|
The MedTech ecosystem in India has received an impetus with the production linked incentive (PLI) scheme for medical devices. This marks a big step as the policy mainly looks at higher-end diagnostic imaging equipment, cancer care, and cardiovascular devices, said Falgun Jani, business head of Freudenberg Medical India.
Delving further, he added that the scheme serves as a trigger mechanism for the growth of an interdependent value chain, particularly in the manufacturing of high-precision medical components vital for present-day healthcare delivery methods.
The function and long-term performance of modern medical devices is greatly dependent on their components which are made with precision, accuracy, and high-quality materials. The materials used to manufacture such components like catheter, implant-grade silicone, or parts manufactured from PEEK, diagnostic kit parts, or pharma-grade tubing should be with proven biocompatibility. With the growing demand for faster delivery and better quality at affordable costs, local manufacturing of such parts becomes crucial, Jani told Pharmabiz in an email.
Globally, original equipment manufacturers (OEMs) are now rethinking their supply chains. Moreover, manufacturing components domestically ensures reduced disturbances in the supply chain, cost control, and compliance with regulations. With the right mix of technical capability, trained manpower, and policy support, India is rapidly establishing itself as a reliable manufacturing base, not only for finished devices but also for the critical components, he said.
The PLI scheme may not directly fund component makers, but it boosts the demand for their services. To become a key player in the global MedTech supply chain, India must build not only finished devices but also high-quality parts that power them. The scheme’s fosters innovation and scale at every level of the supply chain.
Here Freudenberg Medical, has witnessed how this change is creating new opportunities. Advanced moulding, catheter systems, and micro-extrusion technologies are more in demand. The company’s foray into India by offering local support is a decisive step. Utilizing our innovation, R&D and 11 global manufacturing locations, we currently work closely with Indian customers at every stage of new product development life-cycle, from concept, designing, material selection, and lean manufacturing processes, to introduce new and improved medical device products in the coming three to five years, said Jani.
Medical devices market in India is one of the top 20 medical device markets in the world. It is currently valued at $11.0 billion, approximately, Rs. 90,000 crore and expected to reach $50 billion by 2030.
The National Medical Devices Policy 2023 is expected to facilitate an orderly growth of the medical device sector to meet the public health objectives of access, affordability, quality, and innovation. This sector is expected to realize its full potential, with the strategies like, building an enabling ecosystem for manufacturing along with a focus on innovation, creating a robust and streamlined regulatory framework, providing support in training and capacity building programs and promoting higher education to foster talent and skilled resources in line with the industry requirements. Government’s initiatives like ‘Atmanirbhar Bharat’, ‘Make in India’, PLI (production linked incentives) etc are paving the way for a brighter future for India’s medical device industry, said Jani.
India is on its way to becoming a global MedTech centre and is in a position to leverage not just the assembly of complete devices but positively influence the value chain of medical technology. With strong policy backing through the PLI scheme, increasing collaborative international efforts, and a growing domestic base, India is well-positioned to play in the value chain not just as an assembler but as a true innovator and supplier of world-class components, asserted Jani.
|