The medical technology field is recognized as a sunrise sector in India and has huge potential for growth in the country, Department of Pharmaceuticals Secretary S Aparna said on Friday. “The med-tech sector in India is in its growth phase, and there is a huge space for growth in this sector in India.
“We already have over 4,000 active health-tech startups based out of India… it is a demonstration of the spirit of the invention, innovation, and entrepreneurship that we have here, not to mention the inherent talent we have in our young population,” she said in a session on ‘Future of Medical Technology’ at CII Partnership Summit 2020.
This has prompted the government to pay special attention to the medical technology sector, she added.
“We have seen unprecedented financial support to the sector in the current single calendar year. For the first time, the government is pouring in something like USD 1 billion… which will be available to the sector over the next five years. This fiscal support extends to the establishment of infrastructure in the form of medical devices parks,” Aparna said.
The government has also launched a production-linked incentive (PLI) scheme for medical devices, which has received a positive response, she noted.
Innovation is also something the government is strongly focusing on. It is also extremely keen to see greater investment from global players in India, not just in manufacturing but also in research and development in the sector, Aparna said.