Unlocking growth – India’s Medtech sector roadmap

The medical technology sector in India is undergoing a transformative journey, set against the backdrop of a burgeoning healthcare landscape and increasing government focus on fostering innovation. The vision for MedTech in India envisions a robust, self-reliant ecosystem that not only addresses domestic healthcare needs but also establishes the country as a global hub for MedTech manufacturing and innovation. By introducing various schemes and policies, the government is creating a conducive environment for domestic manufacturing, research, and development.

While Make in India continues to be pivotal, the focus should be now expanding to Design, Innovate, and Make in India. This evolution underscores India’s commitment to nurturing a culture of innovation where companies are encouraged to design cutting-edge medical solutions tailored to global standards. By fostering an ecosystem that supports R&D, intellectual property protection, and commercialization of innovations, India will pave the way for breakthroughs that address critical healthcare challenges worldwide.

To reduce import dependency and strengthen the domestic healthcare ecosystem, it is crucial to focus on manufacturing high-technology, high-value medical equipment locally. The emphasis should be on developing advanced medical devices that meet global standards, which not only ensures self-reliance but also opens doors for export opportunities. In addition, a concerted effort toward manufacturing critical components, such as electronics, microchips, medical-grade steel, and specialized plastics is essential. This requires cross-industry collaboration between sectors like electronics, materials sciences, and healthcare. By fostering partnerships across these industries, we can build a robust supply chain that supports the creation of high-quality, cost-effective medical technologies, paving the way for India to become a leader in the global MedTech market.

Increased government funding for MedTech R&D and innovation, as well as tax incentives for companies that invest in MedTech research is essential. Additionally, public-private partnerships can play a crucial role in advancing the MedTech sector. PPPs must be created to facilitate the development of medical devices parks, research institutes, and training centers.

The rise of HealthTech startups specializing in artificial intelligence (IA), robotics, IoT, and other transformative technologies is reshaping the MedTech landscape. These startups are at the forefront of developing solutions that enhance healthcare delivery, improve patient outcomes, and optimize healthcare costs. India’s supportive environment for startups, including incubation centers, funding initiatives, and regulatory incentives, is nurturing a vibrant ecosystem where innovation thrives.

In addition to advancing medical technologies, India is placing a significant emphasis on preventive healthcare and homecare solutions. By promoting wellness and early intervention, we aim to reduce the burden on healthcare infrastructure while improving the quality of life for millions. Innovative devices and technologies that enable remote monitoring, telemedicine, and personalized healthcare are poised to revolutionize healthcare delivery in both urban and rural India.

Ultimately, our collective efforts should be aimed at building Brand India as a synonym with excellence, innovation, and reliability in the MedTech sector. By showcasing our capabilities on the global stage, promoting Indian innovations, and highlighting our commitment to quality and affordability, we aim to position India as the preferred partner for medical technology solutions worldwide.

To contribute toward India’s transformative journey, Polymed has prioritized portfolio growth and expand manufacturing capabilities. Our focus areas are critical care, oncology, cardiology, and dialysis. While deepening our European presence, we will also target growth in the US and Latin America. Apart from interventional cardiology, we also plan to expand into cardiac surgery products. Our goal is to deepen our presence in cardiology over the next 5–7 years, necessitating significant investment in advanced technology. Second, in critical care, we have a strong portfolio of oncology care products, and we are developing cutting-edge technology aimed at enhancing drug delivery efficiency. Our renal business, which we launched a few years ago, is projected to capture around 12–13 percent of the domestic market share by the end of this year. In all these areas, we are committed to enhancing our manufacturing capacity by establishing new facilities and driving innovation to meet the growing demand in these vital healthcare segments.

India’s Med-Tech roadmap presents an exciting opportunity for the country to emerge as a global leader in medical technology. By focusing on innovation, manufacturing, regulatory reforms, and talent development, India can build a self-reliant MedTech ecosystem that not only addresses the healthcare needs of its population but also position the country as a major player in the global MedTech industry.