Currently, India is the fourth largest market for medical devices in Asia and among the top 20 globally. Net imports for 2022-23 stands at $4.101 billion with import coverage ratio of 0.45. 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 exports and reducing import dependence through domestic manufacturing. Exports have overtaken imports in consumables and disposables during last year. The industry now needs to continue with the momentum in other pillars of the medtech sector. Against this backdrop of immense potential, the Department of Pharmaceuticals launched Meditech Stackathon 2024, which seeks to harness the collective expertise of stakeholders to propel the industry towards unprecedented heights of innovation and self-reliance. With optimal support and participation from all stakeholders, initiatives like Meditech Stackathon will take the Indian medtech industry to the next levels to become self-reliant.
India's medtech sector has shown a promising growth trajectory over the past decade. It is a fast-growing industry today, holding strong potential for technological innovations and making unique industrial transformative strides. Being the world's second most populous country with a rising number of diseases, effective healthcare delivery to improve health outcomes is important. While India hosts an impactful healthcare professionals' ecosystem and is home to an excellent pharmaceutical domain, there is a wide gap in healthcare delivery to patients. The development and incorporation of medical devices and technology in healthcare can be a key factor in bridging this gap.
This story is from the July 2024 edition of Bio Spectrum.
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This story is from the July 2024 edition of Bio Spectrum.
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