The Indian Embassy in Moscow, in collaboration with key stakeholders from India and Russia, is spearheading efforts to foster collaboration and tap into the vast potential of the Indo-Russian medical device industry.
In a webinar organised to explore future opportunities and discuss collaboration strategies, experts emphasised the need for accelerated efforts to enhance bilateral engagements in manufacturing and marketing life-saving medical equipment and devices.
The Association of Indian Medical Device Industry (AiMeD) and the Centre for the Development of Russia-India Strategic Partnership (DRISP) have been at the forefront of this initiative, having signed a memorandum of understanding (MoU) in November 2023 to strengthen bilateral relations through collaborative efforts.
Rajiv Nath, Forum Coordinator of AiMeD, highlighted the significant role played by the Indian Embassy in Moscow in facilitating collaborative efforts to seize emerging opportunities in the medical device industry, thereby bolstering bilateral trade ties between India and Russia. Nath emphasised the importance of dynamic economic engagement guided by shared interests and a commitment to deepening bilateral cooperation.
The webinar witnessed the participation of over 70 Indian manufacturers and exporters, alongside key Russian investors, underscoring the immense scope for partnerships between stakeholders from both nations in the medical device industry.
Ved Prakash, First Secretary at the Embassy of India in Moscow, expressed gratitude for the organisation of the webinar and emphasised the embassy's support for facilitating trade and cooperation in the medical device sector between India and Russia. Rohit Neema, Second Secretary, reiterated the embassy's commitment to recognising the sector's potential for economic growth and job creation.
During the webinar, Rajiv Nath presented a comprehensive analytical document titled 'Medical Devices – The Next Big Thing after IT and Pharma,' showcasing the latest trends and year-on-year growth in exports from India. Prasun Prakash, Founder of DRISP, highlighted the opportune timing for technology exchange and collaboration, considering the evolving geopolitical landscape and Russia's growing interest in strategic partnerships with Indian manufacturers.
Denis Stepanov, General Director of CES Spine Medics, Russia, emphasised the potential for Indian medical device manufacturers in the Russian market, citing interest from manufacturers and the demand for high-quality medical products. He also addressed challenges such as the registration process and competition from other manufacturers.
Ashish Rangra from Invest India provided insights into the Indian medical devices sector, covering current valuation, projected growth, import dependency, and government initiatives. He highlighted upcoming manufacturing infrastructure and success stories of companies investing in India.
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