The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers launched the Meditech Stackathon 2024 in collaboration with the Confederation of Indian Industry (CII) in New Delhi yesterday. MediTech Stackathon is a ground-breaking initiative designed to drive transformational change initiatives within India's growing MedTech sector through comprehensive value chain analysis of selected specialty medical devices.
Stackathon aims to address critical challenges through consultation with top industrialists, policy makers and experts, boost domestic manufacturing and reduce import dependence, thereby positioning India as a global leader in medical technology. . On this occasion, Joint Secretary of the Department of Pharmaceuticals, Mr. RP Singh and President of Confederation of Indian Industry National Medical Technology Forum, Mr. Himanshu Baid and other senior officials of the department and representatives of the industry were present.
Addressing the attendees at the MedTech Stackathon, he said that there is immense potential in the country's MedTech industry. It is estimated that this industry will have an annual growth rate of 28 percent, which will reach US $ 50 billion by the year 2030. He said that currently, India is the fourth largest market for medical devices in Asia and among the top 20 countries globally. Net imports for 2022-23 are USD 4101 million with an import coverage ratio of 0.45.
He said the region has seen a surge in imports, which is mainly driven by countries like the US, China and Germany. India's strong policy ecosystem provides opportunities to promote exports and reduce import dependence through domestic manufacturing. He stressed the importance of policy makers and industry working together to formulate a strong policy for the development of the medical device industry in the country. He said that India needs to focus on quality so that it becomes globally competitive.