Pavan Choudary, Chairman and Director General, Medical Technology Association of India (MTaI)
Medical Technology Association of India (MTaI) is an association of research-based medical technology (MedTech) companies who have made remarkable investments by setting up a large number of R&D centers and manufacturing plants in India. MTaI represents a wide spectrum of the medical device and equipment industry with global experience in innovation and manufacturing.
All the time stressing on the three hallmarks of healthcare – quality, consistency, and patient safety, we want to be a responsible voice of the industry. We are committed to improving access to affordable and quality healthcare for patients.
MTaI collaborates with the government, healthcare professionals, and other stakeholders for creating innovative solutions provided by the MedTech industry.
People normally remember their doctors, hospitals where they get treated but rarely a medical device. To a common man, MedTech means a syringe, a needle, or an IV bag; a BP machine or a glucose monitor. However, MedTech is today far beyond this. There are more than 500,000 medical technologies currently available globally which diagnose, monitor, and treat virtually every disease or condition that affects lives of people. Though MedTech is an intrinsic part of healthcare services today, in India, only a small fraction of its potential has been realized. Large parts of the population are not able to avail of its benefits. Whether outpatient care or daycare; whether management of life-threatening medical conditions in OT or in the ICU, a large number of instruments and technologies are brought into play.
MedTech is very different from the pharma sector. It is highly capital intensive with a long gestation period of development and needs continual influx of technology and continuous training of doctors and para medical staff to adapt to the new technology. It requires continuous R&D to produce different versions and variations to match different requirements and geographies. Therefore, the scalability of MedTech is much slower than that of pharma. It is also different as there are no generics available in the sector. We are committed to find a space for all the MedTech companies commensurate to their contribution to improving healthcare in India. Our vision is to improve access to affordable and high-quality healthcare for patients by creating innovative solutions in MedTech and healthcare.
The Indian MedTech and devices market has been growing at about 15 percent annually for the past five years and is expected to maintain a similar clip in the coming decade as well. The market encompasses a very wide range of products from the relatively low- value items such as surgical instruments or consumables like syringes and needles, to the high-value equipment including CT scan machines, cardiac catheterization lab suite, or MRI. In the middle segment, there are implants for knee and hip replacement surgery, electronic measuring instruments like cardiac monitors, artificial lung machines, anesthesia equipment, and numerous other items.
The market size at present is about USD 4.9 billion (approximately 30,000 crore), which is a tiny part of the total healthcare market of about USD 80 billion but this is likely to record substantial growth in the coming years. The medical devices industry has huge potential to not only be able to significantly contribute to GDP of the country but also to the dream of Healthy India. MTaI looks to partner with the Government of India in setting a roadmap for growth of the medical devices industry by bringing in even bigger investments, through technology upgradation and knowledge dissemination in the provider space, through members who can contribute toward furthering FDI and the government's Make In India initiative.
We believe that the MedTech sector can create new jobs, skill India's talent pool on new technologies and help expand affordable healthcare through innovative solutions.