Seizing The Opportunity For India's Medtech Potential
The medtech sector has the potential to grow at a remarkable 28 per cent per annum, setting its sights on reaching a monumental USD 50 billion by the year 2030
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The winds of change are sweeping through India's healthcare landscape and they carry with them the promise of a brighter and healthier future. The government's commitment to bolstering the accessibility of medical devices is nothing short of transformative. As underscored by the National Medical Devices Policy 2022, this initiative propels the medtech sector onto a trajectory of accelerated growth, igniting the flame of innovation and competitiveness.
These visionary steps pave the way for a holistic medtech policy, one that will breathe fresh life into this sunrise sector, fuelling its growth. As a result, India's domestic and global medtech value stands poised for a remarkable upswing, reinforcing our position amongst the top markets for medical devices worldwide.
India has immense potential to rise swiftly as one of the top 20 global medical device markets. This calls for a united effort from the Indian Medical Devices Industry, with a resolute aim to emerge as the global leader in the manufacturing and innovation of medical devices.
The medtech sector has the potential to grow at a remarkable 28 per cent per annum, setting its sights on reaching a monumental USD 50 billion by the year 2030. This revolution is not just about numbers and statistics; it's about enhancing healthcare, fostering quality of life and making a meaningful difference in the lives of millions.
Developing an Ecosystem for Captive Consumption and Economies of Scale
One of the most critical aspects of our journey to global medtech leadership is the development of a robust ecosystem. This ecosystem should focus on increasing captive consumption and creating economies of scale. In practical terms, this means fostering an environment where domestic healthcare providers and institutions prefer Indian-made medtech products. To achieve this, it is essential to ensure the quality, reliability and affordability of our products.
Collaborative efforts between the industry, government and regulatory bodies are crucial to streamline the approval process for new products, ensure adherence to international quality standards and drive the adoption of home-grown medtech solutions. Moreover, initiatives to encourage research and development and to provide incentives for innovation can help generate a pipeline of cutting-edge products that cater to domestic needs and are competitive on the global stage.
Building Human Capabilities: Upskilling and Advancing Medical Training
Another crucial component of achieving global leadership in the medtech sector is the development of a skilled and knowledgeable workforce. As India experiences exponential growth in this sector, investing in upskilling and advancing medical training is paramount. Health professionals and technicians need to be equipped with the latest knowledge and skills to effectively utilize and maintain medtech products.
To facilitate this, partnerships between educational institutions and medtech companies can be established to offer specialized training programs and courses. By nurturing a culture of continuous learning and innovation, we can ensure that our healthcare workforce remains at the forefront of global standards, enhancing patient care and safety.
Mobilising Supply Chains, Increasing SKUs and Scaling Distribution
To meet the surging demand for medtech products in India, manufacturers must cultivate strong partnerships with suppliers, ensuring a seamless flow of raw materials. Streamlining logistics and transportation is equally vital to deliver products promptly. Investment in advanced technology and agile supply chain management is essential to keep pace with evolving market dynamics.
Further, to cater to India’s diversity, medtech companies must expand their product portfolios, offering a broader range of Stock Keeping Units (SKUs). This expansion should encompass both high-end and cost-effective solutions, addressing the full spectrum of healthcare needs. Innovation in product design, functionality and pricing underpins the broadening of the SKU spectrum.
Reaching a wider customer base necessitates the scaling of distribution networks. Venturing into rural and underserved areas is challenging but essential. Collaboration with local distributors, retailers and healthcare providers is instrumental in improving product accessibility. Such partnerships unlock untapped markets, ensuring that medtech products reach those in need.
The Way Forward for Global Leadership in Medtech
To achieve these goals and drive India's medtech sector toward global leadership, medtech companies can implement actionable strategies. Partnering with local suppliers reduces lead times and costs, enhancing adaptability to India's unique market demands. Investing in automation enhances manufacturing and supply chain efficiency, meeting growing demand and reducing costs. Expanding distribution networks, including collaborations with local distributors and retailers, broadens product reach, facilitated by in-house sales and marketing teams.
Innovative pricing models can enhance product affordability, particularly for underserved populations, through discounts and flexible payment plans. Collaborating with the government, healthcare providers and stakeholders is paramount, fostering the development of new technologies and improving access to healthcare services. Embracing digital technology, such as e-commerce platforms and data analytics, further optimises operations and distribution.
India has a remarkable opportunity to become a global leader in MedTech manufacturing and innovation. By developing a supportive ecosystem, investing in the advancement of our workforce and streamlining supply chains and distribution networks, we can catalyse the growth of this sector.
The author is , CEO and MD, Healthium Medtech
