New Delhi: India is set to emerge as the global manufacturing hub for medical devices through the holistic development of healthcare, pharmaceuticals, and medical devices sectors. The market size of the Indian medical devices sector is likely to reach $50 billion in coming years from the current $11 billion, said Mansukh Mandaviya, Union Minister for Health and Family Welfare on Thursday.
Speaking at the curtain raiser of ‘India MedTech Expo 2023’, scheduled to be held in Gandhinagar, Gujarat from August 17-19, 2023, Dr Mandaviya emphasised that 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 localisation of medical devices.
Informing that the medical device sector is considered one of the sunrise sectors in the country, he stated that the development of healthcare, pharmaceuticals, and medical devices sectors has put India on the path of being the global hub for manufacturing medical devices and producing innovative medical technologies.
Briefing about the India MedTech Expo, themed as ‘India: The Next MedTech Global Hub’ Future of Devices, Diagnostics, and Digital’, which is being organised alongside G20 Health Ministers’ Conference, S Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, 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 localised production.”
According to the Department of Pharmaceuticals, the MedTech Expo will see 231 delegates from 50 countries from ASEAN, Africa, CIS, the Middle East. Over 400 exhibitors including MSMEs, domestic and international manufacturers, start-ups, regulatory bodies, state governments, and central ministries and departments will participate. It will have various pavilions, including Future Pavilion, R&D Pavilion, Start-up Pavilion, State Pavilion, Regulators Pavilion, and Make in India Showcase. As many as seven states – Madhya Pradesh, Tamil Nadu, Uttar Pradesh, Himachal Pradesh, Rajasthan, Andhra Pradesh, and Gujarat are setting up pavilions during the expo.
