New Delhi, Apr 27 (Agency) Confederation of Indian Industry (CII) on Thursday said that the National medical devices policy, 2023, will bring a new paradigm shift with a robust and coherent policy regime aimed at growing the sector to 50 billion by 2030. In a statement, it said the move will undoubtedly be a significant lift to the industry’s performance in terms of addressing industry’s long-standing concerns and improving manufacturing, innovation, Ease of Doing Business, and competitiveness in a sector that largely remained outside the regulatory ambit until 2017.
“Envisioned to achieve 10-12% share in the global market over the next 25 years as well as growth of $50 Bn by 2030, the policy has laid down a holistic framework and a roadmap for accelerated growth of the medical devices sector to achieve following missions viz, Access & Universality, Affordability, Quality, Patient Centered & Quality Care, Preventive & Promotive Health, Security, Research and Innovation and Skilled manpower,” the industry body said. “India, undoubtedly, has the potential, which now is being backed by a robust and coherent policy regime aimed at streamlining regulatory processes, fostering #EODB, adopting global standards, stimulating the development of local manufacturing as well as improved competitiveness for the sector. Now is the time when India, leveraging the Government support, Industry participation and country’s talent pool, will achieve new heights in terms of manufacturing and accessibility of high-quality medical devices, and set new standards for healthcare innovations globally,” Himanshu Baid, Chairman, CII Medical Technology Division & Managing Director, Poly Medicure Limited, said.