Webinar on Broadening Horizons with National Medical Devices Policy 2023
India Business & Trade, the thought leadership platform of the Trade Promotion Council of India, organized a webinar on the Broadening horizon with the National Medical Device Policy, 2023. The panel discussed the industry landscape, India’s import dependency and potential impact of the National Medical Device Policy 2023.
India Business & Trade, the thought leadership platform of the Trade Promotion Council of India, organized a webinar on the topic “Broadening Horizon with the National Medical Device Policy 2023“, on May 31, 2023.
The panel for the session comprised a mix of ex-government officials and industry experts:
- Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry
- Sunil Khurana, CEO and MD, BPM Medical Technologies Pvt. Ltd., and Member, IMED
- Anil Jauhri, ex-CEO, NABCB, and co-chair, AMTZ Steering Committee
- Nand Kishore Alva, Dean, ESIC Medical College Hospital, Alwar
- K.L. Sharma, ex-joint secretary, Ministry of Health and Family Welfare, and Chairman, Steering Committee, ICMED, QCI
The panel discussed several key topics, including the industry landscape, India’s import dependency in the sector, the impact of the National Medical Device Policy 2023 on promotion of domestic manufacturing, its implication on the quality and safety of medical devices, the introduction of a new regulatory framework, laboratory infrastructure, Indian and foreign companies collaboration for new technologies, and the new opportunities created for the domestic industry.
India is one of the fastest-growing markets in the global medical devices industry, which is expected to grow to approximately US$ 7.97 billion by 2025. The Indian medical device market is relatively smaller than other overseas markets but holds significant growth potential. Currently estimated at US$ 11 billion, it is expected to reach US$50 billion by 2025.
Today, India’s medical device sector is dominated by multinational companies, which is evident from the fact that 80% of the sales are generated by imported medical devices. Disposables and consumables make up 65% of the products that are being manufactured in India, and therefore, to meet the medical device needs of the population, expensive medical devices are imported. However, in recent years, there has been a paradigm shift in the approach, and companies have expanded operations to produce cost-effective, medium-end medical devices.
The government is constantly taking initiatives to facilitate an orderly growth of the medical device sector to meet the public health objectives of access, affordability, quality, and innovation. The New Medical Devices Policy, 2023, is envisaged to provide the required support and directions to strengthen the medical devices industry into a competitive, self-reliant, resilient, and innovative industry.