India’s Medical Consumables Exports Surge by 60%

India's Medical Consumables Exports Surge by 60% (Image: Pixels)

VoM News Desk | May 7, 2024 | 06:44 PM IST | Breaking News | Follow on Google News

India’s Medical Consumables Exports Surge by 60%

India’s Medical Consumables Exports Surge by 60%

India’s exports of medical consumables and disposables have soared by approximately 60% to USD 1.6 billion in the fiscal year 2022-23, according to data revealed at the Meditech Stackathon 2024 held in Delhi. Conversely, imports of medical consumables and durables have seen a decline to USD 1.09 billion in 2022-23 from USD 1.47 billion in 2020-21.

The event, organized by the Department of Pharmaceuticals and the Confederation of Indian Industry (CII), aims to reduce import dependence from 75% to 50% within five years. Despite positive trends, achieving self-reliance in the medical industry remains a considerable challenge for India.

Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals, emphasized the need for leveraging India’s robust policy ecosystem to boost exports and reduce import reliance through domestic manufacturing. The event highlighted a mission for the MedTech sector, focusing on self-reliance, reduced import dependence, and enhanced export competitiveness.

India’s exports surpass imports only in the consumables and disposables sector. The Stackathon’s logic model aims to drive impact by understanding the ecosystem, identifying critical issues, and formulating the right policy framework to enhance export competitiveness.

Stakeholders stressed the importance of fostering industry-friendly policies, streamlining regulatory frameworks, and supporting MSMEs through targeted incentives and technology funds. With a favorable ecosystem and strong industry leaders, India aims to lead the global medical technology arena.

Source: ANI

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