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Medical Devices May Hugely Grow in Upcoming Years

Indian medical device market is of $11 bn growing at a CAGR of 15% and we will be expecting the market to touch $50 bn by 2025, said Dr Praveen Gedam, Addl. CEO, Ayushman Bharat during a Technical Session on Medical Devices Sector organized by PHD Chamber of Commerce & Industry.

He further mentioned that this Covid situation has given priority to healthcare now a days and made staying alive a key parameter during the Pandemic times. This Covid situation and geo political reasons depicts India’s ability to innovate, produce and become self-reliant in Medical devices giving an example of PPE kits where there is were PPE manufacturers in India before Covid and now India is producing more than 6 lacs PPE kits per day.

The present panelists during the session were Dr Jitender Sharma, MD, AMTZ, Dr Ashok Seth, Chairman, Fortis Escort Hospitals Ganesh Sabat, CEO, Sahajanand Medical Technologies Pvt Ltd, and Sunil Khurana, CEO, BPL Medical Technology.

While sharing the inputs about the challenges India facing in medical device industry Dr Jitender Sharma said skilled manpower which has now been managed through HR & skill development is the first problem, second is the lack of infrastructure to support the manufacturing for which India needs to replicate the medical device park (AMTZ) model at more places. The supply chains issues of medical devices are the third issue as the majority of the same are imported and not made in India.

Dr Seth mentioned that the real Aatma Nirbharta is when the Indian Stents and devices like pacemakers beats in the heart of US & UK citizens because of the quality and not come up only as a low price option, which makes the industry viable and shine across the world. There should be a financial reward for the R&D, Government support to R&D and policy to reduce the taxation.

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Nitisha Dubey

I am a Journalist with a post graduate degree in Journalism & Mass Communication. I love reading non-fiction books, exploring different destinations and varieties of cuisines. Biographies and historical movies are few favourites.

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