Mansukh Mandaviya Launches Website and
Flyer of India MedTech Expo 2022
·
Indian
Medical Devices Industry has the power to emerge as the global leader in manufacturing
and innovation in next 25 years
·
It
has the potential to grow at 28% p.a. to reach US$ 50 bn by 2030”
·
Department
and Industry Associations to organize 3 days National Level Expo on Indian Medical
Devices Sector at Pragati Maidan, New Delhi between 9-11 Dec 2022, first of its
kind expo in India
“Indian medical devices
industry has the power to emerge as the global leader in manufacturing and innovation
in next 25 years. It has the potential to grow at 28% p.a. to reach US$ 50 bn by
2030”. This as stated by Dr Mansukh Mandaviya, Union Minister
for Chemicals & Fertilizers and Health & Family Welfare as he launched the
website of India MedTech Expo 2022 (IMTE-22) and released the flyer for the event,
on 30 September, 2022. The first ever expo being spearheaded by the Government in
association with Indian medical devices industry, the three-day IMTE-22 will start
from 9th Dec, 2022 at Pragati Maidan, New Delhi.
Dr Mandaviya stated that “As India prepares for its Amrit Kaal,
it is a moment in time to redesign our aspiration in pharmaceutical and medical
device sector and build an ecosystem for innovation in medical devices and drugs,
thereby enhancing the industry- academia linkages to a greater extent”.
“The event will create
visibility of medical devices ecosystem to the world and build a brand identity
for the Indian MedTech sector”, he said. He further stated that “the Indian medical
devices sector’s contribution has become even more prominent since India supported
the domestic and global battle against COVID-19 pandemic through the production
of medical devices & diagnostic kits, such as ventilators, Rapid Antigen Test
kits, RT-PCR kits, IR thermometers, PPE kits & N-95 masks”.
The Minister pointed out
that “India has been recognised as ‘Pharmacy of the World’. It is time for us to
take the lead in the medical devices sector. India has its strengths of skilled
manpower, ease of business through its industry-friendly rules and also offers a
huge market. The Expo will provide a platform for the various global leaders in
this sector to converge and explore India’s potential as a manufacturing hub, and
also an emerging global market”.
The Union Minister emphasized that India has the potential to be
one of the top 20 global medical device markets in a short span of time and urged
the Indian Medical Devices Industry to work with an aim to emerge as the global
leader in the manufacturing and innovation of medical devices. The Minister expressed
confidence in the ability of the Indian Medical Devices Industry to achieve 10-12%
share in the expanding global market over the next 25 years. He further noted that
owing to the paramount importance of the medical devices sector, “the IMTE-22 is
a timely effort that will allow us to deliberate upon the opportunities and key
challenges in the areas of the sectors”.
The purpose of India MedTech
Expo is to showcase the strength and potential of Indian MedTech Industry, the innovation
ecosystem of the country and a strong academia which is nurturing entrepreneurship
relentlessly. IMTE-22 is expected to have participation of more than 450 Indian
MedTech companies including big companies, MSMEs and start-ups.
Medical devices constitute
a multi-disciplinary sector with the following broad classification: (a) Electronic
equipment (b) Implants; (c) Consumables and Disposables (d) Surgical instruments
and (e) In-Vitro Diagnostic Reagents. Several segments in the medical device industry
are highly capital intensive with long gestation period, requiring continuous induction
of new technologies and training of healthcare professionals to adapt to new technologies
and bring rapid innovation. Medical devices undergo safety, quality and efficacy
tests through processes defined by the regulator before they get placed in the market
for sale. The current market size of the medical devices sector in India is estimated
to be US$ 11 bn and its share in the global medical device market is estimated to
be 1.5%. The sector in India is witnessing fast growth with CAGR of 10-12% over
the last decade.
At the event, Ms S Aparna,
Secretary, Department of Pharmaceuticals reiterated on how the Department has been
working to ensure a stable long-term policy environment and reduce the compliance
burden on the Industry.
About the event:
The 3-day long IMTE-22
is the 1st edition of India MedTech Expo, organized by Dept. of Pharmaceuticals,
Govt of India in close association with all the Medical Devices Industry Associations.
It is being coordinated by the Federation of Indian Chambers of Commerce & Industry
(FICCI).
IMTE-22 is planned around
the theme “Future of Device, Diagnostics & Digital”. The event will create opportunities
to network and explore collaborations both for the sector’s growth in India and
its potential contribution globally, by bringing together all the stakeholders such
as PLI participants, start-ups, MSMEs, Innovative entrepreneurs, R&D facilities,
Incubators, public and private hospitals, industry at large, academia, research
institutions, investors, State governments, MedTech parks and key government officials
to deliberate on key sectoral issues, collaborate & create opportunities to
not only make India truly self-reliant but also transform it into a global med-tech
hub by 2047.
IMTE-22 would offer a
unique platform to meet and interact with around 200+ Start-ups, 150+ Indian &
International Medical Device companies, 100+ MSME units & 50+ Research Institutions.
In addition to rich participation from all across the sector entities, IMTE-22 would
also feature special Government & State focus pavilions, future & R&D
pavilion, start-ups & MSME pavilion, a PLI Pavilion as well as parallel thematic
conference sessions, displaying medical tech prowess of India jointly built by innovators,
companies, R&D institutions and efficiently nurtured by Government of India.
Details of the National MedTech Expo 2022,
are available at - http://www.indiamedtechexpo.in/