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MEDITECH STACKATHON launched to boost India’s MedTech industry

The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers today kicked off the MEDITECH STACKATHON 2024 in New Delhi alongside Confederation of Indian Industry (CII) . This event aims to revolutionize India’s growing MedTech sector by thoroughly analyzing the value chain of selected medical devices. The goal is to tackle major challenges, promote local manufacturing, and lessen reliance on imports, ultimately establishing India as a global leader in medical technology.

The event highlighted India’s immense potential in the MedTech industry, projecting a 28% annual growth rate, with estimates suggesting it could reach a whopping USD 50 billion by 2030. Currently, India ranks as the 4th largest market for medical devices in Asia and among the top 20 globally. However, hefty imports, mainly from countries like the US, China, and Germany, are driving the surge.

It stressed the importance of collaboration between policymakers and industry players to develop robust policies for the sector’s growth. Quality assurance is paramount to ensure India’s competitiveness on the global stage. Although exports of consumables and disposables have surpassed imports, there’s still work to be done in other areas of the MedTech sector.

The STACKATHON will focus on various segments such as Cancer Therapy, Imaging, and Critical Care, with specific objectives including identifying key medical devices, assessing import-export dynamics, and examining duty structures. The aim is to address critical issues like import dependence and regulatory hurdles hindering industry development.

Himanshu Baid, Chairman of CII, emphasized the need for collaborative excellence to drive tangible outcomes and propel India’s MedTech exports, which have already exceeded 4 billion dollars. He outlined a vision for India to capture 10% of the global market share over the next decade, leveraging its strong ecosystem of hospitals, skilled manpower, and resources.

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Last Updated: 24th May 2024