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India’s MedTech witnesses surge of $464 million in FDI investments: MTaI
- By Newsdesk
- New Delhi
- Dec 18, 2023
India has experienced an unprecedented increase of $464 million in foreign investments in the MedTech sector during the initial three quarters of the year, as reported by the Medical Technology Association of India (MTaI), representing major research-oriented medical technology firms extensively involved in manufacturing and training within India.
Discussing the notable surge in Foreign Direct Investment (FDI) in MedTech, Pavan Choudary, Chairman of MTaI, remarked, "The MedTech sector has witnessed a substantial rise in FDI, reaching $464 million in the first three quarters of 2023. This underscores the sector's immense potential, with global investors recognizing its significance. The government's commitment to enhancing the ease of doing business, the establishment of a globally standardized regulatory framework for the medical device sector, and initiatives such as the National Medical Device Policy (NMDP) 2023 and PRIP scheme have garnered industry approval, evident in the growing confidence of investors. Importantly, this upswing signifies a transformation in global dynamics, with Western nations, including Japan, increasingly preferring India as a primary location for friend-shoring activities."
The FDI inflow for MedTech during the initial quarter of the current year (January-March 2023) stood at approximately $39 million, surging to $301 million in the second quarter (April-June 2023). The figures for the third quarter (July-September 2023) amounted to $124 million, resulting in a cumulative total inflow of $464 million for the period spanning January to September 2023.