Medical Devices Sector Poised to Make Quantum Jump
Minister sees industry at US$14bn by 2022
The Indian medical technology industry would grow to US$14 billion by 2022 from the present level of US$1.4 billion, riding on the back of unprecedented digital initiatives and focus on manufacturing, particularly electronics equipment.
This outlook was given by Anupriya Singh Patel, Minister of State for Health, at a meeting with the Confederation of Indian Industry’s 10th Medical Technology Conference in New Delhi on 7 Sept 2017.
“The outlook of the medical technology industry in India is extremely buoyant and the Government is committed to support this industry which can not only help in providing affordable healthcare to masses but also help India to become a major manufacturing hub”, Patel said.
Patel said that the web based health management system introduced by the Government at the states’ levels is creating not only a strong infrastructure for monitoring the progress made in the health sector but also in minimizing the huge health losses being incurred in states due to inadequate health infrastructure.
The Minister was responding to the CII finding that the nation is losing close to Rs.60 lakh crore on account of the inadequate health infrastructure, which enhances the medical cost, man days lost etc and assured that these losses will be minimized in the course of time across India.
Explaining the various initiatives her Ministry has taken in promoting the medical technology, she underscored the importance being assigned to education and innovation in tackling the healthcare needs of the people.
In this regard, Patel referred to the use of mobile applications and introduction of visual platforms in states like Uttar Pradesh for extending healthcare to maximum number of people especially in the rural areas.
By the end of 2018, Patel assured that there would be radical transformation in the medical technology sector in India, reducing imports and increase exports.
She pointed out that 100% Foreign Direct Investment was allowed in the medical technology manufacturing sector.
Patel said that the new medical devices parks envisaged in States like Gujarat, Tamil Nadu etc would augment the production.
The Commerce Ministry is also supporting the Health Ministry in setting up medical devices manufacturing units, according to Patel.
She said the proposed Medical Devices Bill would soon become a law creating the much-needed single window for clearances related to setting up medical equipment manufacturing units.
However, Patel did not indicate any timeframe when it is going to become a law.
She also highlighted India’s focus on creating additional hospital beds to cater to the emerging needs.
Also, there will be focused programs to increase the availability of medical professionals, including doctors and for training medical professionals on a continuous basis in technology related areas.
The Indian medical technology manufacturing sector was growing at a CAGR of 15%, noted Himanshu Baid, Chairman, Medical Technology Committee of CII, in his welcome address.
He cited Deloitte estimate that the sector would grow to US$150 billion in a relatively shorter timeframe.
But increasing the public expenditure on health, early enactment of the Medical Devices legislation, creating an eco-system for development of the segment etc are some of the challenges, Baid pointed out. fii-news.com