policymakers, industry coming together to draw up a sturdy policy stack for growth of medical devices industry in the country.

Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers Dr Arunish Chawla, launched the MEDITECH STACKATHON 2024 in collaboration with CII in New Delhi today. The MEDITECH STACKATHON is a groundbreaking initiative designed to catalyze transformative change within India's burgeoning MedTech sector by undertaking a comprehensive value chain analysis of select medical devices. Through close consultation with industry leaders, policymakers, and experts, the STACKATHON aims to address critical challenges, foster domestic manufacturing, and reduce import dependence, thereby positioning India as a global leader in medical technology. Joint Secretary, Department of Pharmaceuticals Shri RP Singh and Chairman, CII National Medical Technology Forum Shri Himanshu Baid and other senior officials of the Department and representatives of the Industry were present on the occasion.

 

Addressing the gathering, Dr Arunish Chawla said that India's MedTech industry holds immense potential, with projections estimating a growth rate of 28% 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 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.

Pharma Secretary Shri Arunish Chawla emphasized on the importance of policymakers, industry coming together to draw up a sturdy policy stack for growth of medical devices industry in the country.

He highlighted the critical need to focus on quality to ensure that India becomes globally competitive.

Exports have overtaken imports in consumables and disposables during last year, he said, and urged 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, analyze 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.

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.

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.

Shri 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% of the global market share over the next decade. Endowed with a robust ecosystem comprising world-class hospitals, skilled manpower, and cutting-edge resources, India is primed to emerge as a frontrunner in the global MedTech arena. He further underscored 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.

Against this backdrop of immense potential, MEDITECH STACKATHON 2024 seeks to harness the collective expertise of stakeholders to propel the industry towards unprecedented heights of innovation and self-reliance.

(With Inputs from PIB)