New Delhi: Underlining the intent of the Central Government under the leadership of Prime Minister Narendra Modi, Dr Mansukh Mandaviya, Minister for Health & Family Welfare and Chemicals & Fertilizers, Government of India on Thursday said that India is set to emerge as the global manufacturing hub for medical devices through a holistic development of healthcare, pharmaceuticals, and medical devices sectors. The market size of Indian medical devices sector is likely to reach $ 50 billion in coming years from current $ 11 billion. He further emphasized that in order to make healthcare affordable, the government is targeting to increase the share of generic medicines to 50-60 per cent from current level of 14 per cent alongside localization of medical devices.
Addressing the Curtain Raiser of ‘India MedTech Expo 2023’, scheduled to be held in Gandhinagar, Gujarat from 17th to 19th August 2023, Dr Mandaviya said, “The medical device sector is considered as one of the sunrise sectors in the country. While earlier, we used to think in silos, Hon’ble Prime Minister Modi Ji’s holistic thinking has put India on the path of being the global hub for manufacturing medical devices and producing innovative medical technologies. We are also working towards making healthcare affordable and accessible for all by popularizing and increasing share of generic medicines to 50-60 per cent.”
Outlining the government’s thinking, Bhagwanth Khuba, Minister of State for Chemicals & Fertilizers and New & Renewable Energy, Govt of India said, “The government is working on mission mode to fulfil PM Modi’s dream of Atmanirbhar Bharat and Indian medical devices sector will play a crucial role in it. The government is committed to supporting the growth of the medical devices sector in the country. India also has a lot of potential in the health tourism sector with immense opportunities and India MedTech Expo 2023 will further add value to this vision.”
Briefing on the ministry’s initiatives for the sector, S. Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India said, “The government is working to support the medical devices sector by initiating various reforms and policies including PLI scheme for domestic manufacturing and financial support for R&D and we are open to ideas and suggestions to help localized production.”
Representing industry’s voice, Shailesh K Pathak, Secretary General, FICCI said, “As an industry body with 96 years of legacy, we hope to see a bright future for the medical devices sector to grow many times in the coming years. The upcoming India MedTech Expo 2023 event will help accelerate this change.”
Ravindra Pratap Singh, Joint Secretary (Policy), Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India delivered the vote of thanks. /BI/
