MedTech Mitra is an online site that Union Minister of Health and Family Welfare Mansukh Mandaviya introduced on Monday to help medtech entrepreneurs with clinical evaluation, regulatory facilitation, and new product acceptance.
Under the direction of NITI Aayog’s Atal Innovation Mission, the Central Drugs Standard Control Organization (CDSCO) and the Indian Council of Medical Research (ICMR) will work together to organize the portal.
Mandaviya, in her conference speech, stated that the medical device industry is a vital part of India’s healthcare system. He continued, “India is adopting a holistic approach to health with a vision to transform the health landscape in the country by 2047, in pursuit of the Viksit Bharat vision.”
Mandaviya described the medical technology industry as having a strong potential for expansion and stated that this joint effort would help the country’s own manufacturers produce inexpensive, high-quality medical devices and diagnostics, which would significantly lessen the reliance of this industry on imports. “I do not doubt that by 2030, the medtech industry in India will grow to be worth $50 billion.”
The minister stated that the government had taken action to guarantee that medical devices are provided domestically, despite India’s MedTech industry being dependent on imports, with imports making up as much as 80% of the market in certain instances.
“With the introduction of production-linked incentive schemes, investments in medical drug parks, medtech research policy, and MedTech research incentive scheme, this sector has seen phenomenal progress,” the minister continued.
The government developed a distinct platform for medtech companies following the introduction of the National Medical Device Policy and a Rs 5,000 crore initiative to encourage research in the pharmaceutical and medtech industries.
Industry statistics show that India barely holds 1.5% of the world market for medical devices. Currently ranking fourth in Asia for the production of medical equipment, India employs 8% of the world’s workforce for medtech research and development.
