New Delhi, Aug 21 (IANS) India’s medical technology sector can become a $50 billion industry in the next decade and compete with China in the global market provided industry and the government act together to boost domestic manufacturing, a top official has said .
“It is essential that the sector exploits the cost advantage if it wants to compete with China for the global market,” Amitabh Kant, secretary, Department of Industrial Policy and Promotion (DIPP), said addressing the 7th Medical Technology Conference organised by the Confederation of Indian Industry (CII) here Wednesday.
“Due to its potential, CII is happy to acknowledge the medical technology sector as a sunrise sector,” said CII director general, Chandrajit Banerjee.
Medical technology in India is currently just a $6.3 billion industry.
An extensive report on the sector “Vision Document – 2025″, jointly prepared by CII and Boston Consulting Group, was released on the occasion.
Among the key recommendations of the report are the pressing need for both a separate regulatory act for medical technology, as well as for giving manufacturing incentives like tax support and low cost funding to spur investments.
“Classification of medical devices as drugs burdens the process of investment with fiscal policy obstacles and regulatory hurdles. It impacts foreign and local investment, technology transfer, manufacturing, operations, innovation and exports,”said Pavan Choudary, chairman, Medical Technology Division of CII.