Advantage India
Increasing
Demand
* Rising number of medical facilities will boost the demand for medical devices in the market.
* Various government initiatives such as ‘Production Linked Incentives (PLI) Scheme for Medical Devices 2020’ and establishing medical parks will augment demand.
* The medical technology sector in India is projected to reach US$ 50 billion by 2025.
Opportunities
in Export
* The Indian medical device is driven by 75-80% imports from countries such as the US, China and Germany.
* India and Russia have set the bilateral trade target at US$ 30 billion by 2025. Trade is expected to increase by an additional US$ 5 billion per annum, with opportunities in pharmaceuticals & medical devices, minerals, steel, and chemicals.
* Medical devices are a highly attractive export area for US firms.
Policy
Support
* In October 2021, the government announced plan to draft a new drugs, cosmetics and medical devices bill to increase the acceptability of Indian medical devices in the global market.
* In November 2021, Indian Council of Medical Research (ICMR) collaborated with Indian Institutes of Technology (IITs) to establish ‘ICMR at IITs’ by setting up Centres of Excellence (CoE) for Make-in-India product development and commercialisation in the medical devices and diagnostics space.
Increasing
Investments
* This sector has attracted significant investments over the years.
* In FY20, foreign investments in the medical devices sector increased 98% YoY to Rs. 2,196 crore (US$ 301.01 million) as against Rs. 1,108 crore (US$ 151.87 million) in FY19.
* FDI inflow in the medical and surgical appliances sector stood at US$ 2.35 billion between April 2000 and December 2021.
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