The global medical technology market is expected to be $600 billion by 2025 indicating a manufacturing base of $200 billion by the time. India will capture about 10% of that share by 2025 in line with China's share today, said Dr. Harsh Vardhan, Minister for Science & Technology, Government of India.
The Union minister was speaking at a press conference organized by the Department of Biotechnology (DBT), Ministry of Science and Technology at the CSIR Science Centre, New Delhi on 12th January 2016. Dr. Vijay Raghavan, Secretary, DBT, and other senior officials were also present at the event.
‘Medical technology industry in India is the fourth largest in Asia. Now it aims to become a global superpower by capturing about 10% of the global market share of medical technology by 2025.’
AdvertisementThe department also showcased several low-cost medical innovations - some of them developed in association with startups - including home kits for measuring blood glucose levels and real-time diagnosis of malaria and dengue.
Other points Dr. Vardhan shared are as follows:
- At present, medical technology industry in India is the fourth largest in Asia. India was assessed at US$6.3 billion in 2013.
- Growing at 10-12% per year until 2025 indicates an overall healthcare spend of US$250-350 billion.
- Current penetration levels of 8% indicate a domestic market of $20-25 billion;
- Indian device market consists of medical instruments, syringes, needles, catheters, scanning devices and bandages, and orthopedic and ophthalmic devices.
The DBT, since its inception, has spearheaded biomedical research in the country and continued to do so. Recognizing the need for Medical Technology Innovation, the DBT is promoting this sector by supporting various initiatives across the country that have significantly resulted in affordable products of societal and public health relevance.
This sector has seen a large number of successful scientists, talented entrepreneurs and young startups building their own enterprises. The complete value chain from product discovery to commercialization has been expedited and today we have around 40 medical devices and diagnostics some of which have received U.S. Food and Drug Administration clearances.
D.Rx, a mobile app for information related to drugs sold in India, Bioscoop, a safer and easy method to perform a percutaneous liver biopsy, Uthishtami, a device to help the elderly stand up independently from a sitting position are among the 40 novel medical devices and diagnostics launched by the DBT recently.
Biodesign ProgramThe program is one of the examples of inclusive medical technology innovation. This is based on a novel approach to an end-to-end process that starts with idea formation through clinical immersion up to commercialization by a team comprising an engineer, physician, product designer, and an entrepreneur. The objective of this drive is to train next generation of medical technology innovators who will, in turn, focus on invention and early-stage development of low cost new medical technologies for the Indian population. The aim is to develop simple, indigenous, rapid, low-cost medical devices and implants by applying four components i.e. availability, affordability, accessibility, and appropriateness.
Under this program, several indigenous medical devices have been developed to address unmet medical demands of India. As a result, more than 100 innovators have been trained. Several national and international patents have been filed. About 30 prototypes have been developed. Nine start-up companies have been established by the Fellows and interns of this program. As many as 13 technologies have been licensed, and nine start-up companies launched. International collaborations have been established with Tottori University, Japan; QUT, Australia; and Stanford University, USA.
The Healthcare Technology Innovation Center (HTIC) established at IIT-Madras is delivering technologies and innovations that are reaching the field through industry partnerships and government, producing advantages to lives and our society. Biotechnology Industry Research Assistance Council (BIRAC) is a Public Sector Undertaking set-up by the Department. BIRAC has supported nearly 300 Start-up's and small and medium enterprises (SME's) and 150 young entrepreneurs for innovation, and product development. The biotech startup scenario in the country was transformed by BIRAC's flagship schemes.
Approximately 100 young entrepreneurs have been supported for Med-Tech Innovation, and more than 10 Med-Tech Products supported by BIRAC have been successfully marketed.
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