Team L&M
The Union Cabinet approved the Policy for the Medical Devices Sector, outlining six strategies to tap the potential of the sector. The policy is expected to help the Medical Devices Sector grow from present $11 Bn to $50 Bn in next five years.
An essential and integral constituent of the Indian healthcare sector, the Indian medical Devices sector’s contribution became more prominent during the pandemic as India supported the domestic and global battle against Covid19 through the large scale production of medical devices & diagnostic kits, such as Ventilators, Rapid Antigen Test kits, Real-Rime Reverse Transcription Polymerase Chain Reaction (RT-PCR) kits, Infrared (IR) Thermometers, Personal Protective Equipment(PPE) Kits & N-95 masks.
Life & More spoke with a few stakeholders in the healthcare industry on the issue, and this is what they have to say:
Vaibhav Tewari, Co-founder & CEO, Portea Medical
We welcome the approval of the National Medical Devices Policy, 2023. We believe that this policy will provide a comprehensive and coordinated approach to the growth of the medical device sector in India, and help achieve the public health objectives of access, affordability, quality, and innovation. With our focus on delivering quality healthcare services to patients in the comfort of their homes, we are excited about the potential of this policy to drive innovation, enhance regulatory processes, and support the development of a skilled workforce in the medical device sector.
Runam Mehta, CEO, HealthCube
It is a commendable step towards promoting the medical devices sector in India, intending to capture 10-12 per cent of the expanding global market within the next 25 years. The policy outlines critical strategies such as regulatory simplification, infrastructure development, R&D, innovation facilitation, investment attraction, human resource development, and brand positioning. I believe this will further boost the economy by creating an ecosystem for manufacturing medical devices, promoting innovation, providing support for training and capacity building, and encouraging domestic investments, transforming India into a medical device manufacturing and innovation hub. The policy advances the growth of the medical device sector and realizes public health goals of accessibility, affordability, quality, and innovation. It is a significant step towards achieving the vision of making quality healthcare accessible to all.
Nilesh Aggarwal, CEO, IJCP Group and Founder, MedTalks
It is a significant development that aims to enhance the healthcare sector in our country. It seeks to ensure the quality and safety of medical devices, drive innovation, and promote domestic production. By introducing robust regulations, we can provide patients with greater assurance in medical devices and enable better outcomes for healthcare providers. It is encouraging to see the government’s commitment to making medical devices more accessible and affordable. I am confident that this policy will greatly benefit our country in achieving this goal.
