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Messe Frankfurt India plans to launch Medical Device Innovation Summit as large format event in 2020

September 5, 2020

Messe Frankfurt India plans to launch Medical Device Innovation Summit as a large-format Conference and Exhibition in 2021.

At the first digital session of Medical Device Innovation Summit held recently addressed the need to promote innovation. From challenges like lack of regulatory systems to its new found potential of manufacturing indigenous products on a large scale, the summit successfully addressed discussions on new growth opportunities for the overall development of the sector.

From conducting 1,000 tests per day to 9 lakh tests per day to detect COVID-19, India has showcased immense potential to become the global producer and supplier for quality indigenous medical equipment and technologies, said the Messe Frankfurt India.

At the webinar speakers included Vijay Kumar, head of strategic marketing & innovation, Roche Diagnostics India, Neighbouring Markets, Veena Kohli, CEO, Vanguard Diagnostics & president, Association of Diagnostics Manufacturers of India (ADMI), Dr Uma Nambiar, executive director, Gimcare Hospital and Chairperson, Digital Health India Association (DHIA); Vijay Simha, CEO, Audicor Cardiometrics & Advisory Member-Health Start-up Committee, FICCI and Dr Jitendar Sharma, managing director & CEO, Andhra Pradesh MedTech Zone Limited (AMTZ).

Moderating the was webinar was Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry (AIMED) & managing director, Hindustan Syringes & Medical Device who said, “The current situation where the Indian medical system is latching on to the digital evolution. Homecare, tele-care and telemedicines are a few expansions that hospitals will provide in increasing numbers in the future.

Dr Sharma noted that while India is fairly good t in the diagnostic segment, on the therapeutic side, robotic surgery, gamma knife and linear accelerator are some of the new products currently available on a globally in last five to eight years. This is where Indian entrepreneurship and science can come into picture.

Indian In-Vitro Diagnostics is expected to record 30% growth in 2020. The IVD industry in 2019 was Rs. 7,500 crore and was slated to grow at a CAGR of about 15% before the COVID-19. The pandemic related products have already added Rs. 3,400 crore in the first half and by 2020 end, this is estimated to be Rs. 7,300 crore. Even if the size of non-COVID routine diagnostics products plummet to one third its original value, a base value of Rs. 2,500 crore will still remain, taking the industry size to Rs. 9,800 crore, said Kohli.

Other discussions included future of Indian healthcare, impact on supply chains, manufacturers and hospitals during the lockdown, need for a regulatory system for medical equipment industry and choosing quality over price competency to ensure ethical products and technologies are the medical field.

Best time to invest in pharma, medical device sector: DV Sadananda Gowda

Oct 01, 2020

The Indian pharma sector, currently valued at USD 40 billion, has the potential to become a global pharmacy hub in the coming years, the Chemicals and Fertilisers Minister said in a statement.

NEW DELHI: This is the most opportune time to invest in the Indian pharma and medical device sector as the government is extending production linked incentives for new manufacturing units in the upcoming bulk drug and medical devices parks, Union Minister DV Sadananda Gowda has said.

The Indian pharma sector, currently valued at USD 40 billion, has the potential to become a global pharmacy hub in the coming years, the Chemicals and Fertilisers Minister said in a statement.

The sector is likely to grow to USD 65 billion by 2024, and to USD 120 billion by 2030, he added.

The medical devices industry in India has the potential to grow at 28 per cent per annum to reach USD 50 billion by 2025, Gowda said.

The Indian pharma and medical device sector has immense potential to contribute towards making India a 5 trillion-dollar economy in the next 4-5 years, he added.

The government is supporting development of 3 bulk drug and 4 medical device parks with state-of-art infrastructure and world-class centres of excellence across the country, Gowda said.

"Government will also provide production linked incentives to eligible new manufacturing units to ensure a level playing field to domestic manufacturers," he added.
It is expected that the schemes of the government for development of bulk drug and medical device parks will attract cumulative investment of Rs 78,000 crore and can generate about 2.5 lakh employment, he added.

"There is a need for the pharma industry to focus on R & D activities in order to remain as one of the leading global suppliers of medicines," Gowda said.

The full potential of growth cannot be tapped unless the sector comes up with discovery of new drugs or repurposing in India, he added.

Gowda also expressed hope that the Indian pharma sector will be among the first ones to develop and supply low cost vaccines for COVID-19.

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