India Medical Devices to Become $50 Billion Industry Soon by Govt Holistic Approach Says Dr. Mansukh Mandaviya

Through the holistic development of the healthcare, pharmaceutical, and medical device industries, India is poised to become the worldwide manufacturing powerhouse for medical devices. The Indian medical equipment market is expected to grow from $11 billion to $50 billion in the future years, according to Mansukh Mandaviya, Union Minister for Health and Family Welfare.

Dr Mandaviya stated at the kick-off event for the 'India MedTech Expo 2023,' which will be held in Gandhinagar, Gujarat from August 17-19, 2023, that the government is aiming to increase the share of generic medicines to 50-60% from the current level of 14 percent, as well as localisation of medical devices, to make healthcare more affordable. He stated that the medical device sector is one of the country's rising stars, and that the development of the healthcare, pharmaceutical, and medical device sectors has put India on the path to becoming the global hub for manufacturing medical devices and developing innovative medical technologies. Briefing about the India MedTech Expo, themed as ‘India: The Next MedTech Global Hub’ Future of Devices, Diagnostics, and Digital’, which is being organised alongside G20 Health Ministers’ Conference, S Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, Government of India said, “The government is working to support the medical devices sector by initiating various reforms and policies including PLI scheme for domestic manufacturing and financial support for R&D and we are open to ideas and suggestions to help localised production.”

According to the Department of Pharmaceuticals, the MedTech Expo will see 231 delegates from 50 countries from ASEAN, Africa, CIS, the Middle East. Over 400 exhibitors including MSMEs, domestic and international manufacturers, start-ups, regulatory bodies, state governments, and central ministries and departments will participate. It will have various pavilions, including Future Pavilion, R&D Pavilion, Start-up Pavilion, State Pavilion, Regulators Pavilion, and Make in India Showcase. As many as seven states - Madhya Pradesh, Tamil Nadu, Uttar Pradesh, Himachal Pradesh, Rajasthan, Andhra Pradesh, and Gujarat are setting up pavilions during the expo.