Amidst global competition for hi-tech medical devices, India has positioned itself among the world’s top five healthcare manufacturers, delivering high-risk medical devices at a significantly lower cost, according to Union Minister Dr. Jitendra Singh. This statement was made during the Inaugural Address at the 8th CAHOTECH, the Annual International Healthcare Technology Conference organized by the Consortium of Accredited Healthcare Organizations (CAHO) in New Delhi.
Dr. Jitendra Singh highlighted the significance of the medical devices sector in India, considering it a sunrise industry. Under the leadership of Prime Minister Shri Narendra Modi, the government is taking strategic steps to establish India as a global manufacturing hub for medical technology and devices. He emphasized the estimated growth of the market size to USD 50 billion by 2050, up from the current USD 11 billion.
The National Medical Device Policy 2023 and the establishment of the Export-Promotion Council for Medical Devices are pivotal initiatives aimed at making India a hub for medical devices manufacturing. The government’s commitment is evident through measures such as 100% Foreign Direct Investment (FDI) under the automatic route, the Promotion of Medical Devices Parks scheme, and the Production-Linked Incentive (PLI) scheme, which has already resulted in domestic production of critical Active Pharmaceutical Ingredients (APIs).
Dr. Jitendra Singh announced the government’s support for setting up Medical Devices Parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu, and Uttar Pradesh. Under the PLI scheme, 26 projects have been approved, with a committed investment of Rs. 1,206 crore, showcasing progress in manufacturing high-end medical devices such as Linear Accelerators, MRI Scans, CT-Scans, and more.
He pointed out that indigenously developed medical technologies, such as the affordable, lightweight, and ultrafast MRI Scanner, are contributing to the government’s vision of self-reliance and providing accessible healthcare solutions. Additionally, Dr. Singh mentioned advancements like the SBRT-enabled Linear Accelerator (LINAC) developed by Panacea Medical Technologies Pvt. Ltd., Bangalore, which has received US FDA clearance.
Dr. Jitendra Singh highlighted the importance of the recently circulated draft of the Drugs, Medical Devices, and Cosmetics Bill 2023, particularly its provision allowing the government to regulate, restrict, or ban online sales or distribution of drugs. In conclusion, he stressed the significance of preventive healthcare and mass screening, particularly with a youthful population, in achieving the expected economic growth set by Prime Minister Modi for India@2047.
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