{"id":52909,"date":"2023-02-28T17:06:13","date_gmt":"2023-02-28T11:36:13","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=52909"},"modified":"2023-02-28T17:06:15","modified_gmt":"2023-02-28T11:36:15","slug":"opportunities-in-indian-medical-device-manufacturing","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/","title":{"rendered":"Opportunities in Indian Medical Device Manufacturing &#8211; An Overview"},"content":{"rendered":"\n<p>In the more than ten\nyears that the medical device manufacturing sector has existed, software and\ntechnology have spurred a growing emphasis on design and simplicity. Moreover,\ninnovation helped the medical device industry gain dominance over the\npharmaceutical sector. Modern technologically advanced, user-friendly devices\nare still in high demand, and their time to market is now shorter than before.\nMedical device manufacturers are under pressure from hospitals, healthcare\nfacilities, and other sectors to be more secure, inventive, economical, and\nefficient. We&#8217;ll talk about some difficulties and possibilities for producers\nin the medical device sector in this blog.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/#Indian_Medical_Devices_Industry\" >Indian Medical Devices Industry&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/#Indian_Government_Initiatives\" >Indian Government Initiatives\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/#What_is_Production_Linked_Incentive_PLI_Scheme\" >What is Production Linked Incentive (PLI) Scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/#Drivers_of_Growth\" >Drivers of Growth&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/#Key_Challenges_in_Medical_Device_Manufacturing\" >Key Challenges&nbsp;in\nMedical Device Manufacturing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/#Opportunities_in_Medical_Device_Manufacturing\" >Opportunities in Medical Device Manufacturing&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/opportunities-in-indian-medical-device-manufacturing\/#Conclusion\" >Conclusion &nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indian_Medical_Devices_Industry\"><\/span>Indian Medical Devices Industry&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India is a key market\nfor outsourcing medical equipment manufacturing. The industry has had\ntremendous growth opportunities over the past 10 years, and future development\ntrends indicate even more potential. Many joint ventures, partnerships, and\nloan licensing procedures have had an impact on the Indian medical device\nindustry.&nbsp;<\/p>\n\n\n\n<p>Promoting innovation in\nthe health sector <strong><a class=\"text-primary\" href=\"https:\/\/corpbiz.io\/medical-device-registration\">Medical device<\/a><\/strong> sales in India are anticipated to\nreach $11 billion soon, making this industry a promising one for the country&#8217;s\neconomy. The Indian medical devices sector, which is growing at an\nunprecedented rate, coexists with large international corporations and small\nand medium-sized businesses (SMEs).&nbsp;<\/p>\n\n\n\n<p>The Indian medical\ndevice industry is predicted to grow significantly over the next three years,\nwith a CAGR of 15%, to reach $50 billion by 2025. 100% FDI is permitted in both\nBrownfield and Greenfield projects using the automated technique. High FDI\ninflows are evidence of the confidence foreign investors have in the Indian\nmarket.&nbsp;<\/p>\n\n\n\n<p><strong>FDI<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/en.wikipedia.org\/wiki\/Foreign_direct_investment\"><strong>[1]<\/strong><\/a><\/sup> has reached $2.2\nbillion since April 2000; of this, $600 million has come in the last five\nyears. Singapore, the United States, Europe, and Japan are major financial\nplayers. The majority of FDI has gone into implants, consumables, and\nequipment.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indian_Government_Initiatives\"><\/span>Indian Government Initiatives\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian government\nhas launched numerous measures over the past five years to encourage the\ndevelopment of a thriving ecosystem for the production of medical devices\nthere.&nbsp;<\/p>\n\n\n\n<ul><li>The 2017 <strong>Medical Devices\nRegulations (MDR)<\/strong> Clinical research, medical device production,\nimportation, sales, and distribution are all governed by the Medical Devices\nRegulations (MDR) 2017 regulations. Following international standards, the\ndevices are separated into four groups.&nbsp;<\/li><li><strong>Medical Device Parks Promotion\nScheme:<\/strong> To provide shared infrastructure,\ncreate a positive industrial ecosystem, and reduce production costs, the Indian\ngovernment has approved the creation of four medical device parks.&nbsp;<\/li><li>The market is anticipated to be\nworth $50 billion by 2025.&nbsp;<\/li><li>India is the second-biggest\nmanufacturer of PPE Kits, with a daily production capacity of more than 10 lakh\nPPE coveralls.&nbsp;<\/li><li>India is the fourth largest market\nin Asia for medical equipment and one of the top 20 markets worldwide for\nmedical items.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Production_Linked_Incentive_PLI_Scheme\"><\/span>What is Production Linked Incentive (PLI) Scheme?