Medical devices sector in India will rise exponentially as per the government’s new policy. The current government has some plans or say booster shots for the medical device industry. As per the current policy draft market size of this industry in India is $11bn and its share in global market is around 1.5%. The medical device industry in India started to grow. In a global battle of Covid19 pandemic Indian medical device industry contributed prominently with the diagnostic equipment such as RT-PCR, ventilators, N-95 Masks etc. The current government already formed 8 member panel to frame new laws for cosmetics, medicines and medical devices. India aims to achieve 10 -12% of global market share of the medical device sector.
As per the policy “India will be among top 5 global manufacturing hub in terms of technology for medical devices. The draft’s vision document says,” Indiawill emerge as champion in critical component, cancer diagnostics, PCR technologies and ultrasonic scans.” (as每一个的数据news18.com). Medical devices are those devices which are used by doctors, medical practitioners and pharmacist … All the devices intended for medical purpose are medical devices such as ,x-ray machines, ultra sound products,syringe, catheter and after pandemic hits all over the world masks also included to this category. A medical device can be a gadget, material, software or an apparatus which is used alone or in combinations, including the product proposed by the medical device manufacturer to be utilized particularly for diagnostic or potentially for therapeutic purposes. New regulations and policies can be tricky to new medical device manufacturers.
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Contact Us WhatsApp UsFew highlights of the draft policy:
- For the ease of business, it is necessary to streamline the regulatory process and multiplicity of agencies with global standards.
- For the safety of consumer, quality standards and safety of devices should meet the global standards.
- Fiscal and financial support to stimulate the development of local manufacturer with private sector investment.
- Awareness creation and brand positioning.
- Infrastructure development for medical devices parks with common facilities to attract domestic manufacturer.
- For the betterment of academic curriculum and industry requirement global partnership and joint ventures among key stakeholders.
This policy focuses on that by 2047, our country
- Will have a Med-Tech industry $100-300bn size with global share of 10-12%.
- India will be originator to 25 high end futuristic technologies in Med Tech.
- will be having few National Institutes of Medical Devices Education and Research (NIMERs)on the lines of NIPERs;
The medical device industry is diversified in nature, this sector faces continuous innovation and variation in terms of technology and regulations. Due to changes in regulations and technology advancement this sector requires coordination and communication among industry and stakeholder. To encourage the medical device manufacturer government is promoting medical devices parks with some common facilities like testing centres. This policy gives you clear roadmap for the growth of the sector. Our government is trying hard to reduce import dependencies in next 10 years.
The medical device industry is a nascent field for India, so we faced so many challenges at early stages but as the field grows and with the Governments initiative we are moving ahead and growing day by day. The challenges we faced at early stages are like capital, trained people, and brand. We invested in our R&D, we showed the world that Indian companies can do better, work innovatively and able to bring change.
Future Of Indian Med-Tech industry:
India has potential. Medical device industry is diverse sector, which covers all medical equipment’s, electronics, implants IVD’s, so this field is linked with biotechnology, engineering, software –hardware everything so we need experts or trained people from all these fields. we do have talent but it may hard to bring everything together. Governments initiatives, new policies and encouragements will surely bridge the gap.
Conclusion: we can conclude from the sources that to reduce the dependence of import for high end medical devices governments initiative is really appreciable. It will give a boost to medical devices sector.
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