Mumbai, September: Medtec India 2013, one-of-its-kind event, providing the perfect platform, to bring the diverse and largely fragmented medical device industry opened to unprecedented visitor footfalls at The Lalit on 3rd October, 2013.
The Indian subcontinent is rich with opportunities for players in the medical device industry. The Indian hospital services generated revenue of more than US$ 45 Billion in 2012. This revenue is expected to rise at a CAGR of 20% during 2012-2017 generating immense possibilities for players in the market*. Recognising the need for dialogue and the potential of the market to grow exponentially, Medtec India 2013 brought together stalwarts from the industry and key stake holders on a common platform.
Examining the key trends within the diversified medical devices industry in India, to potentially forecast the development of future opportunities for manufacturers, Krishnakumar Sankaranarayanan Associate Director from PriceWaterhouse Coopers, said, “The $ 4 Bn Indian Medtech Industry is likely to grow at a CAGR of 15% in the next few years driven by improved financing, innovation, collaboration and investments from strategic and private equity investors. Manufacturers who are willing to set up manufacturing operations in India keeping in mind the burgeoning quality conscious and value driven end customer, establish cost effective commercial operations, with R&D operations specific to India have greater opportunities for success. ”
Nascent and highly fragmented, the medical device industry with limited indigenous manufacturing and imports constituting over 75% of the estimated market, has a tremendous growth potential. But it faces problems like affordability, accessibility, awareness and availability. Paradoxically, India has world class doctors, clinics and technologies, and attracts international medical tourists in growing numbers. However, even today, majority of India’s population cannot afford anything better than basic healthcare.
The answer lies in strategic deviation from tradition. Cutting edge medical technology development can be the tool to make modern medicare accessible, available and affordable to all by lowering the cost of the product or delivery. Novelty need not only be restricted to products. Business model innovation across the value chain (manufacturing, distribution, marketing etc) and frugality can often generate significant benefits to all stakeholders, including patients & end users.
Expressing his views on the same, a spokesperson from the Asia-Pacific Innovation Centre, Johnson & Johnson Medical India, said, “Innovation needs to be driven based on the needs of the core customer group identified, whether it is those who need basic healthcare at affordable costs or those with deep pockets preferring speciality clinics. Developing a value proposition and creating a business model backed by facts, based on customer needs has no dearth of finance not only from government agencies but also from venture capitalists, an opportunity that innovators must exploit.”
The event featured a range of networking and social engagement opportunities like Facilitated Business Networking, i-3 centre, Speed Networking, Speed Geeking which will attract high profile, influential and decision makers from the industry and open doors to the future of medical technology in India. — CCI Newswire