New Delhi, Oct 07: India has rapidly ascended among the world’s top healthcare technology manufacturers, offering high-tech medical devices at a fraction of the cost of other countries, Union Minister Dr Jitendra Singh said on Saturday.
Speaking at the 8th CAHOTECH, the Annual International Healthcare Technology Conference organized by Consortium of Accredited Healthcare Organizations (CAHO) in New Delhi, Dr Singh emphasized India’s prowess in producing life-saving, high-risk medical devices at remarkably affordable rates.
India’s growing reputation in the global healthcare technology arena was highlighted by Dr Singh, who outlined the country’s efforts to become the global hub of medical technology. Under Prime Minister Narendra Modi’s leadership, India is taking substantial steps to enhance its manufacturing capabilities, with a vision to make the nation a leading medical devices hub.
Dr Jitendra noted that India’s market size in medical technology is expected to reach up to US$ 50 billion by 2050, a significant rise from the current $11 billion (approximately Rs 90,000 Crores). He expressed the government’s ambition to increase India’s market share from 1.5% to 10-12% over the next 25 years.
The union minister emphasised the importance of medical devices as a priority sector for the Modi Government, citing initiatives like the National Medical Device Policy 2023 and the establishment of the Export-Promotion Council for Medical Devices. He also mentioned the 100% Foreign Direct Investment (FDI) under the automatic route for both Greenfield & Brownfield setups, the Promotion of Medical Devices Parks scheme, and the Production-Linked Incentive (PLI) scheme, which has already led to the domestic production of 43 critical Active Pharmaceutical Ingredients (APIs) that were previously imported. Moreover, Dr. Singh highlighted the government’s support for setting up Medical Devices Parks in various states, underlining the commitment to strengthening the indigenously manufacturing ecosystem.
Dr Singh showcased India’s innovations, including the advanced Magnetic Resonance Imaging (MRI) Scanner launched earlier this year. This state-of-the-art MRI scanner, developed indigenously, is not only affordable but also promises to significantly reduce the cost of MRI scanning for common people
With nearly 70% of the world’s population lacking access to MRI diagnostic modality due to prohibitive costs, India’s innovation addresses a crucial gap, he said and emphasised that this achievement aligns with the government’s mission to improve healthcare access and inclusiveness, including initiatives like the flagship Ayushman Bharat program.
Dr Jitendra spotlighted India’s advancements in medical technology, such as the SBRT-enabled Linear Accelerator (LINAC) named SiddharthII, developed by Panacea Medical Technologies Pvt. Ltd., Bangalore. This cutting-edge machine is capable of performing treatment modalities like 3DCRT, VMAT, IMRT, SBRT, and SRS. The LINAC, adhering to the ‘Make in India’ initiative, can be exported globally, receiving clearance from the US FDA, highlighting India’s competitiveness on the international stage.
Dr Singh also discussed the latest draft of the Drugs, Medical Devices, and Cosmetics Bill 2023, which includes provisions to regulate, restrict, or ban online sale or distribution of drugs, aligning with India’s focus on preventive healthcare and mass screening, essential elements for India’s envisioned growth trajectory outlined by PM Modi.
India’s achievements in healthcare technology, marked by innovation, affordability, and global competitiveness, were at the forefront of Dr Jitendra Singh’s address, underscoring the nation’s determination to make healthcare accessible and inclusive for all.
