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In the midst of intense global competition in the field of cutting-edge medical devices, Union Minister Dr. Jitendra Singh announced today that India has ascended to become one of the world’s leading healthcare manufacturers, accomplishing this feat at a significantly reduced cost.
Speaking at the 8th CAHOTECH, the Annual International Healthcare Technology Conference organized by the Consortium of Accredited Healthcare Organizations (CAHO) in New Delhi, Dr. Jitendra Singh emphasized that India is producing critical life-saving medical devices at a fraction of the cost compared to elsewhere.
Dr. Jitendra Singh highlighted the medical devices sector as a burgeoning industry in India. Under the leadership of Prime Minister Shri Narendra Modi, the government is actively working towards establishing India as a key manufacturing hub for medical technology and devices.
He stated, “India is poised to become a global epicenter for medical technology and devices, with market projections estimating a growth to up to US$ 50 billion by 2050, up from the current $11 Bn (approximately ₹ 90,000 Cr).”
“From a market share of 1.5 percent, our aim is to elevate India’s share to 10-12 percent over the next 25 years,” he added.
Dr. Jitendra Singh emphasized that medical devices have been identified as a priority sector by the Modi Government, and it is steadfast in fortifying the indigenous manufacturing ecosystem.
He pointed out, “The National Medical Device Policy 2023, along with the establishment of the Export-Promotion Council for Medical Devices, is geared towards making India the focal point for medical device manufacturing.”
Furthermore, he outlined measures such as 100% Foreign Direct Investment (FDI) through both Greenfield and Brownfield setups, as well as the ‘Promotion of Medical Devices Parks’ initiative, aimed at propelling research and manufacturing.
Dr. Jitendra Singh underlined that the Production-Linked Incentive (PLI) scheme has resulted in the domestic production of 43 critical Active Pharmaceutical Ingredients (APIs), which were previously imported.
The Central Government is actively supporting the establishment of four Medical Devices Parks in the States of Himachal Pradesh, Madhya Pradesh, Tamil Nadu, and Uttar Pradesh. Under the PLI scheme for Medical Devices, a total of 26 projects have been approved, with a committed investment of Rs.1,206 Cr. As of now, an investment of Rs.714 Cr has been realized. Among these projects, 14 are producing 37 different products, marking the commencement of domestic manufacturing of high-end medical devices including Linear Accelerators, MRI Scans, CT-Scans, Mammograms, C-Arms, MRI Coils, high-end X-ray tubes, and more.
Dr. Jitendra Singh also highlighted groundbreaking technologies like the high-powered Magnetron developed by CSIR-CEERI, Pilani, which enables precise radiation treatment for even 2 mm diameter brain tumors with minimal side-effects.
On August 1, 2023, Dr. Jitendra Singh inaugurated India’s first indigenously developed, affordable, lightweight, ultrafast, high-field (1.5 Tesla) Next Generation Magnetic Resonance Imaging (MRI) Scanner in New Delhi.
He stated, “With the indigenous MRI scanner, the cost of MRI scanning is expected to reduce considerably for the common man, thus enabling broader access to this otherwise highly-priced diagnostic tool. Additionally, the capital investment required for procuring MRI scanners from the international market will be significantly reduced, resulting in substantial foreign exchange savings.”
Dr. Jitendra Singh emphasized that nearly 70% of the world’s population lacks access to MRI diagnostic modality due to prohibitively high capital costs, particularly in developing countries like India. He noted that the annual demand for MRI machines is projected to more than double by 2030 due to government initiatives, including the flagship Ayushman Bharat program.
He affirmed that India aims to address these issues by offering the first domestically developed MRI Scanner, which is not only affordable but also promises to provide other nations in the Global South with access to dependable and reasonably priced medical imaging solutions.
Dr. Jitendra Singh mentioned that the government has circulated the latest draft of the Drugs, Medical Devices and Cosmetics Bill 2023, which includes provisions for regulating, restricting, or banning the online sale or distribution of any drugs through notifications.
He concluded by emphasizing the significance of preventive healthcare and widespread mass screening in achieving the expected rate of economic growth set forth by Prime Minister Modi, especially with 70% of the country’s population under the age of 40. These measures will play a vital role in shaping India’s future in 2047.
