India is set to emerge as a global hub for medical technology and devices, according to Health Minister Mansukh Mandaviya. Speaking at the India MedTech Expo 2023 curtain raiser, he pointed to market projections that foresee a remarkable increase to $50 billion by 2050. This event is scheduled for August 17-19 in Gandhinagar, Gujarat, coinciding with the G20 health ministers’ summit.
Minister Mandaviya emphasized the medical device sector’s significance, envisioning India as a major manufacturing center for medical equipment. He outlined the goal of increasing India’s market share from 1.5% to 10-12% in the next 25 years, citing the National Medical Devices Policy 2023 as a key driver for growth, aiming to elevate the sector from its current $11 billion to $50 billion by 2030. Initiatives like the PLI scheme have already resulted in the domestic production of 43 critical APIs.
To further promote self-reliance, the government is establishing bulk drug parks and medical devices parks within the country. Mandaviya highlighted that the MedTech Expo 2023 will showcase India’s advancements in medical procedures, drugs, equipment, and facilities, boosting the visibility and branding of the Indian MedTech sector.
Union Minister of State for Chemicals and Fertilizers, Bhagwant Khuba, echoed the government’s commitment to enhancing self-reliance in healthcare.
