The medical device industry in India is estimated to be valued at USD 10 billion and is growing annually at the rate of 10-12%
With the changing lifestyle and increased life expectancy, the prevalence of chronic and non-communicable diseases has increased. This has led to an increased demand for medical devices, which plays an important role throughout the healthcare ecosystem and enable people to live healthier and productive lives. The medical device industry in India is estimated to be valued at USD 10 billion and is growing annually at the rate of 10-12%. The government of India has taken many measures to strengthen the medical device sector ecosystem in India and ensure increased access to medical devices. However, India is highly dependent on import for quality medical devices.
To give a boost to “Make in India” campaign, and to encourage local manufacturing of medical devices, the government is planning to form a Medical Devices Development Council. With this initiative, the government is aiming to reduce India’s dependence on imported medical devices.
An Opportunity for Local Manufacturers
The Indian Government launched the “Make in India” campaign, with the objective of making the country a manufacturing hub. This will not only provide an opportunity for local manufacturers and entrepreneurs but will also help in improving the economic status of the country.
The Medical Devices Development Council will lead policy initiatives to boost the manufacturing of medical devices in the country. The council will also ensure that these products are of good quality while attracting investments in innovation through Standard Operating Procedures (SOPs). An effective Standard Operating Procedure (SOPs) obtains quality, desired outcomes, and a better business.
Giving a Boost to Indian Medical Device Industry
The medical device sector has witnessed an unprecedented and consistent growth in past few years. Thus, to utilise the full potential of this sector, the government has rolled out many initiatives. The medical sector was carved out from the pharmaceutical sector thereby allowing 100% FDI.
However, imports constitute the majority of this market by catering to around 80% of the requirements. The market for critical care products like stents and orthopaedic implants are still dominated by multinational players.
The council set up by the government will help promote our production of medical devices in India. Though the recent price regulation by the government has helped the local players, it still requires support in terms of other policy parameters and incentives to arrive at a level playing field. Local manufacturing is also expected to bring down prices by around 40%.