Indian Cabinet announces medical devices policy to boost domestic production and help boost healthcare
Experts in the field of medical technology have praised the recently approved National Medical Devices Policy 2023 by the Cabinet for its potential to make India a significant player in the medical device sector. This programme seeks to increase domestic medical device manufacture, decrease imports, and support industry innovation. By doing this, it might open up chances to strengthen the local economy and give everyone better access to inexpensive healthcare. The creation of a Medical Devices Development Council, a Medical Devices Promotion Council, and a specific regulatory framework to speed up the clearance process for medical devices are some of the main aspects of this strategy. The implementation of this legislation may have a substantial effect on India’s medical equipment market as well as the country’s entire healthcare system.
The National Medical Devices Policy 2023
An important step towards addressing India’s healthcare demands is the Cabinet’s approval of the National Medical Devices Policy 2023. Within the next 25 years, the policy wants to gain a 10-12% market share for medical devices worldwide. With a patient-centric approach, the policy is anticipated to drive the expansion of the medical device sector, with India’s present market share in the world estimated at 1.5%. By 2030, it is anticipated that the policy will have increased the sector’s worth from $11 billion to $50 billion. This would not only lessen the nation’s reliance on imports but also encourage innovation in the field and increase domestic medical device manufacture.
Reducing the Need for Imports
The Indian government has taken a big step towards lowering its reliance on imported medical equipment with the passage of the National Medical Devices Policy 2023. Currently, India’s imports of medical devices are rising quickly, reaching a record high of 41% in 2021–22. The new strategy, however, aims to increase domestic medical device production and support innovation in the industry, which is anticipated to reduce the demand for imports. India can lessen its reliance on foreign suppliers and become self-sufficient in addressing the need for medical devices in the country by expanding domestic manufacture. As a result, it is anticipated that the nation will experience cost savings, economic growth, and job opportunities.
Opportunities for Innovation
An excellent opportunity to encourage innovation in the medical device industry is provided by the National Medical Devices Policy 2023. The goal of the policy is to boost domestic manufacture of medical devices, which will improve access to medical supplies, lower costs, and foster innovation. With the construction of centers of excellence in academic and research institutions, innovation hubs, “plug and play” infrastructures, and assistance for start-ups, the policy seeks to create an environment that is favorable for research and development in India. The policy’s emphasis on innovation is intended to spur rapid expansion in the medical device industry and make India a prominent player in the global medical device market.
Key Features of the Policy
The National Medical Devices Policy 2023 focuses on various key features and strategies to boost the medical device sector in India. The policy lays out a roadmap for regulatory streamlining to enhance the ease of doing research and business, co-opting all the stakeholder departments to enhance the role of Indian Standards like BIS, and designing a coherent pricing regulation. The policy also aims to promote research and development in India by establishing centres of excellence in academic and research institutions, innovation hubs, ‘plug and play’ infrastructures, and support for start-ups. By emphasizing these strategies, the policy aims to accelerate the growth path for the medical device sector with a patient-centric approach and achieve a 10-12% share in the global medical device market in the coming two and a half decades.
Impact of the Policy
The Indian medical device sector is anticipated to be significantly impacted by the National Medical Devices Policy 2023. The strategy intends to support the expansion of the sector by fostering domestic production, reducing dependency on imported gadgets, and encouraging innovation. The goal of the policy is to encourage the creation of centres of excellence and innovation hubs to advance the study and creation of medical devices. Moreover, the policy will streamline regulations and pricing to enhance ease of doing business and ensure coherence. It is envisaged that the strategy will help India acquire a 10-12% stake in the global medical device market, up from the present 1.5%. Better local access, more cheaper costs, and higher healthcare results for the Indian populace are anticipated as a result of the sector’s predicted growth.
The ratification of the National Medical Devices Policy 2023 by the Cabinet has garnered encouraging comments from professionals in the MedTech industry. They think that the strategy will make it possible to produce medical gadgets domestically and lessen the demand for imports. The policy includes a framework that concentrates on six key areas, which is anticipated to aid in the expansion of India’s medical device industry. The legislation, according to the experts, will encourage innovation and research in the area, ultimately raising the standard of healthcare in the nation.
India might become a prominent player in the global medical device market according to the National Medical Devices Policy 2023. In the next 25 years, the policy hopes to gain a 10-12% share of the worldwide medical equipment market through a patient-centered approach. This represents a substantial increase from India’s estimated current contribution of 1.5%. The policy’s emphasis on encouraging R&D, creating centres of excellence, innovation hubs, and supporting start-ups is anticipated to foster innovation and increase job possibilities in the industry. There will be better local access, more affordable prices, and less reliance on imported medical equipment thanks to increased domestic production. The strategy has received appreciation from the MedTech industry experts, and it is anticipated to support the orderly growth of the medical device sector in India.