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The flagship &#8220;Make\nin India&#8221; program has identified the medical device industry as a key\nsector, and the Indian government is committed to improving the business\nclimate. To assist India in achieving its objective of dominating the global\nmedical device manufacturing market, the Production Linked Incentive Scheme\n(PLI) Encouraging Domestic Manufacture of Medical Devices and the Production\nLinked Incentive Scheme for Pharmaceuticals (PLI 2.0) were introduced.<\/p>\n\n\n\n<p>The PLI scheme, as the\nname implies, is a program that provides incentives to domestic industries to\nincrease domestic production. When this occurs, specifically tailored products\nemerge that cater to a specific niche of the target audience. Domestic\nbusinesses also contribute to lower import costs. According to the PLI scheme,\nthe government encouraged domestic companies and establishments to establish or\nexpand manufacturing units to increase production, in exchange for government\nincentives on incremental sales.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Drivers_of_Growth\"><\/span>Drivers of Growth&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>By 2028, India is anticipated to have a\npopulation of 1.45 billion, making it the most populous nation on Earth.&nbsp;<\/li><li><strong><em>India&#8217;s life expectancy<\/em><\/strong> is\nexpected to increase from its current 67.5 years to 70 years by 2025.&nbsp;<\/li><li><strong><em>Change in Disease Burden:<\/em><\/strong> In India,\nnon-communicable diseases (NCDs) account for 60% of all fatalities and 50% of\nthe disease burden.&nbsp;<\/li><li><strong><em>Preferences Change:<\/em><\/strong> a rise in\nthe prevalence of lifestyle problems, a change in attitudes towards\npreventative healthcare, and an increase in health knowledge.&nbsp;<\/li><li><strong><em>Increasing Middle Class:<\/em><\/strong>\nThroughout the next ten years, 73 million Indian households will become\nmiddle-class, increasing their purchasing power across a variety of goods,\nincluding medical equipment.&nbsp;<\/li><li><strong><em>Growing Disposable Income:<\/em><\/strong> 8% of\nIndians will earn more than $12,000 annually by 2026.&nbsp;<\/li><li><strong><em>Health insurance:<\/em><\/strong> Around\n20% of Indians have this type of protection. This number is expected to rise\nwith rising wealth and urbanization.&nbsp;<\/li><li>Due to India&#8217;s comparatively inexpensive cost\nof healthcare, <strong><em>medical tourism<\/em><\/strong> is on the rise. More than $2\nbillion is invested in India&#8217;s healthcare industry. The need for healthcare and\nmedical equipment has increased due to medical tourism.&nbsp;<\/li><li><strong><em>Governmental Support and Incentives:<\/em><\/strong> 100% FDI\napproved in Greenfield and Brownfield projects, fewer entry barriers than other\nindustries, and a diverse and active start-up environment.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Challenges_in_Medical_Device_Manufacturing\"><\/span>Key Challenges&nbsp;in\nMedical Device Manufacturing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Medical device\nmanufacturing in India faces several major obstacles, including inadequate\ninfrastructure and logistics, congested supply chains, and exorbitant financing\ncosts.&nbsp;<\/p>\n\n\n\n<p>Even while the\ngovernment is working to streamline rules and paperwork, the environment is\nstill complicated and is characterized by the existence of numerous powerful\ninstitutions at both the state and federal levels. Moreover, India has some of the\nlowest per-capita health spending in the world.&nbsp;<\/p>\n\n\n\n<p>Although it is\nencouraging that the government is emphasizing independence, the improvements\nrequire both continued financial and policy support from the government.\nHowever, the recent announcement of funding for US$425 million in\nproduction-linked incentives for domestic manufacturing as well as another\nUS$52 million for infrastructure financing in medical parks is anticipated to\nincrease local production in the Indian medical device industry.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Opportunities_in_Medical_Device_Manufacturing\"><\/span>Opportunities in Medical Device Manufacturing&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India&#8217;s manufacturing of\nmedical devices is still in its infancy. The medical device sector includes\neverything from pain management to patient monitoring. As the epidemic strikes,\nthe manufacturing sector is confronting numerous difficulties on a global\nscale. A rapid surge in demand was observed for some products, such as\noximeters and temperature monitoring devices, which were not previously in high\ndemand. Medical equipment manufacturers eventually had their chance.\nGovernments are also developing programs like PLI and the medical device park\nto promote manufacturers and enhance production.&nbsp;<\/p>\n\n\n\n<p>According to the\nAtmanirbhar-Bharat vision, India should produce products not only for the\ndomestic market but also for the global market. The benefits of this include\nraising knowledge of our independence and ability to meet consumer demand. We\nare aiding them as a Turnkey Project Consultant for their regulatory and\nproduction requirements because many industrialists have responded favorably to\nthese initiatives and have begun investing in the manufacturing of medical\ndevices.