Navigating the Future: Prospects and Hopes for India's MedTech Industry in the 2024 Budget

Posted by Watchdoq Newsportal on January 17, 2024     

In the bustling landscape of India's evolving healthcare sector, the Pre-Budget Expectations for 2024 stand as a pivotal moment for the thriving Medical Devices Industry. A beacon of progress, the sector's journey from a ?1,04,760 crore market in 2023 to a projected US$ 50 billion by 2030 echoes promises of innovation, accessibility, and economic growth.

As the sun sets on 2023, the Indian MedTech industry reflects on a year marked by transformative policies and initiatives. The National Medical Devices Policy 2023, the stride towards Research and Development, and the establishment of medical device parks across the nation set the stage for substantial growth. However, the industry eagerly awaits the tangible impact of these endeavors and anticipates additional government support to catalyze their effects.

Export dynamics emerge as a focal point. The Indian medical devices export, touching ?19,803 crore in 2022, envisions a leap to US$10 billion by 2025. Strengthening bodies like the Export Promotion Council for Medical Devices (EPC-MD) becomes imperative, as it holds the potential to propel international growth. The task force initiated by the Commerce Ministry offers a ray of hope, aiming to address exporter woes comprehensively.

Quality standards, a linchpin for global acceptance. The plea for 'at-par' status for Indian standards like ICMED aligning with international benchmarks intensifies. Without this parity, Indian exporters face challenges obtaining recognition akin to ISO, FDA, CE, MDR, and AIMD. A decisive move in this direction is critical for unbridled global expansion.

Controversies, concerns, and contradictions beckon attention. The allowance of refurbished medical devices raises eyebrows, contradicting the spirit of self-reliance. The procurement policies, intended to favor 'Made in India,' falter in execution, leading to a skewed preference for imports. The human resource gap demands priority attention, with collaborative efforts to bridge the skill divide.

Embracing the technological tide. As the waves of Artificial Intelligence, Machine Learning, IoT, and telemedicine reshape the MedTech landscape, a clarion call for cybersecurity policies echoes. The industry seeks guidance from the Government to navigate the intricacies, especially in light of the cyber-attack on AIIMS in 2022.

Challenges persist - the inverted duty structure remains an enduring woe. Despite industry appeals, the taxing of raw materials more than finished imported products hinders domestic manufacturing. Urgent corrective actions are sought, aligning with the nation's push for self-reliance.

The crescendo of hope and expectations. From raw material accessibility to the effectiveness of the PLI scheme, the industry places its concerns on the government's canvas. For India to shine on the global MedTech map, a swift, comprehensive, and collaborative approach is indispensable.

India's moment of reckoning. As the global epicenter for frugal medical device engineering, India stands at the precipice of unprecedented growth. G2G and P2G interactions become the bridge to transfer vital technologies, paving the way for a self-sufficient and innovative MedTech ecosystem.

Innovation as the cornerstone. The industry, poised for a remarkable CAGR of 22% by 2025, yearns for a nurturing environment that fosters indigenous innovation. The 2024 Budget holds the brush to paint this canvas of progress, setting the tone for a MedTech saga that resonates on the global stage.