The department of Pharmaceuticals, Ministry of Chemicals and Fertilizers launched the Meditech Stackathon 2024 in collaboration with CII at New Delhi today.
A groundbreaking initiative designed to catalyze transformative change within India’s burgeoning MedTech sector, the Stackathon has been organised to take up a comprehensive value chain analysis of select medical devices through close consultation with industry leaders, policymakers, and experts.
Addressing the gathering, Dr Arunish Chawla, secretary, department of Pharmaceuticals, said that India’s MedTech industry holds immense potential, with projections estimating a growth rate of 28 percent annually, reaching a size of USD 50 billion by 2030.
‘India’s MedTech industry holds immense potential, with projections estimating a growth rate of 28 percent annually, reaching a size of USD 50 billion by 2030.”
Dr Arunish Chawla, secretary, department of Pharmaceuticals
He said that India is the 4th largest market for medical devices in Asia and among the top 20 globally. Net imports for 2022-23 stands at USD 4101 Million with import coverage ratio of 0.45.
The Secretary added that the sector has witnessed a surge in imports, driven primarily by countries like the US, China, and Germany, however, India’s robust policy ecosystem presents opportunities for export boosts and reducing import dependence through domestic manufacturing. He highlighted the critical need to focus on quality to ensure that India becomes globally competitive.
“Exports have overtaken imports in consumables and disposables during last year,” he said.
Through the Stackathon, participants will delve into the complexities of different product segments within the medical devices industry to gain insights into their unique challenges and opportunities, analyse and map value chains across various segments of the medical devices industry to identify key stakeholders, processes, and dependencies, identify critical issues hindering the development of the medical devices industry.
The STACKATHON participants would deliberate in eight focused groups namely Cancer Therapy, Imaging, Critical Care, Assistive Medical Devices, Body Implants, Surgical instruments and Hospital Equipment, Consumables & Disposables, and IVD Instruments and reagents, each tasked with specific objectives including segment-wise identification of important medical devices, assessment of import-export dynamics, examination of duty structures, and their implications across the entire value chain.
“The STACKATHON participants would deliberate in eight focused groups namely Cancer Therapy, Imaging, Critical Care, Assistive Medical Devices, Body Implants, Surgical instruments and Hospital Equipment, Consumables & Disposables, and IVD Instruments and reagents.”
Preceding this workshop, group leads and members have undertaken extensive virtual discussions and preparatory work. The challenges persist in the sector, including cost competitiveness, quality assurance, and regulatory hurdles.