&nbsp;<\/p>\n\n\n\n<p>The Made in India\ninitiative benefits local manufacturers because it emphasizes boosting the\neconomy through domestic output. The need for new equipment and a\nquality-focused monitoring system intensified as the new disease and the\npandemic continued to rear their heads. Manufacturers of medical devices\ncurrently have a big growth opportunity. To expand the market, the Indian\ngovernment is investing in R&amp;D and 100% FDI in medical device production.\nIndia is a popular location for medical device manufacturing because it is home\nto many inventive and technologically advanced entrepreneurs. The largest issue\nfacing the Indian medical device manufacturing sector is developing\ncutting-edge medical devices that can fulfill the needs of the moment.&nbsp;<\/p>\n\n\n\n<p>These difficulties can\nserve as a springboard for improving the healthcare industry. Local production\nof these devices presents a significant possibility for making high-quality\ndiagnoses. The proper entrepreneur and cutting-edge technology can provide\nindividuals with access to top-notch medical care and diagnostic tools. During\na pandemic, self-assessment devices see rapid proliferation. Devices including\noximeters, blood pressure monitors, and home glucose testing equipment\nrepresent the potential growth sector. The pandemic crisis made immunization\nmore important. Manufacturers of medical devices must be informed of the most\nrecent rules, which shed light on regulatory developments.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion &nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While there are many\nprospects in the medical device industry, India must keep working to foster a\nsupportive environment for domestic medical device production if it is to take\na significant place in the post-pandemic world. India will need to rethink its\nlong-term plan for advancing this industry. First and foremost, attention\nshould be paid to improving the competency of the Indian medical device\nindustry through skill development, upskilling, and reskilling in line with\ntechnological and medical improvements. The expansion of opportunities and\naccess through cooperative policy support for the supply and demand sides of\nthe medical device business should be the second goal.&nbsp;<\/p>\n\n\n\n<p>Although the government has implemented various initiatives and policy changes to support the medical device industry, there is still room for growth. For the efficient use of resources and scalability, it is essential to have an ecosystem of important players, including leaders from the medical device sector, the government, and academia. The roadmap should also emphasize innovation and R&amp;D as key components of the ecosystem supporting the manufacture of medical devices.\u00a0<\/p>\n\n\n\n<p><strong>Also Read<\/strong>: <br><a href=\"https:\/\/corpbiz.io\/learning\/benefits-of-drug-license-that-you-must-know\/\">Four Prominent Benefits Of Drug License That You Must Know<\/a><br><a href=\"https:\/\/corpbiz.io\/learning\/importance-of-a-medical-device-certificate-in-india\/\">What Is The Importance Of A Medical Device Certificate In India?<\/a><br><a href=\"https:\/\/corpbiz.io\/learning\/registration-process-for-medical-devices-in-india\/\">A Step By Step Guide For Registration Process For Medical Devices In India<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the more than ten years that the medical device manufacturing sector has existed, software and technology have spurred a growing emphasis on design and simplicity. Moreover, innovation helped the medical device industry gain dominance over the pharmaceutical sector. Modern technologically advanced, user-friendly devices are still in high demand, and their time to market is [&hellip;]<\/p>\n","protected":false},"author":50,"featured_media":52910,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[946],"tags":[3155],"acf":{"service_id":"385"},"authorName":"Arya Panda","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-107.jpg","authorDescription":"Arya is a law graduate from ICFAI University, Dehradun and when it comes to his academics, he has always been a responsible, inquisitive, and enthusiastic learner. He is extremely passionate about writing, a\u00a0skilled researcher, and has a great flair for drafting. Arya has got himself acquainted with various aspects of law while working as an intern with several prominent law firms. His primary interests lie in Corporate, IPR, and Arbitration. His work experience, strong work ethic, head for law, and passion for working as a lawyer to change the world by helping to implement justice are what he brings to the opportunity with any office.\u00a0","postViews":3083,"readingTime":6,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/52909"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=52909"}],"version-history":[{"count":2,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/52909\/revisions"}],"predecessor-version":[{"id":52912,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/52909\/revisions\/52912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/52910"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=52909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=52909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=52909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}