India med-tech road map 2030

The medical technology sector in India is undergoing a transformative journey, set against the backdrop of a burgeoning health care landscape and increasing government focus on fostering innovation. The vision for med-tech in India by 2030 envisions a robust, self-reliant ecosystem that not only addresses domestic health care needs but also establishes the country as a global hub for med-tech manufacturing and innovation. The government’s initiatives to promote the medical devices sector in India are commendable and have significant potential to enhance healthcare accessibility and quality. By introducing various schemes and policies, the government is creating a conducive environment for domestic manufacturing, research, and development.
In India, the medical device industry is a rising star that is expanding quickly and has a great deal of potential to become self-sufficient and advance the cause of universal health care. The size of the Indian medical devices market is estimated at $16-17 billion and is expected to grow to $50 billion by 2030 and the sector has been growing steadily at over CAGR of 15% for last 3 years. Thus, a comprehensive policy framework is urgently needed to spur this growth and realise the sector’s full potential. The current policy strives to provide a coherent set of focus areas for the coordinated expansion of the sector. Second, because the medical device industry is diverse and multidisciplinary, government laws, skill development programmes, and trade promotion efforts are dispersed among multiple departments at both the federal and state levels. The variety of initiatives must be gathered coherently in order to provide the sector with targeted, effective support and facilitation.
India’s med-tech sector holds enormous potential, owing to the country’s large population, growing middle class, and rising incidence of chronic diseases. The sector is expected to grow exponentially, driven by technological advancements, increasing health care expenditure, and government initiatives to make health care more accessible and affordable. The strategic vision for 2030 focuses on multiple pillars: innovation, manufacturing, regulatory frameworks, talent development, quality and increasing exports, preventive health care and cross-industry collaboration. These pillars aim to create a med-tech ecosystem that is competitive, innovative, and sustainable, both in terms of economic growth and patient care.
One of the cornerstones of the vision is fostering innovation and research and development (R&D) in the med-tech space. Currently, India lags behind other developed nations in terms of med-tech innovation due to a lack of significant investment in R&D, infrastructure, and collaboration between academia and industry. To achieve this, increased investment in R&D, both from the private sector and through public-private partnerships (PPPs) are crucial.
India is already known for its prowess in pharmaceutical manufacturing, and there is no reason why the country cannot replicate that success in med-tech manufacturing. The goal is to reduce India’s dependency on imports to 50% by 2030, which currently account for over 70% of the country’s med-tech needs, by developing a strong domestic manufacturing base.
There is a need for increased investment in med-tech manufacturing, focusing on high-quality, affordable medical devices that can compete globally. It is required for developing specialised manufacturing clusters across the country, equipped with world-class infrastructure and supported by government incentives. This would not only reduce import dependency but also position India as a global manufacturing hub for medical devices, creating significant employment opportunities in the process.
The New Regulatory Bill, the 2023 Drugs, Medical Devices and Cosmetics Bill aims to revolutionise India’s pharmaceutical and medical device sectors. It introduces innovative components, including a risk-based classification system for medical devices, a dedicated regulatory framework for in vitro diagnostic medical devices, the establishment of Central Drugs and Central Medical Devices Authorities, online licensing processes, and stringent penalties for compliance. The bill has received acclaim for its forward-thinking regulation, offering benefits such as enhanced patient safety, innovation in vitro diagnostic medical devices and economic growth.
However, to unlock India’s potential as a global medical device hub, streamlined, robust and transparent regulations are crucial. Currently, India’s regulatory framework for medical devices is seen as fragmented, which can hinder innovation and delay the time-to-market for new products. The regulations can simplify and harmonise processes, reduce regulatory burdens, foster innovation, attract foreign investment, strengthen domestic manufacturing and enhance global competitiveness. The transformative New Drugs, Medical Devices and Cosmetics Bill of 2023 has the potential to reshape the medical device landscape.
The future of India’s med-tech sector hinges on the availability of skilled talent capable of driving innovation and growth. While India has a large pool of engineers and scientists, there is a gap in the availability of specialized talent for the med-tech industry. To address this, a comprehensive talent development strategy that includes the establishment of specialised training institutes and the integration of med-tech-specific courses into the curricula of engineering and medical schools is required. There is also the need for strengthening industry-academia collaboration to ensure that the skills being imparted are in line with industry requirements. Furthermore, apprenticeship and internship programmes must be created that provide hands-on experience in med-tech manufacturing and R&D, thereby bridging the gap between education and employment. This focus on talent development is essential to ensure that India has the workforce needed to sustain the growth of its med-tech sector.
By focusing on early detection and prevention of diseases, preventive healthcare reduces the need for costly curative treatments, thereby stimulating demand for medical devices used in screening, diagnosis, and monitoring. This includes devices for routine check-ups, such as blood pressure monitors, glucose meters, and imaging equipment. Additionally, preventive health care initiatives can drive innovation in the medical devices sector as manufacturers develop new technologies and solutions to address specific needs.
India’s potential to be a major player in the global medical devices sector is hindered by the insufficient availability of quality raw material domestically. Just as an example, the country faces challenges in producing steel that meets the stringent quality standards required for medical applications. To address this gap, effective cross-industry collaboration and alignment among different government ministries are essential. By streamlining regulatory procedures, providing incentives for investment, and improving infrastructure, India can foster a thriving domestic medical devices industry and reduce its reliance on imports.
Increased government funding for med-tech R&D and innovation, as well as tax incentives for companies that invest in med-tech research is essential. Furthermore, to unlock the full potential of India’s med-tech industry, introducing specific legislation for medical devices can pave the way for robust growth.
Additionally, public-private partnerships can play a crucial role in advancing the med-tech sector. PPPs must be created to facilitate the development of medical device parks, research institutes, and training centres. These partnerships can help leverage private sector expertise and investment while ensuring that public health objectives are met.
To boost India’s med-tech exports, the implementation of additional export-friendly policies and the development of trade agreements with key international markets is required. Also, fostering collaboration between various stakeholders, including the government, industry, academia, and healthcare providers, to create a holistic and supportive ecosystem is very much necessary for med-tech innovation.
India’s med-tech roadmap 2030 presents an exciting opportunity for the country to emerge as a global leader in medical technology. By focusing on innovation, manufacturing, regulatory reform, and talent development, India can build a self-reliant med-tech ecosystem that not only addresses the healthcare needs of its population but also positions the country as a major player in the global med-tech industry. India, undoubtedly, has the potential, which now is being backed by a robust and coherent policy regime aimed at streamlining regulatory processes, fostering ease of doing business, adopting global standards, stimulating the development of local manufacturing as well as improved competitiveness for the sector. Now is the time when India, leveraging government support, industry participation and country’s talent pool, will achieve new heights in terms of manufacturing and accessibility of high-quality medical devices, and set new standards for health care innovations globally.
This article is authored by Himanshu Baid, managing director, Poly Medicure Ltd.