India’s medical devices industry poised for exponential growth, says Union Health Minister
In a bid to bolster India’s medical devices sector, Union Minister of Health and Family Welfare, Dr. Mansukh Mandaviya, held a productive meeting with representatives of Japanese Medical Devices Companies in Tokyo. The minister emphasized the significance of the sector, particularly in light of India’s substantial contributions to the global battle against the COVID-19 pandemic through the large-scale production of medical devices and diagnostic kits.
Dr. Mandaviya highlighted the potential for the medical devices industry to expand fourfold from its current size of USD 11 billion to USD 44 billion by 2030. He emphasized the government’s commitment to facilitating growth and envisioned India becoming a global leader in manufacturing and innovation within the next 25 years. The minister extended an invitation to Japanese medical companies, urging them to capitalize on the opportunities available to “Make in India,” “Innovate in India,” and “Discover in India.”
India Woos Japanese MedTech Firms for Manufacturing & Innovation Boost
The minister further outlined the government’s efforts to attract foreign investment, including allowing 100% foreign direct investment (FDI) under the automatic route for both Greenfield and Brownfield setups. Additionally, the government launched the Production Linked Incentive Schemes for medical devices, offering financial incentives worth USD 400 million. To support domestic manufacturing, four Medical Devices Parks will be established across the country, aimed at reducing manufacturing costs, optimizing resources, and providing access to standardized testing and infrastructure facilities.
To facilitate the sector’s growth and meet public health objectives, India recently approved its first National Medical Devices Policy. This policy, coupled with a proposed National Policy on R&D and Innovation in the Pharma-MedTech Sector, aims to strengthen the industry, encourage collaborations, and foster innovation.
Dr. Mandaviya concluded by expressing India’s readiness to compete globally in the field of medical devices and technologies. The minister encouraged Japanese Medical Devices companies to seize the opportunities presented in India and contribute to its vision of self-reliance and universal healthcare.