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India Set To Be Global MedTech Powerhouse, Market Projected To Reach $50 Billion By 2050: Mandaviya
- By Newsdesk
- New Delhi
- Aug 11, 2023
According to Dr. Mansukh Mandaviya, the Union Minister for Health & Family Welfare and Chemicals & Fertilizers, India is poised to become the global center for medical technology and devices. He revealed this information during his speech at the preview of 'India MedTech Expo 2023,' the country's inaugural medical technology exhibition. The event is scheduled to take place in Gandhinagar, Gujarat from August 17th to 19th, 2023, alongside the G20 Health Ministers' Meeting.
Dr. Mandaviya emphasized that the medical device industry is a burgeoning sector in India, and the government, under the leadership of the Prime Minister, is committed to transforming the country into a manufacturing hub for medical devices. He noted that India currently holds a market share of 1.5%, and the aim is to raise this share to 10-12% within the next 25 years. With the recent unveiling of the National Medical Devices Policy 2023, he expressed confidence in boosting the sector's growth from the current USD 11 billion to USD 50 billion by 2030.
Highlighting the government's comprehensive approach to healthcare, Dr. Mandaviya pointed out that the Modi Government has moved beyond isolated segments like Pharmaceuticals and Medical Devices. Instead, there is a holistic vision to revolutionize the health landscape in India by 2047. He mentioned initiatives such as the Production Linked Incentive (PLI) scheme, which has led to the domestic production of 43 critical Active Pharmaceutical Ingredients (APIs) that were previously imported. Additionally, the government is establishing bulk drug parks and medical device parks to enhance self-sufficiency in this sector.
Dr. Mandaviya underlined that the upcoming MedTech Expo 2023 will serve as a platform to showcase India's advancements in medical and surgical procedures, pharmaceuticals, equipment, and medical facilities. He stressed that the event will bolster the visibility of India's medical devices ecosystem and establish a distinctive identity for the Indian MedTech sector.