India to become global hub of medical technology devices by 2050: Mandaviya

New Delhi: India is poised to become a global center for medical technology and devices, said health minister Mansukh Mandaviya on Thursday while addressing the curtain raiser to India MedTech Expo 2023. The market projection suggests a rise to a staggering $50 billion by 2050. 

To be held  during 17-19 August in Gandhinagar, Gujarat, the expo coincides with the G20 health ministers' summit.

The minister highlighted the nation's medical device sector as a sunrise industry, expressing the government's commitment to transform India into a major manufacturing center for medical apparatus. "From a market share of 1.5%, we hope to increase India’s market share to 10-12% share over the next 25 years. With effective implementation of the recently unveiled National Medical Devices Policy 2023, we are confident of fostering the medical devices sector growth from present $11 billion to $50 billion by 2030,” he said.

The government has undertaken several new initiatives such as the PLI scheme which has led to 43 critical APIs being produced within the country, earlier imported from abroad.

The government is also creating bulk drug parks and medical devices parks in the country to make India self-reliant in this sector.

Mandaviya stated that the upcoming MedTech Expo 2023 will showcase India’s innovations and achievements in medical and surgical procedures, drugs, equipment and facilities.

He highlighted that the event will enhance visibility of medical devices ecosystem in India and create a brand identity for Indian MedTech sector.

Echoing Mandaviya's sentiments, Bhagwant Khuba, Union Minister of State for Chemicals and Fertilizers, reiterated the government's dedication to fostering self-reliance in health.