Dr. Mansukh Mandaviya Launches India MedTech Expo 2022 Website and Flyer
“The Indian medical device industry has the potential to become the world leader in manufacturing and innovation over the next 25 years. It has the potential to grow by 28% annually to reach $50 billion. here 2030″. This was stated by Dr. Mansukh Mandaviya, Union Minister for Chemicals and Fertilizers and Health and Family Welfare at the launch of India MedTech Expo 2022 (IMTE-22) website. and publication of the event flyer, here today. The first-ever exhibition organized by the government in association with the Indian medical device industry, the three-day IMTE-22 will kick off on December 9, 2022 at Pragati Maidan, New Delhi.
Dr Mandaviya said that “As India prepares for its Amrit Kaal, it is time to rethink our aspiration in the pharmaceutical and medical device sector and build an ecosystem for innovation in medical devices and medicines, thus strengthening the links between industry and academia to a greater extent”.
“The event will create visibility for the medical device ecosystem globally and build a brand identity for India’s medtech sector,” he said. He further stated that “The contribution of the Indian medical device sector has become even more significant since India supported the national and global battle against the COVID-19 pandemic through the production of medical devices and test kits. diagnosis, such as ventilators, rapid antigen test kits, RT-PCR kits, IR thermometers, PPE kits and N-95 masks”.
The Minister emphasized that “India has been recognized as the ‘pharmacy of the world’. It is time for us to take the lead in the medical device sector. India has its strengths in terms of manpower qualified, ease of doing business through its industry-friendly rules and also offers a huge market.The Expo will provide a platform for various global leaders in this industry to converge and explore India’s potential as a manufacturing hub, as well as an emerging global market.
The Union Minister pointed out that India has the potential to be one of the top 20 global medical device markets in a short period of time and urged the Indian medical device industry to work towards the goal. to emerge as a global leader in the manufacturing and innovation of Medical Equipment. The Minister expressed confidence in the ability of the Indian medical device industry to achieve a 10-12% share in the growing global market over the next 25 years. He further noted that due to the paramount importance of the medical device sector, “IMTE-22 is a timely effort that will enable us to deliberate on key opportunities and challenges in the areas of the sectors.”
India MedTech Expo’s goal is to showcase the strength and potential of India’s MedTech industry, the country’s innovation ecosystem, and a strong university that relentlessly nurtures entrepreneurship. IMTE-22 is expected to have the participation of over 450 Indian MedTech companies including large corporations, MSMEs and start-ups.
Medical devices constitute a multidisciplinary sector with the following general classification: (a) Electronic equipment (b) Implants; (c) Consumables and Disposables (d) Surgical Instruments and (e) In Vitro Diagnostic Reagents. Several segments of the medical device industry are capital-intensive with a long gestation period, requiring continuous induction of new technologies and training of healthcare professionals to adapt to new technologies and bring rapid innovation. Medical devices are tested for safety, quality and effectiveness through processes defined by the regulator before being released for sale. The current market size of the medical device industry in India is estimated at US$11 billion and its share in the global medical device market is estimated at 1.5%. The industry in India is growing rapidly with a CAGR of 10-12% over the past decade.
At the event, Ms. S Aparna, Secretary of the Department of Pharmaceuticals, reiterated how the department has worked to ensure a stable long-term policy environment and reduce the compliance burden for the industry.
(With GDP entries)