India set to become global hub of medical technology, devices with market size estimated to reach USD 50 billion by 2050: Mandaviya

New Delhi [India], August 10 (ANI): Union Minister of Health and Family Welfare and Chemicals and Fertilizers Mansukh Mandaviya on Wednesday addressed the curtain raiser of India’s first medical technology expo titled ‘India MedTech Expo 2023’, scheduled to be held in Gujarat’s Gandhinagar from August 17-19, said an official statement.

“India is set to become the global hub of medical technology and devices with the market size estimated to reach US$ 50 billion by 2050,” stated Mansukh Mandaviya here today during his address at the Curtain Raiser of India’s first medical technology expo, ‘India MedTech Expo 2023’, scheduled to be held in Gujarat’s Gandhinagar from August 17 -19, 2023 on the sidelines of the G20 Health Ministers’ Meeting, said the statement.

He was also joined by Union Minister of State for Chemicals and Fertilizers Bhagwant Khuba.

Dr Mandaviya said that “the medical device sector is considered as one of the sunrise sectors in the country and the Government under the Prime Minister is taking every possible step to make India a manufacturing hub for medical devices,” said the statement

“From a market share of 1.5 per cent, we hope to increase India’s market share to 10-12 per cent share over the next 25 years,” he added.

He further stated that, “with effective implementation of the recently unveiled National Medical Devices Policy 2023, we are confident of fostering the Medical Devices Sector growth from present $11 Bn to $50 Bn by 2030,” said the statement.

The Union Minister said that “earlier, we looked at different segments of the health sector including Pharmaceuticals, Medical Devices in silos. Under the Modi Government, India is taking a holistic approach to health with a vision to transform the health landscape in the country by 2047”, it added.

He stated that “several new initiatives taken by the government such as the PLI scheme has led to 43 critical APIs being produced within the country which were earlier imported from abroad. The govt is also creating bulk drug parks and medical devices parks in the country to make India self-reliant in this sector.”

Dr Mandaviya stated that the upcoming MedTech Expo 2023 will showcase India’s innovations and achievements in medical and surgical procedures, drugs, equipment and facilities.

He highlighted that the event will enhance visibility of medical devices ecosystem in India and create a brand identity for Indian MedTech sector, added the statement.

As per the official statement, Bhagwant Khuba said that the government under the leadership of Prime Minister is committed to make the country atmanirbhar in the health sector. He urged all stakeholders including industries and media personnel to visit the expo and witness the transformative work being done in this segment.

Secretary Department of Pharmaceuticals S Aparna said, “The medical devices sector is one of the fastest growing segments today. Several interventions have been taken by the govt to provide impetus to the industry for domestic manufacturing of medical devices. These interventions have led to 37 unique products which were earlier imported, now being domestically manufactured,” said the statement.

The Union Pharma Secretary noted that these “policy interventions are being made to cater to both the manufacturing and demand side of medical devices”. She informed that four new industrial parks are being constructed across the country for medical devices manufacturing, it added.

“The National Medical Devices Export Promotion Council has also been set up recently to boost exports of medical devices”, she further stated. She also informed that the Expo will have a future pavilion and an R&D pavilion and will see participation of States, Industries, MSMEs, Academia and Innovators etc.

To harness the substantial potential of the sector and brainstorm the path ahead, the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India is hosting the pioneering ‘INDIA MEDTECH EXPO’ with central the theme ‘India: The Next MedTech Global Hub’ Future of Devices, Diagnostics and Digital’, stated the statement.

The Expo will have various pavilions, including Future Pavilion, R&D Pavilion, Start-up Pavilion, State Pavilion, Regulators Pavilion and Make in India Showcase.

More than 400 exhibitors including 150 plus MSMEs, 150+ Domestic and International Manufacturers, Start-ups, Regulatory agencies, State Governments and Central Departments will participate in it.

As many as 7 States – Madhya Pradesh, Tamil Nadu, Uttar Pradesh, Himachal Pradesh, Rajasthan, Andhra Pradesh and Gujarat are setting up pavilions during the expo, said the statement.

The statement added that the expo will also have pavilions for Innovations and R&D, wherein more than more than 30 companies will showcase new research and innovations. A separate pavilion for Start-ups will also be there and as many as 75 Start-ups are participating in it.

Further, 7 regulatory agencies for Medical Devices Sector including Department of Pharmaceuticals, GeM, ICMR, IPC, CDSCO, NPPA and BIS are participating in it, said the statement.

Through the 3-day conference, the event aims to bring together professionals, experts, and innovators from various fields to discuss the latest advancements, challenges, and opportunities in the medical device sector.

Further, the three-day conference will allow renowned industry leaders and experts to share their insights and experiences, while shedding light on the current trends and prospects in the medical device domain.

Latest regulatory guidelines and compliance requirements to ensure successful product development and market access will be discussed among Industry leaders and Policy makers in the 3-day conference.

Thought-provoking discussions with industry experts, regulators, and healthcare practitioners about the challenges and opportunities in medical device development, regulation, and implementation will also be conducted in the three-day conference, said the official statement.