The Indian medical device industry continues its upward march of growth and is strongly supported by India’s robust legal framework. It will continue to reduce its dependence on imports, as local manufacturing expands under the Make in India initiative. The expanding private sector will remain the main growth driver.
Currently valued at Rs.25,425 crore, the MedTech market is expected to grow to Rs.27,735 crore in 2017 and to Rs.39,260 crore in 2021, reflecting a CAGR of 9.1 percent over the next five years. In 2016, imports were estimated at Rs.18,130 crore, a 7.7 percent increase over 2015. Exports too grew by 8.7 percent, and were pegged at Rs.7,510 crore for January–December 2016.
The introduction of Medical Device Rules, 2017 to separate the medical device industry from the pharmaceutical industry will ease the procedure to obtain a license and conduct clinical trials, reduce the manufacturer–regulator interface with the implementation of a digital platform, and provide a conducive environment for fostering India-specific innovation. It will come into effect on January 1, 2018.
The MoU signed between Invest India and the local medical device industry will actively target investment from major medical device manufacturing nations. This landmark public–private partnership will help India rank among the top five global hubs for medical-device manufacturing.
The recent partnership with Japan to develop an internationally harmonized medical device regulatory framework, will also enhance cooperation toward making Indian devices globally competitive and strengthen domestic capacity to take on international competition.
The National Health Policy, 2017, approved on March 15, 2017, seeks to reach everyone in a comprehensive integrated way to move towards wellness. It aims to achieve universal health coverage and deliver quality health care services to all at affordable cost. The policy proposes raising public health expenditure to 2.5 percent of the GDP in a time-bound manner.
No doubt, the task is uphill, but the path is clear, as is the intent.