New Delhi [India], May 7 (ANI): India’s exports of medical consumables and disposables have surged by about 60 per cent to USD 1.6 billion in the fiscal year 2022-23 from USD 1.08 billion in 2019-20, according to data shared at the Meditech Stackathon 2024 held on May 7 in Delhi.
The data also indicates a reduction in imports of medical consumables and durables to USD 1.09 billion in 2022-23 from USD 1.47 billion in 2020-21.
Organized by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, in collaboration with the Confederation of Indian Industry (CII), the event aims to decrease import dependence from the current 75 per cent to 50 per cent within the next five years.
Despite these positive trends, India still has a significant distance to cover in achieving self-reliance (Aatma Nirbhar) in the medical industry.
“The sector has witnessed a surge in imports, driven primarily by countries like the US, China, and Germany, however, India’s robust policy ecosystem presents opportunities for export boosts and reducing import dependence through domestic manufacturing” said Dr Arunish Chawla Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers.
The key insights shared during the event included a mission statement for the MedTech sector, aiming for self-reliance, reduced import dependence, and enhanced export competitiveness through value-added manufacturing.
India currently ranks as the 4th largest market for medical devices in Asia and among the top 20 globally. However, with a net import of USD 4.1 billion for 2022-23 and an import coverage ratio of 0.45, there is a pressing need to enhance export competitiveness and reduce import dependence.The only sector where India’s exports exceed imports is consumables and disposables.
The Stackathon’s logic model aims to transition from input to impact by understanding the ecosystem, mapping value chains, identifying critical issues, and formulating a right policy framework.
During the event the stakeholders also emphasized the importance of fostering industry-friendly policies, streamlining regulatory frameworks, and extending support to micro, small, and medium enterprises (MSMEs) through targeted incentives and technology funds to realize the sector’s full potential.
India has a favourable ecosystem comprising world-class hospitals, skilled manpower, and cutting-edge resources, the industry leaders are positive that India can lead the world in the medical technology arena. (ANI)
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