India Emerges as a Global Healthcare Manufacturing Powerhouse

India Emerges as a Global Healthcare Manufacturing Powerhouse

VoM News Desk | October 8, 2023 | 06:28 AM IST | Health | Follow on Google News

India Emerges as a Global Healthcare Manufacturing Powerhouse

India Emerges as a Global Healthcare Manufacturing Powerhouse: Amidst global competition for hi-tech medical devices, India has emerged among the world’s top five healthcare manufacturers, offering cost-effective solutions, according to Union Minister Dr. Jitendra Singh. Speaking at the 8th CAHOTECH, the Annual International Healthcare Technology Conference, organized by the Consortium of Accredited Healthcare Organizations (CAHO), Dr. Singh emphasized India’s commitment to becoming a global hub for medical technology and devices.

Aiming for Market Dominance: Dr. Singh highlighted the substantial growth potential in India’s medical device sector, projecting a market size of $50 billion by 2050, a significant increase from the current $11 billion. India aims to boost its market share from 1.5% to 10-12% over the next 25 years, positioning the country as a key player in the industry.

Government Initiatives and Achievements: Under the leadership of Prime Minister Shri Narendra Modi, the Indian government has prioritized the medical device sector, introducing initiatives like the National Medical Device Policy 2023 and the Export-Promotion Council for Medical Devices. These efforts are geared toward establishing India as a manufacturing hub for medical devices. Additionally, 100% foreign direct investment (FDI), the Promotion of Medical Devices Parks scheme, and the Production-Linked Incentive (PLI) scheme have catalyzed research and manufacturing, reducing the reliance on imports.

The Central Government has also supported the establishment of Medical Devices Parks in various states and has approved 26 projects under the PLI scheme. These projects have enabled the domestic production of high-end medical devices such as Linear Accelerators, MRI Scanners, and CT-Scanners.

Making Quality Healthcare Accessible: Dr. Singh pointed out that advanced medical technologies, like the indigenous Magnetic Resonance Imaging (MRI) Scanner, are not only affordable but also improve access to healthcare. This innovation is expected to reduce the cost of MRI scanning for the common man, thereby expanding healthcare accessibility. Additionally, it will reduce the country’s dependence on expensive imported MRI machines.

In conclusion, India’s strides in the medical device sector are positioning the country as a formidable player in the global healthcare industry. The government’s commitment to promoting indigenous manufacturing, coupled with innovations like the affordable MRI Scanner, is making quality healthcare more accessible to the masses. India is well on its way to becoming a healthcare manufacturing powerhouse.

VoM News Desk

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