Medtech Industry to multiple 4 X in next 10 years to USD 50 Billion by 2030

11 November 2023: 15th Edition of Global MedTech Summit 2023, organized by Confederation of Indian Industry was held on 6th Oct 2023 with the theme “Paving the Way for a USD50 Billion MedTech Industry by 2030”. The summit holds immense importance in the emerging technology and data driven landscape and is aimed towards deliberating policy and regulatory issues, exploring strategies, collaborations and innovations that will drive the MedTech industry toward achieving the remarkable $50 billion mark by 2030.

Dr. Jitendra Singh, MoS (I/C) of the Ministry of Science and Technology; Earth Sciences; Prime Minister’s Office; Personnel, Public Grievances and Pensions; Department of Atomic Energy and Space in his inaugural address highlighted the importance of partnership between public and private sectors for MedTech Industry to develop. In order to get India, the global recognition, he emphasized on need for stakeholders in this space to adopt robust benchmarks and global best strategies.

Dr. VK Paul, Member (Health), NITI Aayog in his address emphasized that India has learnt positive lessons from the Pandemic and the MedTech industry has the potential to drive substantial innovations. To all the stakeholders present, he highlighted the need to develop robust quality standards, mutual trust and investment in Research and Development for the industry to thrive. He also mentioned that the pathway for the R&D in MedTech in Pharmaceutical is different and is to be considered carefully by all stakeholders. He suggested that CII should help the government in sourcing, training, a and skilling the requisite Human Resources to operate the medical devices as the demand cannot be solely filled by the medical personnel. CII should get in dialogue with ICMR to optimize the use of Health technology assessment to create trust and build cost effective equipment’s.