Medical Devices Sector To Play Major Role In India's 10 Trillion Economy By 2035: Report
According to a recently published whitepaper medical device sector is expected to play a major ole in helping India to become a USD10 trillion economy by 2035. Asia Pacific Medical Technology Association (APACMed) in association with KPMG in India has launched a whitepaper titled “From Volume to Value: Fostering research and innovation in India's medical device industry”.
This whitepaper highlights policies and initiatives taken by the government to promote innovation in the Indian medical device sector, identifies existing gaps, and provides recommendations for stakeholders.
It underscores the imperative need for India to build upon the momentum of innovation, address current challenges, and seize opportunities and aims to guide stakeholders through the exciting journey of transformation, with the goal of making healthcare in India more efficient, accessible, and patient-centric.
As per the whitepaper the rising focus on ‘Innovate in India,’ could enable India to become a desirable destination for R&D in the medical device sector, through a strategic focus on enhancing India’s innovation quotient.
The paper further said that India lags in patent filings compared to the US, Japan, and China, which is also an opportunity to boost innovation and ascend the value chain. Improving awareness about patent filing processes could encourage manufacturers to file IPs and further drive innovation.
Harjit Gill, Chief Executive Officer, APACMed said, “In India, medical device innovation stands at a pivotal juncture. Our members of the medical device ecosystem can partner and work together with all stakeholders to play a major role in India’s innovation journey for accessible and high-quality healthcare.”
Another lag that the report highlighted was extended patient reach lead times and costly cold chain product transport adding that prioritising high-end devices necessitates robust infrastructure for cost-effective, timely deliveries. Advanced technologies such as IoT, 5G, Generative AI (GenAI), and 3D printing among others will help manufacturers to identify patient points and customise innovative solutions, the report noted.
The paper also said that Cross-functional collaborative research undertaken by academic research institutions is a key step towards building a medical device research ecosystem in the country that has operated in silos.
Vijay Chawla, Partner & Head – Life Sciences, Head – Risk Advisory, KPMG in India said, “As India takes strides towards a healthier future, medical device sector is poised to play a dominant role. Partnerships between stakeholders - industry, academia, and government will be central in pivoting innovation efforts towards breakthrough research and commercialisation of high-end devices”.
Private sector investments are pivotal for fostering an R&D culture, promoting upskilling, and enabling partnerships in the industry. Government facilitation of dialogues and partnerships among academia, healthcare providers, and private-sector medical device companies is essential, the whitepaper highlighted.
