Indian Economy News

India reverses old trend in medical consumables business, is now a net exporter

Renowned for its generic medicines and affordable vaccines, India has achieved a significant milestone in the medical goods sector, transitioning to a net exporter of medical consumables and disposables. According to Mr. Durgesh Nandan Jha, India has overturned its previous reliance on foreign products, such as needles and catheters, in this domain.

In the fiscal year 2022-23, India exported medical consumables and disposables worth US$ 1.6 billion, surpassing imports valued at around US$ 1.1 billion, as the Union Pharma Secretary highlighted. Exports witnessed a 16% increase, while imports experienced a 33% decline. The government, aiming to replicate this success in other sectors like surgical instruments and electronic equipment, seeks to reduce import dependence. Amidst intensified efforts post-COVID, particularly following disruptions in supplies from China, discussions are underway to assess import-export patterns and evaluate strategies to enhance domestic production across various medical device categories.

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