India among top 5 healthcare manufacturers, but at lesser cost: Dr Jitendra

STATE TIMES NEWS

NEW DELHI: Amidst global competition for hi-tech medical devices, India has emerged among the world’s 5 top healthcare manufacturers, but at a much lesser cost, said Union Minister Dr Jitendra Singh today. India is manufacturing life-saving high-risk medical devices but the cost is just a fraction of the rest, he said.
The Minister was delivering the Inaugural Address at the 8th CAHOTECH, the Annual International Healthcare Technology Conference, organised by Consortium of Accredited Healthcare Organizations (CAHO) in New Delhi.
Dr Jitendra Singh said the Medical Devices is considered as one of the sunrise sectors in the country and the Government under Prime Minister Shri Narendra Modi’s leadership is taking every possible step to make India its manufacturing hub.
“India is set to become the global hub of medical technology and devices with the market size estimated to grow up to US$ 50 billion by 2050 from the present $11 Bn (approximately, ? 90,000 Cr),” he said.
“From a market share of 1.5 per cent, we hope to increase India’s market share to 10-12 per cent over the next 25 years,” he added.
Dr Jitendra Singh said, medical devices have been identified as a priority sector by the Modi Government and it is committed to strengthen the indigenously manufacturing ecosystem.
“The National Medical Device Policy 2023 and the setting up of the Export-Promotion Council for Medical Devices are aimed at making India the medical devices manufacturing hub. Besides, 100% FDI under the automatic route for both Greenfield & Brownfield setups and ‘Promotion of Medical Devices Parks’ scheme serve to catalyse research and manufacturing. Production-Linked Incentive (PLI) scheme has led to 43 critical Active Pharmaceutical Ingredients (APIs) being produced within the country which were earlier imported from abroad,” he said.
The Central Government is supporting the setting up of 4 Medical Devices Parks in the States of Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh. Under the PLI scheme for Medical Devices, till now, a total of 26 projects have been approved, with a committed investment of Rs.1,206 Cr and out of this, so far, an investment of Rs.714 Cr has been achieved. Out of the 26 projects, 14 projects producing 37 products have been commissioned and domestic manufacturing of high-end medical devices has started which include Linear Accelerator, MRI Scan, CT-Scan, Mammogram, C-Arm, MRI Coils, high end X-ray tubes, etc. Dr Jitendra Singh said, technologies such as the ones developed by the Sree Chitra Tirunal Institute of Medical Sciences and Technology, Thiruvananthapuram, like the artificial heart valve, hydrocephalus shunt, oxygenator and drug eluting intra uterine device are being manufactured only in the US, Japan, Brazil and China.
Dr Jitendra Singh said, with the handholding of Technology Development Board (TDB), Panacea Medical Technologies Pvt. Ltd., Bangalore last year launched India’s first most advanced & innovative SBRT enabled Linear Accelerator (LINAC), SiddharthII, capable of performing treatment modalities like 3DCRT, VMAT, IMRT, SBRT and SRS. He said, this is only the third brand in the world which is ready for the market beside two global giants UK and Japan.