New Delhi, Dec 08, 2014 – “The need of the hour is for India to manufacture medical equipments as part of the ‘Make in India’ programme so that it became available to the poorest of people even in remote corners of India,” Shri Narendra Modi, Prime Minister of India
India has already marked its presence as one of the fastest growing economies of the world. The country is expected to rank amongst the world’s top three growing economies and amongst the top three manufacturing destinations by 2020.-Make in India
The recent study by the Boston Consulting Group (BCG) suggests that the Indian medical technology sector has the potential to touch $50 billion by 2025 if it continues to grow at 10-12 per cent annually. Globally, the medical technology market is expected to be over $600 billion by 2025. India can capture 10 per cent of that share by 2025 if provided with adequate support and policy guidance.
The Indian medical device industry presents an exciting business landscape and opportunities for both multi-national and domestic players. India’s medical device market is currently the fourth largest market in Asia with 700 medical device makers, and ranks among the top 20 in the world. The Indian medical device market was valued at US$3,226.0mn in 2013. The market is forecast to grow at a CAGR of 14.9% (2013-2018) in local currency terms, equal to a US dollar CAGR of 15.0%, making India one of the fastest growing markets in the world.
As per estimates, India imports about 70% of its requirement of medical devices. The industry size is about $7 billion in the country and Government of India is looking at relaxing the FDI policy for the cash-starved medical devices sector to attract more investments and boost manufacturing thereby presenting an opportunity to Indian Medical Device Industry to create an environment for promotion of innovation and boosting manufacturing to achieve a sustainable growth in the country.
However there are some of the key challenges that Indian medical device industry is facing like weak regulatory framework, unfavorable duty structure for imports and exports, developing affordable products, increasing labor productivity skills, high capital cost, poor public health infrastructure and approval delays etc, ASSOCHAM is taking an initiative to address these challenges keeping in mind the aim to promote innovation & boosting manufacturing which will empower Indian Medical Device Industry. To give strength to this initiative ASSOCHAM is proposing to organize Indian Medical Device Summit 2014 on 19th December 2014 in Hotel LE Meridian New Delhi.
The key challenges that Indian medical device industry is facing like weak regulatory framework, unfavourable duty structure for imports and exports, developing affordable products, increasing labour productivity skills, high capital cost, poor public health infrastructure and approval delays etc, ASSOCHAM is taking an initiative to address these challenges keeping in mind the aim to promote innovation & boosting
manufacturing which will empower Indian Medical Device Industry. To give strength to this initiative ASSOCHAM is organizing Indian Medical Device Summit 2014 with the support of DEPARTMENT OF INDUSTRIAL POLICY AND PROMOTION (DIPP) GOI, MINISTRY OF SCIENCE AND TECHNOLOGY, DEPARTMENT OF ELECTRONICS AND INFORMATION TECHNOLOGY (GOI), MINISTRY OF SMALL AND
MEDIUM ENTERPRISES (GOI) AND NATIONAL MANUFACTURING COMPETITIVE (GOI) on 19TH DECEMBER 2014 AT HOTEL LE MERIDIEN IN NEW DELHI.
* Shri Shripad Yesso Naik, Minister of State, Ministry of Health and Family Welfare, Government of India
* Shri Amitabh Kant, IAS, Secretary Department of Industrial Policy & Promotion, Ministry of Commerce, Government of India
* Dr. G. N. Singh, Drugs Controller General of India. Central Drugs Standard Control Organization (CDSCO)
* Dr. K. Vijayraghavan, Secretary (AC), Department of Science and technology Ministry of Science and Technology, Government of India
* Shri Madhav Lal, Secretary, Ministry of Micro, Small and Medium Enterprises
* Shri Ajay Shankar, Member Secretary, National Manufacturing Competitiveness Council
* Dr. V.M. Katoch, Director General, Indian Council of Medical Research (ICMR)
* Dr. P.S. Ahuja, Director General, Council of Scientific & Industrial Research
* D.V. Prasad, Joint Secretary, Department of Industrial Policy & Promotion, Ministry of Commerce, Government of India
* Shri K.L Sharma, Joint Secretary, Department of Health & Family Welfare, Ministry ofHealth & Family Welfare, Government of India
* Dr. Ajay Kumar, Joint Secretary, DeiTY, Government of India
You may also get the opportunity to meet the experts from the following organizations leaders in Indian Medical Devices, ABBOTT INDIA LIMITED, GE , MEDTRONIC INDIA, JOHNSON & JOHNSON LTD, SIEMENS, BAXTER INDIA , FRESENIUS KABI INDIA PVT LTD, PHILIPS HEALTHCARE, COVIDIEN HEALTHCARE,
NOVARTIS INDIA LIMITED, STRYKER CORP, BECTON, DICKINSON AND CO, BOSTON SCIENTIFIC INDIA, ALLERGAN INC, ST. JUDE MEDICAL INC, 3M HEALTH INFORMATION SYSTEMS, ZIMMER INDIA PVT. LTD, TERUMO INDIA PVT LIMITED,SMITH & NEPHEW HEALTHCARE PVT. LTD., OLYMPUS MEDICAL SYSTEMS PVT LTD, GETINGE AB, CAREFUSION CORP, VARIAN MEDICAL SYSTEMS INC. AND MANY MORE INDIAN MEDICAL DEVICES MANUFACTURERS