Medtec India brings the $5 billion medical device industry on a common platform

Mumbai, September 25, 2013: Volatile economic scenario and rupee depreciation notwithstanding, the healthcare and pharmaceutical sector may continue to grow and do well In India.

The Indian healthcare industry comprising of hospitals, medical infrastructure, medical devices, clinical trials, outsourcing, telemedicine, health insurance and medical equipment, was valued at US$ 79 billion in 2012, and is expected to reach US $160 billion by 2017. A large part of this industry is supported by the currently about $4.5-5 billion medical device industry.  A rise in the number of hospitals and the increased requirement for healthcare facilities creates a need for sophisticated devices and equipment, which can provide accurate treatment to individuals. Metros and Tier-1 cities contribute to about 50% of the total market, with the rest of India making up the rest.

Recognising the growing industry and the need to regulate and help bring the booming medical equipment industry in the country on one platform, MEDTEC India 2013, taking place on 3rd & 4th October, 2013 at The Lalit will offer the platform to showcase innovative solutions and an opportunity for dialogue between relevant stakeholders not only from the metros but also facilitate demands from the Tier-1 & Tier-2 cities.

The Health Ministry has recently sought the Cabinet’s nod for a new Drugs and Cosmetics Bill, 2013 to replace the existing Act of 2007, to help bring the growing medical equipment industry in the country under the specific regulation of a law. Recognising this initiative by the government, and to discuss the upheaval in medical device regulations and the enforcement of more stringent guidelines that may come in with this initiative, MEDTEC India will also host conferences on “Government support to boost the industry”, “Regulatory Regime: Current status”, “Trend Analysis: Medical devices as industry in India” and more..

Mr Sanjay Banerjee, (Managing Director, Zimmer India) says “While the Medical Devices Industry has made important contributions towards improving health outcomes for Indian patients and towards growth of the overall Healthcare Industry, it has the potential for an even greater role going forward along with its own exponential growth. The ability to realize this potentially will, of course, be dependent on the Regulatory System and facilitative policies and ecosystems for innovation, manufacturing and overall growth of this sector. Towards this objective, MedTec India is an important platform bringing together all stakeholders for constructive discussions on the roadmap for the future”.

Indian and International companies like BioInteractions Ltd, Ametek Instruments India Pvt Ltd, Millenia Technologies, Martech Medical, Zeus, SMC Global  and more will be a part of this event that will have range of unique networking and social engagement opportunities like Facilitated Business Networking, i-3 centre, Speed Networking, Speed Geeking, etc. — CCI Newswire