Impact of Make in India on Medical Device Industry
A population of 1.2 billion relies on 70% imported medical devices Make in India to turn the table s oon! Suresh Vazirani Chairman & Managing Director, Transasia Bio-Medicals Ltd. Globally, the medical device market is segregated into six major segments, of which diagnostics imaging constitutes the largest chunk. In-vitro Diagnostics is the second largest segment with an estimated 24% share*. In India, the Medical Devices industry is presently valued at USD 5.2 billion and contributes 4-5% to the Indian healthcare industry. As an industry leader, I am glad that the Government’s Make in India initiative recognizes Medical Devices as a sunshine sector. Today, the liberalization of government policies allow upto 100% FDI through automatic route. Taking advantage of this lucrative opportunity, an increasing number of MNCs are setting up their manufacturing bases in India. However, we still have a long way to go. It is appalling to know, that India loses Rs. 60