Medical Plastic Data Service Magazine



Our 28th Year of Publication
Page  10 of 13

Cover Story

Medical Device Industry In India : A Potential Global Manufacturing Hub

Dr. Atul Sardana
Alfa Corpuscles Pvt. Ltd.

The Indian Healthcare industry is on a high growth trajectory having evolved significantly in the past few decades.


However, healthcare provision remains inequitable and challenges in access to quality and affordable healthcare persist in large parts of our country.


The medical devices sector has also grown considerably during this period and plays a critical role at each stage of the healthcare continuum.


Although it has been instrumental in improving access and affordability of healthcare services, a number of ecosystem constraints had led to a high dependence on imports for addressing domestic demand.


With recent policy changes and the skew in demand and supply dynamics there is a significant opportunity and rationale for manufacturing medical devices in India.


The Governments ‘Make in India’ initiative presents a platform for the sector to revisit the operating model, identify key imperatives for growth and explore possibilities for creating a change in the medical devices sector.


While the government and value chain participants have undertaken several steps to address the issues of healthcare access, quality and affordability, these have been executed in silos.


Globally, medical device companies have focused largely on extending life expectancy and improving quality of care, there is a need to increase affordability for a widespread impact which has been the focus of the Indian Startups and Medical Device Industry.


The focus therefore for companies in India is to produce medical devices that are both cost competitive and effective to increase penetration and use. It is in this context that the Make in India initiative becomes significant for the medical devices industry.


The global medical devices and technology market was expected to grow to USD 520 billion by 2020.


The Indian market is among the top twenty in the world by market size. However, the per capita spend on medical devices in India is the lowest among BRIC countries and it is significantly behind developed economies like the US.


This current under – penetration of medical devices in India represents a sizeable growth opportunity.


The opportunity is significant and recent studies indicate that medical devices are expected to be a USD 25-30 billion industry in India by 2025. The Indian market is currently growing at a CAGR of around 14-15% which is significantly higher than global industry growth of 4-6%.


Even today the Indian medical devices industry is small, with a disproportionate reliance on imports with most local manufacturers producing products in the lower end of the technology value chain.


We realise that limited availability of technology and funds not enabling indigenous manufacturing.


Imports constitute around 75% of the medical devices industry sales in India. A range of factors contribute to this high percentage share of imports


1. An inverted duty structure historically favouring import of finished goods than raw materials /components for medical devices manufacturing

2. Even with MDR, the absence of a concrete dedicated regulatory framework specific to medical devices constraining investments in the market and, lack of a component
manufacturing ecosystem and skills base to support domestic manufacturing of medical devices.

3. In addition, global capacities of multinational firms are also boosting imports


The Indian medical devices industry comprises four segments – consumables and implants, diagnostic imaging, instruments & appliances and patient aids and, others.


In order to bridge the gap existing in medium – high end technology products, an increasing number of multinational companies are establishing and growing their presence in India. Nearly all of the top 40 global medical devices companies today have a presence in the country. The share of multinational firms is around 40% – 50% in consumables and instruments and appliances and, as 80% – 90% in all other sub-segments. Most multinational companies have their production base outside India and import their products for the Indian market..

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