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India's MedTech Sector Attracts Record
$464Mn FDI In 2023's First 3 Quarters : Reports
Breaking down the FDI inflow, the report indicated that the
first quarter of 2023 saw USD 39 million, which surged to USD 301 million in the
second quarter and reached USD 124 million in the third quarter.
The Medical Technology Association of India (MTaI) has
reported an unprecedented surge of USD 464 million in foreign direct investments
(FDI) in India's Medical Technology (MedTech) sector during the first three
quarters of 2023. MTaI, representing key research-based medical technology
companies deeply involved in manufacturing and training within India,
highlighted the positive impact of these investments on various facets of the
nation.
MTaI Chairman, Pavan Choudary, highlighted the pivotal role
played by foreign investments, emphasising their potential to catalyse medical
tourism, generate employment opportunities, and strengthen India's economic
landscape. Reflecting on the record-breaking FDI in MedTech, Choudary commented,
"The MedTech sector has witnessed a significant increase in FDI, reaching USD
464 million in the first three quarters of 2023. This surge underscores the high
potential of the sector and the global investors' recognition of it."
Choudary credited the Indian government's initiatives, such
as enhancing the ease of doing business, creating a globally harmonised
regulatory regime for the medical device sector, and introducing policies like
the National Medical Device Policy (NMDP) 2023 and the Production-Linked
Incentive (PLI) scheme. He stated, "These measures have been welcomed by the
industry, as evidenced by the growing confidence of investors. Notably, this
surge also indicates a shift in global dynamics, with Western nations, including
Japan, increasingly favouring India as their preferred destination for
friend-shoring activities."
MTaI member companies, representing nearly 80 per cent of
critical care medical devices and 70 per cent of the overall medical device
market share, have played a crucial role in driving this surge. Choudary noted,
"MTaI members have made substantial investments in manufacturing, research and
development, and healthcare worker training, benefiting Indian patients and
contributing significantly to the current market. Addressing pending challenges
like pricing instability, the multiplicity of authorities governing the sector,
and high tariff rates could further enhance the potential for attracting more
investments in the coming years."
Breaking down the FDI inflow, the report indicated that the
first quarter of 2023 saw USD 39 million, which surged to USD 301 million in the
second quarter and reached USD 124 million in the third quarter. The cumulative
total inflow for January-September 2023 stands at an impressive USD 464 million,
highlighting the sector's attractiveness to foreign investors.
https://bwhealthcareworld.businessworld.in/article/India-s-MedTech-Sector-Attracts-Record-464Mn-FDI-In-2023-s-First-3-Quarters-Reports/16-12-2023-502493/
16 December 2023
Karnataka Govt Extends Seed
Funding To Support Start-ups In Biotech Med-tech And Healthcare Sectors
Karnataka government has extended seed funding support to the
start-ups in biotech med-tech, and healthcare. Many of these start-ups received
financial assistance through the state's seed funding programme. The details of
the same were not disclosed.
While the Elevate Unnati 2023 with a grant of Rs. 5 crore for
early stage entrepreneurs, the Vriddhi Scheme for women-led startups in the
state budget of FY 2022-23 offers loan assistance of Rs. 5 to 10 lakhs at 4%
interest rate to be repaid in 60 instalments. Then there is the Idea2PoC (proof
of concept) among others.
The state government is now committed to nurturing
entrepreneurial talent and fostering a culture of innovation, stated officials
at the Bengaluru Tech Summit 2023. In fact, the threeday event held in November
had the state government help unveil 35 innovative product and solutions
developed by the start-ups at the 26th edition of the Summit, stated officials.
There are visible efforts indicating that the state
government is engaging to chalk out a transformative growth trajectory for the
biotech med-tech, and healthcare sectors. While, India is working to reach a
$150 billion bio-economy by 2025 and further elevate it to $300 billion by 2030,
the state's bio-economy reached $27.1 billion in 2022.
Besides, Karnataka is recognized as the ‘Biotechnology
Capital of India’. According to the state officials, it assumes a pivotal role
in achieving these ambitious targets. Karnataka has also invested over $200
million in biotech R&D and stands as the third-largest ethanol producer in
India, housing more than 60 producers.
The state is home to 14,000 start-ups, around 40 unicorns,
and ranks 8th in the Global Start-up Ecosystem Index. Out of the 35 start-ups
that displayed innovative products at the Bengaluru Tech Summit, nine were
women-led, underlining the inclusive and diverse nature of Karnataka's start-up
ecosystem, according to the Karnataka government's department of electronics,
information technology, biotechnology and science and technology.
The products and solutions launched were from various sectors
including IT, agri-tech, med-tech, healthcare, Clean-Tech, artificial
intelligence (AI), deep tech, blockchain, cyber security and environment tech.
Some of the innovative solutions include electronic devices integrating
artificial intelligence) and internet of things (IoT), advancements in
automotive manufacturing, innovations in footwear and accessories, technologies
in avionics and defence, and effluent air treatment solutions. Others include
fabric authentication tools, animations and comics, deep tech-based platforms
for quality assessment, and apps to prevent fraudulent transactions.
A majority of the start-ups have flourished within Government
of Karnataka-supported incubators, such as K-tech Innovation Hubs, Centres of
Excellence (CoEs), and Technology Business Incubators (TBIs) and anchored by
institutions like C-CAMP, NASSCOM, Jain Incubation Centre, Deshpande Startups,
and CoE - Cybersecurity, stated the department of electronics, information
technology, biotechnology and science and technology.
http://www.pharmabiz.com/NewsDetails.aspx?aid=165143&sid=1
December 14, 2023
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